Bernstein: Private credit now dominates tokenized asset landscape
The tokenized real-world asset market has grown to $51 billion in total value, according to Bernstein Research, marking 42% growth this year. Private credit has emerged as the largest segment, representing 44% of the market, surpassing tokenized US Treasurys, which now rank second.
The shift reflects structural changes in how blockchain infrastructure is being deployed for capital markets. Tokenized private credit allows loans to be recorded on blockchain networks instead of traditional banking systems. These loans are issued outside banks, with investors funding them directly in exchange for interest payments.
Figure Technology Solutions leads the market with $18 billion in tokenized assets. The platform recorded $5 billion in tokenized consumer loans in 2026 year-to-date, with monthly loan volume reaching a record $1.3 billion in April 2026. Connect contributed 56% of total loan volumes in Q1 2026. Securitize and Paxos each hold $4.2 billion in tokenized assets. BlackRock’s BUIDL tokenized money market fund holds $2.5 billion in assets.
US Treasury debt comprises 30% of the RWA market, while commodities represent 14%. The remaining categories include equities, real estate, and other institutional assets.
Analytics providers report different market sizes. RWA.xyz estimates the tokenized RWA market at $34 billion, reflecting different counting methodologies. The discrepancy stems partly from how private credit structures are measured. These assets often operate through special purpose vehicles, custodians, or hybrid onchain and offchain models, making them harder to track than transparent onchain positions.
Tokenized US Treasurys were the first major institutional success in the RWA market, establishing proof of concept for regulated asset tokenization. Private credit’s rapid growth now signals broader institutional appetite for blockchain-native capital markets infrastructure.
“Private credit is becoming one of the fastest-growing sectors in real-world assets because it solves two major problems at once: investors want yield, and businesses need capital,” said Ross Shemeliak, Stobox co-founder. “The bigger story is not whether private credit is number one today. The real story is that blockchain is quietly becoming the infrastructure layer for global capital markets.”
Derivative markets tied to RWA exposure are also expanding. RWA-related open interest on Hyperliquid, a decentralized derivatives exchange, reached $2.6 billion in May 2026. Hyperliquid recorded $65 billion in trading volumes in April 2026.
Cointelegraph reached out to Bernstein Research for additional comment but had not received a response by publication.
What’s driving private credit growth?
Private credit tokenization removes intermediaries between borrowers and lenders. Institutional investors gain direct exposure to yield without relying on traditional banking infrastructure. Borrowers access capital outside the regulated banking system, though often with higher funding costs offset by speed and flexibility.
The expansion of private credit as the dominant RWA category reflects maturation beyond proof-of-concept phases. Early institutional adoption of tokenized Treasurys demonstrated regulatory feasibility. Private credit now scales that model across a broader asset class with higher yield profiles.
