U.S. Treasurys Drive Tokenization Trend as CoinShares Forecasts Growth in 2026

Digital asset investment firm CoinShares has projected a significant rise in the adoption of tokenized real-world assets (RWAs) in 2026, following strong growth in 2025. This surge is primarily fueled by the increasing global demand for yields in U.S. dollars.

Key Takeaways

CoinShares forecasts a continued increase in tokenized real-world assets (RWAs) in 2026.
Tokenized U.S. Treasurys have experienced significant growth, doubling from $3.91 billion to $8.68 billion.
Ethereum dominates the tokenization of U.S. Treasurys, hosting over $4.9 billion on its platform.
Investors generally prefer U.S. Treasurys over stablecoins for safer yields.
Tokenization is evolving into a credible financial practice, drawing interest from established financial institutions and regulators.
RWAs achieved a remarkable 229% growth in 2025, signaling their integration into the traditional economy.

US Treasurys lead tokenization wave as CoinShares predicts 2026 growth

In its "2026 Digital Asset Outlook" report, CoinShares highlighted that tokenized RWAs had a remarkable increase in 2025, prominently led by tokenized U.S. Treasurys. The report noted that on-chain Treasurys have more than doubled in value, increasing from $3.91 billion to $8.68 billion over the past year. Similarly, private credit almost doubled, rising from $9.85 billion to $18.58 billion in the same timeframe.

“Tokenization has significantly evolved beyond the traditional narrative of only attracting crypto enthusiasts,” said Matthew Kimmell, a digital asset analyst at CoinShares. “Real assets, issued by credible firms, are now seeing substantial investment. Furthermore, regulators are engaging with crypto infrastructure, recognizing its credibility.”

Ethereum remains the leading blockchain for tokenized U.S. Treasurys. Data from RWA.xyz indicates that, as of this week, Ethereum has over $4.9 billion worth of U.S. Treasurys tokenized on its network.

Ethereum leads US Treasurys by market capitalization. Source: RWA.xyz

U.S. Treasurys: A Key Growth Focus

Looking ahead to 2026, CoinShares anticipates that U.S. government debt-backed products will spearhead the next phase of growth. This is attributed to the soaring global demand for dollar yields and the effective settlement processes provided by blockchain technology.

The report suggests that investors show a preference for holding Treasurys instead of stablecoins, particularly when yields are available with minimal additional risk. "We’ve seen a significant global appetite for tokenized dollars as both a reserve and transactional asset via stablecoins," noted CoinShares. "However, when given a choice, investors typically select Treasurys over holding U.S. dollars directly."

CoinShares also emphasized that the tokenization of RWAs has progressed beyond being a niche concept among crypto enthusiasts. As more established financial institutions issue these assets, it attracts substantial investment and increases interaction with regulators who are beginning to accept blockchain technology as a legitimate foundation for financial infrastructure.

Moreover, CoinShares pointed out that improvements in efficiency are becoming a reality. Settlement, issuance, and distribution processes are increasingly occurring directly on the blockchain rather than through traditional custodial systems. CoinShares expects this trend to persist, though it acknowledges that competition among various networks and settlement solutions may complicate which platforms will lead the way and how liquidity will consolidate.

Related: Hua Xia state-linked Chinese bank tokenizes $600M in yuan bonds

Tokenized RWAs Experience 229% Growth in 2025

According to data from RWA.xyz, excluding stablecoins—which have a market cap exceeding $300 billion—tokenized RWAs grew from $5.5 billion on December 31, 2024, to $18.1 billion at the time of this report. This reflects an impressive growth rate of 229% in less than one year.

RWA growth from 2021 to 2025. Source: RWA.xyz

CoinShares CEO Jean-Marie Mognetti stated that digital assets are no longer operating outside the realm of the traditional economy; instead, they are becoming integrated within it. “If 2025 marked a year of gradual restoration, 2026 is poised to be the year of integration into the real economy,” he remarked.

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