Binance Research says the RWA market has surged 589% since early 2025. Here's how ONDO, SYRUP, PENDLE, CFG, PLUME, and CPOOL are leading the next wave of tokenized real-world assets.
The tokenization story is getting much bigger than U.S. Treasuries.
According to Binance Research’s latest Monthly Market Insights report, the active tokenized real-world asset (RWA) market has surged 589% since the beginning of 2025. It has transformed from a niche sector into one of crypto’s fastest-growing industries.
Tokenized bonds and money market funds still dominate by size. However, newer segments such as tokenized stocks, institutional credit, and on-chain yield products are expanding even faster.
Binance Research says 2026 marks the transition of RWA tokenization from a Treasury-focused narrative into a much broader yield ecosystem.
Bonds and money market funds remained the largest category, growing 83% and adding around $6.5 billion in value. Tokenized stocks posted the strongest growth, with market capitalization jumping 422% during the same period.
A major driver has been Ondo Global Markets, whose tokenized stocks and ETFs surpassed $1 billion in total value locked within just eight months of launch.
Tokenized precious metals also attracted fresh capital, gaining $1.5 billion, or 39%, as investors sought safe-haven assets during geopolitical uncertainty earlier this year. Tokenized gold briefly crossed the $6 billion mark before easing alongside gold prices.
The report arrives as the broader crypto market faces pressure from higher interest rate expectations, uncertainty around the U.S. CLARITY Act, and weaker Bitcoin sentiment.
Let's dive into some of the biggest RWA tokens and their real-world use cases.
Among RWA-focused projects, ONDO remains one of the sector's largest names.
The protocol focuses on bringing institutional-grade assets like U.S. Treasuries on-chain while building compliant yield products for DeFi lending and borrowing. It has also secured partnerships with major traditional finance firms including JPMorgan, Mastercard, and Franklin Templeton.
Supporters view ONDO as one of the strongest long-term bets on institutional tokenization, although regulatory complexity and future token unlocks remain key risks.
Maple Finance's SYRUP has become one of the strongest-performing institutional lending protocols despite weak crypto markets.
Active loans recently climbed to a record $1.725 billion. That is a 123%+ spike since April, with over $200 million in new loans added in a single day. Loan utilization stands at 81.4%, indicating that most deposited capital is actively generating returns.
The protocol has also introduced third-party proof-of-reserves for syrupUSDC and syrupUSDT. It listed SYRUP on Revolut for access to over 70 million users. Maple partnered with Kraken on what it describes as one of the first fully on-chain warehouse facilities for digital asset-backed loans.
Meanwhile, supporters argue the token remains undervalued, with annual fees of roughly $103.6 million compared to a market capitalization near $159 million.
Several other RWA projects are also gaining attention. PENDLE continues building products around yield tokenization, allowing users to separate principal and future yield into tradable assets while offering fixed-income strategies.
Centrifuge (native token: CFG) is focused on bringing U.S. Treasuries, private credit, invoices, CLOs, and supply-chain assets on-chain. Rather than simply tokenizing assets, the protocol aims to make them usable as collateral across DeFi.
Recent integrations with Stellar and LayerZero are expanding that vision. However, adoption still depends heavily on regulatory clarity, institutional participation, and deeper secondary market liquidity.
Infrastructure is becoming the next battleground. PLUME is a Layer-1 blockchain built specifically for RWAs. It recently partnered with Bybit to launch institutional-grade RWA yield products backed by asset managers including PIMCO, CMBI, Apollo, WisdomTree, and FalconX.
The platform aims to make regulated fixed-income products available directly through compliant on-chain vaults.
Meanwhile, CPOOL is expanding beyond unsecured lending into tokenized Treasuries, private credit, commodities, and structured yield vaults. Its 2026 roadmap focuses on creating liquid, transparent, and multichain credit markets, supported by nearly $1 billion in total loan originations.
While crypto markets remain under pressure, tokenized real-world assets continue attracting institutional interest.
From Treasuries and tokenized stocks to private credit, lending, and institutional yield products, projects like ONDO, SYRUP, PENDLE, CFG, PLUME, and CPOOL are positioning themselves for what many believe could become crypto's next major growth cycle as traditional finance steadily moves on-chain.
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