‘State Of RWA’ Report Identifies Tokenized Treasuries And Private Credit As Core Drivers Of Institutional Blockchain Adoption

Dune, in partnership with cryptocurrency change Bitmart, has launched a brand new State of RWA Report inspecting the present path of real-world asset tokenization and the infrastructure wanted to help it. The report argues that the central query for institutional market contributors in 2026 is not whether or not real-world belongings will transfer into the mainstream, however how shortly the operational framework wanted to help that shift will be constructed.

The report factors to a regulatory turning level throughout main markets, citing the GENIUS Act and CLARITY Act within the United States, alongside Europe’s MiCA framework, as a part of a broader construction for compliant tokenized asset issuance and distribution. Even so, the report says the market stays removed from absolutely scaled. Onchain RWA whole worth locked has risen sharply, rising from about $6 billion in early 2025 to $24.6 billion by April 2026, but this nonetheless represents solely a small share of the institutional capital that would finally move into the sector.

The research outlines a market that’s turning into extra differentiated throughout asset lessons. Tokenized U.S. Treasuries are described as the bottom layer of the market, providing annualized yields of roughly 4% to five% and immediate liquidity. Tokenized personal credit score sits increased on the chance curve, with yields within the 8% to 12% vary, whereas tokenized commodities, led by gold-backed tokens with a mixed market capitalization of $5.4 billion, are positioned as inflation hedges with steady value discovery. The report additionally highlights BlackRock’s BUIDL fund, now above $2.4 billion in belongings below administration, for instance of how institutional merchandise can scale when belief, custody infrastructure, and DeFi connectivity align.

Infrastructure, Access, and the Next Phase of Growth

A key theme of the report is that the primary bottleneck is not regulation alone, however the infrastructure required to translate regulatory permission into institutional execution. The report cites persistent points together with fragmented liquidity throughout blockchains, inconsistent custody requirements, unresolved questions round authorized enforceability, and restricted institutional-grade reporting. According to the findings, solely 10% of roughly $27 billion in tokenized RWAs is actively composable, underscoring the hole between market potential and sensible deployment.

The report additionally identifies high-net-worth and ultra-high-net-worth buyers as one of many largest untapped swimming pools of demand. With an estimated $90 trillion in investable belongings throughout these teams, even a 5% allocation to tokenized RWAs would dwarf the present market. Lower entry thresholds, resembling Hamilton Lane’s tokenized personal fairness fund with a $10,000 minimal, along with T+0 redemption mechanics, are making these merchandise extra accessible to classy non-institutional buyers.

At the identical time, custody and authorized possession stay main structural constraints. In many tokenization fashions, the token displays a declare in opposition to a special-purpose car or issuer fairly than direct title to the underlying asset. The report says this implies institutional-scale adoption will rely on stronger authorized frameworks and extra mature custody programs.

The report concludes that Asia-Pacific is rising as a parallel regulatory heart fairly than a secondary market, with Hong Kong, Singapore, Japan, and the UAE creating distinct frameworks and attracting significant institutional exercise. Dune, RedStone, and Optimism contributed information and infrastructure views to the evaluation.

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