2026全球现实世界资产通证化（RWA）报告_25页_4mb

报告摘要

2026 RWA Report Summary

Core Content Overview

This report provides a comprehensive analysis of the Real-World Assets (RWAs) sector from January 1, 2025, to March 31, 2026. It highlights the evolution of the RWA market, regulatory developments, and the performance of different asset classes and stablecoins.

Key RWA Developments

Regulatory Clarity: Major regulatory progress in the US (SEC's 'Project Crypto'), EU (MiCA), and other jurisdictions has enabled institutional players to enter the market.
Institutional Adoption: TradFi institutions like BlackRock, Goldman Sachs, and BNY Mellon have launched tokenized money market funds and other products.
Market Growth: The RWA market capitalization has nearly quadrupled in 15 months, growing from $5.42 billion to $19.39 billion.
Multi-Chain Expansion: RWAs are becoming increasingly multi-chain, with Ethereum still leading but other chains like BSC, Solana, and Aptos gaining traction.
Perpetuals Market: A new perpetuals market for RWAs has emerged, showing strong demand.

RWA Regulations in Key Jurisdictions

Jurisdiction	Key Legal & Regulatory Frameworks	Regulators	Regulatory Approach
United States	Federal securities laws, GENIUS Act, CLARITY Act	SEC, CFTC	Tokenized securities are regulated like other securities; payment stablecoins under separate regime
European Union	MiCA, DLT Pilot Regime, MiFID II	ESMA, EBA, NCAs	Proactive clarity; tokenized stocks and bonds under MiFID II; other crypto assets under MiCA
Singapore	SFA, PSA, FSMA	MAS	Tokenized securities regulated like other securities; separate rules for stablecoins and payment services
Hong Kong	SFO, Stablecoins Ordinance	SFC, HKMA	Tokenized securities regulated like other securities; fiat stablecoin issuers need separate license
Switzerland	DLT Act	FINMA	Proactive clarity; updated laws apply to most tokenized assets; DLT Act adds targeted infrastructure rules
Dubai	ARVA Rules, Crypto Token regime	VARA, DFSA	Purpose-built frameworks alongside existing laws
United Kingdom	DSS, FSMA	FCA, BoE	Proactive experimentation; live sandbox; full crypto regime expected in late 2027
Japan	FIEA, PSA	FSA	Tokenized securities regulated like other securities; stablecoins regulated separately
Australia	ASIC INFO 225, ASIC regulations	ASIC, RBA	Tokenized securities regulated like other securities; additional rules for stablecoins being developed
Cayman Islands	VASP Act, SIBA, PFA	CIMA	Existing securities, fund, and VASP rules apply to tokenized businesses

Tokenized RWA Market Capitalization

The total tokenized RWA market cap grew from $5.42 billion to $19.39 billion.
Treasuries: Grew by 225.5% to $12.99 billion, with USYC and BUIDL leading.
Commodities: Grew by 289.1% to $5.55 billion, dominated by XAUT and PAXG.
Stocks: Grew from $2.09 million to $486.69 million, with Circle and Tesla leading.
ETFs: Grew from $0.62 million to $297.50 million, with Ondo's products dominating.

Stablecoins Market Capitalization

The stablecoin market cap increased by 51.0% to $301.65 billion.
USDT and USDC led the growth, with USDC's market share rising to 25.7%.
USDS saw the fastest growth, almost doubling in market cap.
USDe and USD1 also saw significant gains, with USD1 reaching $4.39 billion.
Others group saw the highest percentage increase (267.4%) due to regulation-compliant stablecoins like PYUSD, USDG, and RLUSD.

Tokenized Commodities

XAUT and PAXG dominated the tokenized commodities market, contributing 89.1% of the growth.
KAG and KAU saw market share declines despite dollar gains.
XAUM emerged as a new entrant, growing over elevenfold to $71.18 million.

Tokenized Gold Spot Trading Volume

Tokenized gold trading volume in Q1 2026 reached $90.70 billion, surpassing the entire 2025 volume.
PAXG and XAUT accounted for the majority of trading volume, with PAXG ranging from 34.2% to 82.5%.
CEXs still dominate the trading activity, with CEXes controlling 90% of volume share.

Tokenized Stocks

Tokenized stocks started with a small market cap and have grown significantly.
Circle, Tesla, and Nvidia are the top tokenized stocks by market cap.
Tokenized stocks' spot trading volume is still nascent, at less than a fifth of tokenized commodities' volume.
Most trading occurs on centralized exchanges, with Ondo's products being the most active.

Tokenized ETFs

Tokenized ETFs have seen broad-based growth, with no clear market leaders yet.
Ondo has issued the majority of tokenized ETFs, including SPDR S&P 500 and iShares Gold Trust.
Tokenized ETFs' market cap reached $297.50 million, more than half the size of tokenized stocks.

On-Chain Private Credit Protocols

Maple Finance has dominated the on-chain private credit space, growing its active loan value by 894.3% to $2.13 billion.
Other protocols like Centrifuge and Goldfinch saw declines in market share.
The overall on-chain private credit market grew 477.5% to $2.29 billion.

RWAs Market Capitalization by Chains

Ethereum still leads, but its share dropped from 93.4% to 61.1%.
BSC saw the largest market share gain, from 0.1% to 20.0%, driven by Circle's USYC.
Solana and Aptos also gained significant traction.
On-chain active RWA market cap more than quadrupled to $17.79 billion.

Conclusion

The RWA sector has matured significantly over the past 15 months, driven by regulatory clarity, institutional participation, and growing demand for blockchain-based financial infrastructure. While tokenized treasuries and commodities have seen the most substantial growth, tokenized stocks and ETFs are still in early stages. The market is becoming increasingly multi-chain, with Ethereum still dominant but other chains gaining ground. Despite the growth, project tokens have seen negative price returns, indicating a shift from hype-driven to more legitimate, asset-backed models.

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