Polygon has cemented its role as the top blockchain for tokenized real-world assets, according to research from Dune and RWA.xyz. As of mid-September, it hosts $1.13 billion in total value locked across 269 tokenized assets held by nearly 3,000 participants. The RWA sector has surged 224% since early 2024, initially powered by tokenized U.S. Treasuries but now expanding into higher-yield products such as private credit and bonds.
Polygon dominates tokenized bonds with a 62% market share and controls 29% of tokenized U.S. Treasuries through products like Spiko’s USTBL. CEO Sandeep Nailwal credited recent technical upgrades, including the “Rio” deployment on the Amoy testnet, for accelerating adoption. DeFi integrations have also enabled tokenized assets to serve as collateral. Analysts say Polygon’s leadership reflects the broader shift of traditional finance into blockchain, with major institutions such as Nasdaq exploring tokenized securities. The report suggests pilots are evolving into scalable, real-world products, boosting institutional confidence in Polygon’s ecosystem.
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