In 2024, while the crypto world buzzed with meme coins, Layer 2 scaling solutions, and speculative political betting markets, a quieter yet transformative narrative unfolded: the revival of Real World Assets (RWA) in cryptocurrency.
Once a niche experiment, RWAs have solidified their place as one of the most credible and capitalized sectors in the crypto ecosystem, according to CoinGecko’s RWA Report 2025.
This evolution, driven by tokenization and institutional adoption, signals a maturing market bridging traditional finance (TradFi) and decentralized finance (DeFi).
Real World Assets refer to tangible or intangible assets—such as real estate, commodities, treasuries, or private credit—tokenized on blockchains to enable fractional ownership, enhanced liquidity, and efficient trading.
The concept, rooted in early stablecoins like Tether (USDT), has expanded dramatically since DeFi’s emergence in 2020.
By 2024, RWAs had grown into a diverse ecosystem, encompassing everything from tokenized U.S. Treasuries to real estate and art.
CoinGecko’s report highlights that the RWA market surged by 85%, reaching $19 billion in value, with traditional financial giants like BlackRock, HSBC, and Franklin Templeton leading the charge.
One of the standout performers in 2024 was fiat-backed stablecoins, which saw their market cap climb by $97 billion, reaching an all-time high of $224.9 billion by April 2025.
USD-pegged stablecoins, dominated by Tether (USDT) with a 71.4% market share, accounted for 95% of this sector.
This growth reflects stablecoins’ role as a stable unit of exchange in crypto’s volatile environment, underpinned by real-world collateral like bank deposits and treasuries.
Tokenized U.S. Treasuries emerged as the star of the RWA narrative, with their market cap soaring by 544.8%—or $4.7 billion—since early 2024, hitting $5.6 billion by April 2025.
BlackRock’s BUIDL, launched in July 2024, captured a 44% market share, growing 372.8% in just four months.
This surge, particularly pronounced in March 2025 amid global economic uncertainty and U.S. trade tariffs, underscores tokenized treasuries’ appeal as a safe, yield-generating asset.
Ethereum remains the dominant chain for these products, followed by Stellar.
Commodity-backed tokens also saw robust growth, with their market cap rising 67.8% to $1.9 billion.
Gold-backed tokens like Tether Gold (XAUT) and PAX Gold (PAXG) accounted for 83% of this segment, reflecting investor demand for tangible, value-storing assets in a digital format.
Meanwhile, on-chain private credit grew to $546.8 million in active loans by April 2025, though it remained below its 2022 peak of $1.6 billion.
Maple Finance led with 67% of outstanding loans, while tokenized stocks, though smaller at $11.4 million, grew 297.2% led by Backed Finance.
The RWA sector’s growth was not without challenges.
Reliance on third parties—such as oracles, custodians, and credit assessors—remains a critical point of vulnerability.
Effective management of these intermediaries will be pivotal to sustaining growth.
Additionally, regulatory clarity, particularly in the U.S., played a significant role in the sector’s 260% surge in 2025, reaching $23 billion, according to Binance Research.
Why did RWAs gain such traction?
For one, tokenization democratizes access to high-value assets, allowing retail investors to own fractions of real estate or treasuries.
It also enhances liquidity, enabling assets traditionally locked in illiquid markets to be traded seamlessly.
DeFi protocols like Figure Markets’ decentralized RWA lending pool, offering 8% APY, further illustrate the sector’s innovation, blending real-world cash flows with on-chain opportunities.
As 2024 drew to a close, RWAs proved they were more than a buzzword.
With institutional heavyweights and retail interest converging, the sector’s credibility grew, positioning it as a cornerstone of crypto’s future.
CoinGecko’s report underscores that while memecoins and Layer 2s grabbed headlines, RWAs quietly reshaped the investment landscape, bridging TradFi and DeFi in a way that could redefine global finance.