Tokenization of Real World Assets (RWA) has evolved from a niche concept to a mainstream use case in institutional finance, with private credit leading the way as investors seek programmable yields.
This is one of the key conclusions from RedStone's RWA market overview for the first half of 2025, a report co-authored by the decentralized finance (DeFi) protocol Gauntlet and the data platform RWA.xyz.
Excluding stablecoins, the tokenized RWA market has grown by as much as 380% since 2022, reaching a total value of $24 billion.
While much of the discussion has focused on tokenized treasury bills, with BlackRock and Franklin Templeton also entering the competition, the report notes that private credit currently accounts for more than half of the RWA market, reaching $14 billion.
Private credit, also known as direct lending in investment circles, is reported to provide RWA investors with yields of 8% to 12%, with specific mention of products like Apollo's ACRED fund.
As noted by alternative asset management firm FS Investments, investors have long turned to private credit for its "yield premium" compared to the public credit market. According to RedStone, tokenization is now enhancing settlement speed and liquidity, lowering entry barriers, and enabling partial participation—capabilities that have historically been lacking in the private credit market.
Despite Ethereum's dominance being eroded in recent years by faster and more scalable blockchains, RedStone states that it remains the primary network for tokenized RWA. As of mid-2025, the Ethereum network hosts approximately $7.5 billion in tokenized value across 335 products, accounting for 59% of the total market.
The report states: "While Ethereum's decentralized governance has historically limited its institutional expansion, the launch of Etherealize in January 2025 marks a strategic shift." The report refers to the Ethereum Foundation's marketing efforts to attract more institutional participation in on-chain activities.
However, the report claims that Solana is a "high-performance challenger" in the tokenized treasury bill market, with its role continuously expanding.
As of June, Solana hosts approximately $351 million in tokenized assets.
Aptos has also witnessed an increase in RWA deployments, hosting $349 million in tokenized assets as of June. Notably, Aptos is the first non-Ethereum Virtual Machine (EVM) network of the BlackRock BUIDL fund.
Additionally, Avalanche now hosts $188 million in tokenized assets, including KKR's tokenized fund, while XRP Ledger is emerging as a "regulated newcomer" with $157 million in tokenized RWA, the report states.
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Original: “RedStone: Private Credit Powers $24 Billion Tokenization Market, Ethereum Still Dominates”
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