Tokenization is no longer a theory. It’s quietly transforming the global credit market and Ethereum is still at the center of it all.
According to a new report from RedStone Oracles, the total value of tokenized real-world assets (RWAs) has now surpassed $24 billion, and private credit is emerging as the main driver of this growth.
Ethereum Still Dominates the RWA Market
Despite the rise of alternative chains like Polygon, Avalanche, and Stellar, Ethereum continues to lead with $13.5 billion in RWA value more than half of the entire market. Its ecosystem has become the go-to infrastructure for institutional-grade tokenization projects.
This includes initiatives from giants like Franklin Templeton, which recently expanded its tokenized Treasury fund to Ethereum, and Ondo Finance, which is bridging US Treasury exposure into Web3.
Private Credit: The Surprise Growth Engine
Private credit non-bank lending to businesses and individuals is now the largest single sector in the RWA space, with $471 million tokenized. That’s more than tokenized US Treasuries, real estate, and commodities combined.
Firms like Centrifuge, Goldfinch, and Maple Finance are leading this charge, offering blockchain-based infrastructure for private lending markets with increased transparency and access.
What This Signals for the Future
- Tokenization is moving from concept to real deployment
- Institutional players are embracing public blockchains
- Ethereum remains the dominant platform for serious RWA activity
- Private credit may become the “killer app” of on-chain finance
The $24B RWA market is just the beginning. With Ethereum as the backbone and private credit driving demand, we may be witnessing the quiet emergence of the next major wave in decentralized finance.
