Private credit powers $24B tokenization market, Ethereum still dominates — RedStone

The tokenized RWA market is now valued at $24 billion, dominated by private credit and US Treasury debt.

Tokenized real-world assets (RWAs) have evolved from a niche concept to a mainstream use case of institutional finance, with private credit leading the charge as investors pursue programmable yields.

That was one of the main takeaways from RedStone’s H1 2025 RWA Market Overview, co-authored by DeFi protocol Gauntlet and data platform RWA.xyz. 

Excluding stablecoins, the tokenized RWA market has grown by as much as 380% since 2022, reaching a combined $24 billion in value. 

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