Private credit is now the largest sector of the real-world asset (RWA) tokenization market, according to the 2025 RWA in On-Chain Finance report by blockchain oracle RedStone, published today, June 26.
The report, conducted in collaboration with Gauntlet and analytics platform RWA.xyz, found that private credit now accounts for $14 billion of the $24 billion tokenized RWA market as of mid-2025.
Meanwhile, the $24 billion total represents a 380% increase from $5 billion in 2022, and an 85% year-over-year growth since December 2024. Notably, the report excludes stablecoins from its findings, despite their classification as tokenized fiat currencies.
The findings indicate that institutions are moving beyond experimentation and are now actively deploying capital on-chain.
“The one key finding in the report is obvious, yet key to remember – in 2025, the RWA and on-chain revolution doesn’t happen with small players just getting the ground,” Marcin Kazmierczak, co-founder of RedStone, told The Defiant:
“Instead, it’s done by the biggest financial institutions globally like BlackRock, JP Morgan, Apollo, VanEck, etc. They realize the future is a convergence between TrafFi and on-chain finance, and they are acting on it now.”
Kazmierczak added that while the broader crypto market has suffered from volatility, “RWAs have demonstrated remarkable counter-cyclical strength, continuing to attract hundreds of millions in new capital.”
It’s this resilience that reflects the sector’s “explosive 380% growth,” Kazmierczak explained, as well as positions RWAs as crypto’s second fastest-growing sector after stablecoins.
The report also notes that governments are increasingly recognizing blockchain as infrastructure that’s necessary for modernizing traditional financial systems and addressing major macroeconomic challenges.
The Big Players
Figure Technologies leads tokenized private credit, accounting for 75% of the market with over $10 billion in tokenized assets. On the institutional side, Tradable – a protocol launched on ZKsync Era in 2023 – has tokenized more than $2 billion through a partnership with Victory Park Capital, according to the report.
As of this year, ZKsync has held its place as the second-largest RWA chain after Ethereum in terms of total value locked on-chain, currently with over $2.24 billion — the majority of which is assets from Tradable.
Maple Finance, a leading DeFi lending platform operating on Ethereum and Solana, is another big player in the tokenized RWA space. As of June 2025, Maple reported $777 million in active loans and more than $3.3 billion in total loans, according to RWA.xyz.
The Growth of RWAs
Other findings in the report include industry projections that 10-30% of global assets could be tokenized by 2030-2034. “RWAs are bridging traditional finance’s $400+ trillion in assets to blockchain – over 130x larger than crypto’s current ~$3 trillion market cap,” the report reads.
Kevin Rusher, founder of RWA lending platform RAAC, told The Defiant in April that the sector surpassing the $20 billion milestone earlier this year was a “strong signal.”
“First, it is the only sector in crypto still reaching new all-time highs while most are far from their highest levels and suffering heavy losses,” Rusher said, adding that the space is still in early days.
“Most tokenized RWAs now are private credit and Treasuries — which is great,” he said, adding that many asset classes remain to be tokenized:
“But when gold, real estate, and other stable assets come on-chain, it will bring trillions of dollars in value still locked in outdated systems into DeFi and propel the sector into the future.”
Source: thedefiant
