TLDR Tech / Crypto
Tokenized RWA market cap rises 40% to top $51 billion
The tokenized RWA market reached $51 billion in market cap, a 40% year-to-date gain while the broader crypto market fell about 20%, with private credit comprising 47% of total value and Ethereum and Provenance together hosting over 70% of tokenized asset activity. Equity tokenization leads segment growth at 130% YTD, expanding from $700 million to $1.6 billion, with monthly transfer volumes rising from $500 million in September 2025 to $5.3 billion as of June 2026. The sector is bifurcating around two structural models: broker-dealer custody arrangements (Robinhood's approach) enable 24/7 trading but strip token holders of registered shareholder status, dividend rights, and voting privileges, while the settlement infrastructure model pursued by Figure, Securitize, and Coinbase uses SEC-registered transfer agents to confer full on-chain ownership rights. The SEC's concurrent proposal to rescind rules allowing greater decentralized trading flexibility adds regulatory uncertainty to the settlement infrastructure buildout.
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