Tokenisation
Published estimates of the tokenised real-world asset market differ by more than three times. The Democratize RWA Index builds the figure from the bottom up, says what it counts and what it leaves out, and shows every step.
Democratize RWA Index · distributed, excluding stablecoins
$31.6bn
Range $30.8bn to $35.1bn · up 70% in twelve months · as at 9 November 2026
Twelve months, $bn
01Tokenised US Treasuries and money market funds
Sum of fund NAVs in the registry plus smaller funds, from issuer and administrator reports
$15.9bn
02Private credit, distributed on public chains
Only loans whose tokens can move between wallets; on-chain registries that just record loans are excluded
$6.1bn
03Commodities (mainly gold)
PAXG, XAUT and smaller gold and silver tokens, at spot
$4.7bn
04Tokenised equities and ETFs
Wrapped and natively issued shares and fund units
$1.8bn
05Bonds and other debt
Digital bonds from banks, supranationals and corporates still outstanding
$2.4bn
06Funds, real estate and other
Alternative funds, real estate and smaller categories
$1.6bn
07Less: double counting
Funds that hold other tokenised funds (for example OUSG holding BUIDL) counted once
−$0.9bn
Market capitalisation of listed RWA tokens only
Distributed (freely transferable) assets, excluding stablecoins
Distributed, excluding stablecoins, double counting removed
Distributed assets, includes some represented credit
Includes private credit recorded off public dashboards
Broad: represented and distributed, several asset types
Quote it as: “Democratize RWA Index, $31.6bn, 9 November 2026.” The daily series is available through the API and MCP server.
Demonstration data, approximate and unverified, as at 9 November 2026. Information only, not advice. Third-party figures are as reported by each publisher and are shown only to explain differences in method.
Information only, compiled from public sources with AI assistance. Not investment, legal, tax or regulatory advice, and not a recommendation to buy or sell anything. Scenarios describe what could happen and what has happened before; they are not forecasts. Prices are delayed or end-of-day. Always check the original source.
