Exclusive analysis of the RWA.xyz database surfaces three surprising tokenization stats. They show that tokenization’s growth engine has quietly moved. The money is no longer where the headlines say it is.

Three figures from RWA.xyz data between May 31 and July 9, 2026 tell one story. The famous category has stalled, a $20 billion giant hides in plain sight, and stablecoins are quietly rotating.

How to Read These Tokenization Stats

All figures come from one source, RWA.xyz, using its dashboard convention. That means distributed on-chain value, or tokens natively issued on a blockchain, counted once per asset.

Growth rates use the dashboard’s 30-day change, or daily API snapshots normalized to daily averages.

Tokenized Stocks Are Growing Nearly 40x Faster Than Tokenized Treasuries

For two years, tokenization mostly meant putting US government bonds on a blockchain. That trade has stalled.

The value held in tokenized US Treasuries, such as the BUIDL and BENJI funds, stands at $15.16 billion, up just 0.74% in the past 30 days. Tokenized stocks tell the opposite story. At $1.85 billion they are still about eight times smaller, but they grew 28.6% over the same month.

Monthly transfer volume in stock tokens jumped 87% to $8.76 billion. Holders grew 24.5% to more than 443,000.

The shift matters because Treasury tokens are a cash product, and that demand looks full. Stock tokens are an access product, and demand is still climbing. At these rates the story is convergence, not an imminent crossover, though the direction is clear.

The Biggest Tokenized Asset Is a $20 Billion Home-Loan Token

The largest tokenized asset is not a BlackRock fund. It is a home-equity token from Figure Technologies. A home-equity line of credit, or HELOC, is a loan taken against the value of a house.

Figure records these loans on the Provenance blockchain, then finances and trades them on-chain. It is one of the most surprising tokenization stats in the data.

The token reached about $20.1 billion on July 7, up $730 million in three weeks. That is more than every tokenized US Treasury combined, which totals $15.16 billion. It is also over 10 times the tokenized stock market.

It grows without marketing because it is securitization plumbing, the bundling of loans for investors, not a retail product. Counting all tokenization types, the wider shift to private credit now tops $31 billion on-chain, the largest non-stablecoin category.

Stablecoins Look Flat, but They Are Churning Underneath

Total stablecoin value has not moved in a month. It sat near $321 billion since June 7. The calm is misleading.

Under the surface, billions are rotating between types. USDGO, a regulated dollar issued by Anchorage Digital Bank, grew 54% in three weeks to $6.12 billion. Global Dollar (USDG) rose 16% and Dai gained 8%.

On the other side, Ethena’s USDe fell 16%, about $1.4 billion redeemed. USDe is a synthetic dollar, one that earns yield from crypto trading positions rather than bank deposits.

That yield only holds while traders pay to stay long. So the redemptions point to falling funding rates and leverage unwinding across the market.

The same capital is moving into regulated, fully-reserved tokens like USDGO and Global Dollar. Traders are swapping market-driven yield for the safety of bank-issued dollars.

Honorary Mention, the Marginal Dollar Buys Stocks and Credit

Put the 30-day growth numbers side by side and the rotation is clear. Tokenized stocks grew 28.6%,whereas tokenized credit grew 7.6% to $6.58 billion in distributed value. Tokenized US Treasuries grew just 0.74%.

It is worth noting that Tokenized credit is the umbrella for private credit, on-chain lending, corporate bonds, and structured debt. It is held by nearly 185,000 addresses across more than 2,500 assets.

The category runs deeper than that number suggests. Adding assets represented on-chain, including Figure’s HELOC complex, tokenized credit tops $31 billion. Its leaders are lending protocols like Maple’s Syrup pools and tokenized CLO funds, bundles of corporate loans, from Janus Henderson and Securitize.

Treasury tokens were tokenization’s proof of concept. Credit and fund wrappers, built by leading tokenization platforms, are where the growth now compounds.

What the Rotation Adds Up To

One thread ties these tokenization stats together. Very little new money entered the market. The same capital simply moved.

It rotated out of Treasury tokens into equities and credit. It rotated out of synthetic dollars into regulated ones. That distinction matters for liquidity. Growth built on rotation, not fresh inflows, leaves the market thin. Value also sits in very few tokens, from a single $20 billion HELOC token to a stock market of $1.85 billion spread across hundreds of small instruments.

When capital turns, it can leave fast. USDe’s $1.4 billion in redemptions show how quickly. That is the core of the RWA market liquidity problem.

The coming weeks will show whether stock tokens keep compounding near 40 times the Treasury pace.

Source: BeInCrypto