BitGo has emerged as the largest issuer in the $26.6 billion real-world asset (RWA) market, holding a 27.5% share worth nearly $7.3 billion, according to Token Terminal data. 21 RWA projects are covered by the data, which was collected on August 15 at 18:00 UTC. With a 14.9% stake, Securitize came in second, followed by BlackRock at 10.3% and Ondo Finance at 13.4%. Roughly two-thirds of the market was accounted for by these four big issuers combined, demonstrating that RWA activity is still concentrated within a limited number of firms.
Source: tokenterminal.com
The numbers demonstrate the rapid growth of tokenized real-world assets throughout the previous two years. In its early phases, the market was very modest and stable, but in 2024, growth started to pick up speed. Growth continued through 2025 and into 2026, pushing total issuer TVL to $26.6 billion.
BitGo’s position was followed by Tradable, which accounted for 8.6% of the market, or about $2.3 billion. Centrifuge held 5.9%, while Superstate and Spiko each had 4.1%. Blockchain Capital accounted for 3.6% and WisdomTree for 2.8%. The remaining projects together represented 4.9%.
A separate measure of capital deployed puts the total at $26.2 billion, representing a 156.4% increase. BitGo’s share under this measure was slightly higher at 28%, followed by Securitize at 15.2%, Ondo Finance at 13.6%, BlackRock at 10.5% and Tradable at 8.7%.
BitGo’s figures were largely linked to Wrapped Bitcoin (WBTC), which accounted for its reported $7.3 billion asset market capitalisation. The figure was down 2.7%. WBTC had around 196,900 holders, with about 2,000 daily asset senders and 20,500 monthly asset senders.
Token Terminal data also showed $852.9 billion in asset transfer volume over 30 days, while the number of transfers stood at around 681,100. BitGo’s asset TVL was $2.9 billion, with 30-day trading volume reaching $1.3 billion. The difference between the $7.3 billion issuer-level market capitalisation and the $2.9 billion asset TVL reflects the fact that these measures track different aspects of the market.
Ethereum continues to dominate the blockchain side of the RWA market. It accounted for 56.6% of the sector’s $26.6 billion TVL, with $15.1 billion spread across RWA issuer activity. zkSync Era was a distant second with $4.2 billion, or 15.7%, followed by Avalanche at $1.9 billion and Solana at $1.8 billion.
Stellar held another $1.1 billion, while Arbitrum One, BNB Chain, Sei EVM, Offchain and XRP Ledger accounted for smaller portions of the market. Overall blockchain TVL was up 174.6%, pointing to a significant expansion in RWA activity.
The numbers also suggest that the RWA market is gradually becoming more diverse. Ethereum remains the clear leader, but the growing presence of networks such as zkSync Era, Avalanche and Solana shows that tokenised assets are increasingly moving across multiple blockchain ecosystems.
The broader picture is clear: tokenisation is moving beyond early experiments and becoming a sizeable part of the digital asset market. BitGo currently holds the leading position among issuers, but growing activity from financial firms and crypto-native platforms could make the market considerably more competitive as adoption expands.
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