> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # 2026 RWA Report Summary ## Core Content Overview This report provides a comprehensive analysis of the Real-World Assets (RWAs) sector from January 1, 2025, to March 31, 2026. It highlights the evolution of the RWA market, regulatory developments, and the performance of different asset classes and stablecoins. ## Key RWA Developments - **Regulatory Clarity**: Major regulatory progress in the US (SEC's 'Project Crypto'), EU (MiCA), and other jurisdictions has enabled institutional players to enter the market. - **Institutional Adoption**: TradFi institutions like BlackRock, Goldman Sachs, and BNY Mellon have launched tokenized money market funds and other products. - **Market Growth**: The RWA market capitalization has nearly quadrupled in 15 months, growing from $5.42 billion to $19.39 billion. - **Multi-Chain Expansion**: RWAs are becoming increasingly multi-chain, with Ethereum still leading but other chains like BSC, Solana, and Aptos gaining traction. - **Perpetuals Market**: A new perpetuals market for RWAs has emerged, showing strong demand. ## RWA Regulations in Key Jurisdictions | Jurisdiction | Key Legal & Regulatory Frameworks | Regulators | Regulatory Approach | |--------------|----------------------------------|------------|--------------------| | United States | Federal securities laws, GENIUS Act, CLARITY Act | SEC, CFTC | Tokenized securities are regulated like other securities; payment stablecoins under separate regime | | European Union | MiCA, DLT Pilot Regime, MiFID II | ESMA, EBA, NCAs | Proactive clarity; tokenized stocks and bonds under MiFID II; other crypto assets under MiCA | | Singapore | SFA, PSA, FSMA | MAS | Tokenized securities regulated like other securities; separate rules for stablecoins and payment services | | Hong Kong | SFO, Stablecoins Ordinance | SFC, HKMA | Tokenized securities regulated like other securities; fiat stablecoin issuers need separate license | | Switzerland | DLT Act | FINMA | Proactive clarity; updated laws apply to most tokenized assets; DLT Act adds targeted infrastructure rules | | Dubai | ARVA Rules, Crypto Token regime | VARA, DFSA | Purpose-built frameworks alongside existing laws | | United Kingdom | DSS, FSMA | FCA, BoE | Proactive experimentation; live sandbox; full crypto regime expected in late 2027 | | Japan | FIEA, PSA | FSA | Tokenized securities regulated like other securities; stablecoins regulated separately | | Australia | ASIC INFO 225, ASIC regulations | ASIC, RBA | Tokenized securities regulated like other securities; additional rules for stablecoins being developed | | Cayman Islands | VASP Act, SIBA, PFA | CIMA | Existing securities, fund, and VASP rules apply to tokenized businesses | ## Tokenized RWA Market Capitalization - The total tokenized RWA market cap grew from $5.42 billion to $19.39 billion. - **Treasuries**: Grew by 225.5% to $12.99 billion, with USYC and BUIDL leading. - **Commodities**: Grew by 289.1% to $5.55 billion, dominated by XAUT and PAXG. - **Stocks**: Grew from $2.09 million to $486.69 million, with Circle and Tesla leading. - **ETFs**: Grew from $0.62 million to $297.50 million, with Ondo's products dominating. ## Stablecoins Market Capitalization - The stablecoin market cap increased by 51.0% to $301.65 billion. - **USDT** and **USDC** led the growth, with USDC's market share rising to 25.7%. - **USDS** saw the fastest growth, almost doubling in market cap. - **USDe** and **USD1** also saw significant gains, with USD1 reaching $4.39 billion. - **Others** group saw the highest percentage increase (267.4%) due to regulation-compliant stablecoins like PYUSD, USDG, and RLUSD. ## Tokenized Commodities - **XAUT** and **PAXG** dominated the tokenized commodities market, contributing 89.1% of the growth. - **KAG** and **KAU** saw market share declines despite dollar gains. - **XAUM** emerged as a new entrant, growing over elevenfold to $71.18 million. ## Tokenized Gold Spot Trading Volume - Tokenized gold trading volume in Q1 2026 reached $90.70 billion, surpassing the entire 2025 volume. - **PAXG** and **XAUT** accounted for the majority of trading volume, with PAXG ranging from 34.2% to 82.5%. - **CEXs** still dominate the trading activity, with CEXes controlling 90% of volume share. ## Tokenized Stocks - Tokenized stocks started with a small market cap and have grown significantly. - **Circle**, **Tesla**, and **Nvidia** are the top tokenized stocks by market cap. - Tokenized stocks' spot trading volume is still nascent, at less than a fifth of tokenized commodities' volume. - Most trading occurs on centralized exchanges, with Ondo's products being the most active. ## Tokenized ETFs - Tokenized ETFs have seen broad-based growth, with no clear market leaders yet. - **Ondo** has issued the majority of tokenized ETFs, including SPDR S&P 500 and iShares Gold Trust. - Tokenized ETFs' market cap reached $297.50 million, more than half the size of tokenized stocks. ## On-Chain Private Credit Protocols - **Maple Finance** has dominated the on-chain private credit space, growing its active loan value by 894.3% to $2.13 billion. - Other protocols like Centrifuge and Goldfinch saw declines in market share. - The overall on-chain private credit market grew 477.5% to $2.29 billion. ## RWAs Market Capitalization by Chains - **Ethereum** still leads, but its share dropped from 93.4% to 61.1%. - **BSC** saw the largest market share gain, from 0.1% to 20.0%, driven by Circle's USYC. - **Solana** and **Aptos** also gained significant traction. - On-chain active RWA market cap more than quadrupled to $17.79 billion. ## Conclusion The RWA sector has matured significantly over the past 15 months, driven by regulatory clarity, institutional participation, and growing demand for blockchain-based financial infrastructure. While tokenized treasuries and commodities have seen the most substantial growth, tokenized stocks and ETFs are still in early stages. The market is becoming increasingly multi-chain, with Ethereum still dominant but other chains gaining ground. Despite the growth, project tokens have seen negative price returns, indicating a shift from hype-driven to more legitimate, asset-backed models. ```