Tokenized Private Credit Pushes RWA Market to $51B: Bernstein

By Matt Brienen

Published: 2026-05-26T21:57:03+00:00

The tokenized real-world asset market has surged to $51 billion in 2026, according to a new Bernstein Research report, with private credit emerging as the dominant sector driving growth. The report estimates the RWA market has expanded 42% this year alone, highlighting accelerating institutional adoption of blockchain-based financial infrastructure.

Bernstein found that tokenized private credit now represents roughly 44% of the total RWA market, overtaking tokenized treasuries as the largest segment. Firms are increasingly using blockchain rails for lending, fund issuance, settlement, and yield-bearing financial products as institutions seek faster and more transparent capital markets infrastructure.

Among the leaders, Figure Technology Solutions reportedly holds nearly $18 billion in tokenized assets tied primarily to private credit markets, while platforms like Securitize and Paxos each manage roughly $4.2 billion across tokenized treasuries, commodities, and equities.

The report also points to growing institutional traction around products like BlackRock’s BUIDL fund, which has surpassed $2.5 billion in assets, signaling that traditional finance players are moving deeper into onchain capital markets infrastructure.

Analysts say the broader shift is no longer just about tokenizing assets for speculation, but about using blockchain as the backend settlement layer for global finance. The trend is also expanding into tokenized derivatives, fixed income, commodities, and equities as firms race to modernize financial rails for 24/7 markets.