RWA Landscape 2026: The Market Structure Is Changing

Infrastructure: The Networks Where Everything Runs On-Chain

Ethereum still dominates the market with more than 56% of total on-chain RWA value. The main reason is its deep DeFi ecosystem, which allows tokenized assets on Ethereum to be used as collateral, traded on DEXs, and connected with a wider range of protocols than other networks.

Beyond Ethereum, other networks have different strengths. Stellar is the main base for Franklin Templeton BENJI, Solana supports Ondo Global Markets tokens, Polygon and Avalanche continue to see more tokenized products, and BNB Chain has seen its RWA TVL double to reach $4 billion this year.

For Southeast Asia, SIX Protocol is infrastructure specifically designed for RWA Tokenization, with a focus on compliance and support for each country’s regulatory requirements from the beginning.

Asset Types: From Treasury to Multi-Asset Diversification

At the beginning of 2025, more than 70% of the RWA market was the U.S. Treasury. But the picture has changed in 2026.

U.S. Treasuries still account for $14.79 billion across 82 products and 65,729 holders, led by Circle USYC at $2.9 billion, Ondo at $2.8 billion, BlackRock BUIDL at $2.5 billion, and Franklin Templeton BENJI at $2.5 billion.

But Private Credit has now surpassed Treasury to become the largest segment in the market, driven by Figure Technologies and Maple Finance, which allow institutions that previously could not access private credit markets to participate through tokenized infrastructure.

Commodities have reached $7.3 billion, led by gold, which accounts for most of the segment through PAXG and XAUT. Corporate Bonds stand at $1.77 billion, while Tokenized Equities only began in mid-2025 but have already reached $960 million by early 2026, led by Ondo Global Markets with more than 100 tokenized stocks and ETFs.

TradFi Has Become the Main RWA Player, Followed by Crypto-Native Players

The institutional financial player creating the clearest use case this year is BlackRock, whose BUIDL has become a model project for institutional-level RWA adoption, including its filing to register two additional tokenized funds with the SEC in May. Franklin Templeton has expanded BENJI across multiple networks, while UBS issued a tokenized bond in 2025.

On the crypto-native side, Ondo Finance continues to show recurring use cases, controlling 60% of the tokenized equities market and launching Ondo Global Markets in early 2026. In private credit, Centrifuge and Maple Finance remain key players.

At the same time, global settlement service provider DTCC announced that it will begin real tokenized securities in July, while four global banks, JPMorgan, Citi, Bank of America, and Wells Fargo, are working on a shared tokenized deposit network through The Clearing House, targeting 2027.

Who Is Driving Demand?

Actual users in the RWA market in 2026 can be clearly divided into three groups.

• The first group is financial institutions seeking verifiable on-chain yield and faster settlement than traditional systems.

• The second group is fund managers and asset managers using Tokenization as a tool to diversify portfolios and access new markets.

• The third group is businesses and asset owners looking to tokenize their own assets to access new investors and increase liquidity.

What is notable is that demand from these three groups does not depend on crypto market sentiment. It is driven by yield, cost, and system efficiency, which is why the RWA market continues to grow even when the broader crypto market corrects.

SIX Network’s Movement Within This Landscape

While global players are building infrastructure for tokenized securities and deposits, Southeast Asia faces a different set of challenges. Most assets in this region, including real estate, energy projects, and business assets, still do not have tokenization infrastructure that can support them according to the regulations of each country.

Today, SIX Protocol has more than $90 million in real-world assets on-chain through projects such as SiriHub2 and KAVALON Token, proving that tokenization can work in the context of the Thai market and the wider region. With SIX Garage and its built-in Compliance Controller, we are ready to support market expansion in an era where RWA is becoming part of the financial system’s structure.