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Private credit leads weekly gains
The market for tokenized private credit grew 1.3% over the week through Oct. 18, reaching $25.63 billion, according to CoinGecko data compiled at 9:30 a.m. in South Korea. The category also rose 3.2% over the previous 24 hours.
Tokenization uses blockchain-based tokens to represent financial assets such as Treasury securities, private loans, stocks and real estate. Among other real-world asset categories tracked by CoinGecko, tokenized real estate increased 0.8% for the week to $116.1 million, while tokenized Treasury products rose 0.5% to $9.46 billion.
Most other categories declined. Tokenized stocks fell 2.7% to $2.47 billion, including a 5.3% drop over 24 hours. Tokenized money market funds declined 0.9% to $3.13 billion, tokenized gold fell 0.7% to $5.92 billion, and tokenized commodities slipped 0.3% to $6.22 billion.
The categories overlap, meaning their market values cannot be added together to produce an overall market total.
Tokens tied to RWA platforms retreat
The market capitalization of tokens issued by real-world asset protocols fell 8.8% for the week to $12.57 billion and declined 2.8% over 24 hours.
Chainlink fell 8% over seven days to $11.98, while Ondo dropped 11.4% to 44 cents. Maple Finance declined 15.4% to 20 cents, Collector Crypt lost 12.7% to 27 cents, and RE fell 11.4% to 39 cents. Zebec Network declined 6.8%, while Plume slipped 1.2% to 2 cents. Rnt was the only gainer among the listed tokens, rising 4.3% to 34 cents.
Ondo rises in tokenized Treasury rankings
Ondo Finance said its tokenized U.S. Treasury assets, including USDY, OUSG and a tokenized U.S. Treasury exchange-traded fund, had reached $3 billion. That placed Ondo first among issuers on RWA.xyz's tokenized Treasury list.
By individual product, Ondo's USDY had about $2.33 billion in assets, surpassing BlackRock's BUIDL at roughly $2.20 billion. Circle's USYC remained the largest single product at about $2.38 billion. RWA.xyz put the overall tokenized Treasury market at approximately $14.91 billion.
CoinGecko showed the same order among the three largest products, valuing Circle USYC at $2.39 billion, Ondo US Dollar Yield at $2.36 billion and the BlackRock USD Institutional Digital Liquidity Fund at $2.19 billion. They were followed by products from Invesco, Spiko, Janus Henderson Anemoy and Ondo.
Stellar and XRP Ledger expand their asset bases
Tokenized real-world assets on Stellar reached $4.25 billion by mid-October, up from $868.8 million at the end of 2025. The total crossed $1 billion in January, $2 billion in April and $3 billion in June before reaching nearly $4 billion in late August.
Products on Stellar included about $1.7 billion from Spiko, roughly $605 million in Franklin Templeton's BENJI and more than $500 million in Ondo USDY. Chainlink Data Feeds and Data Streams also began operating on the Stellar mainnet following an integration announcement Oct. 14.
On XRP Ledger, tokenized real-world assets totaled $5.05 billion as of Oct. 17. That included $4.55 billion in assets classified as represented and $496.6 million classified as distributed. Stablecoins worth $1.07 billion were counted separately. A single energy token, JMWH, accounted for about 49% of represented assets, with a value of $2.23 billion.
Tokenized stocks grow despite weekly decline
A separate tracker put the tokenized stock market at $4 billion as of Oct. 17, based on 2,061 underlying stocks and 5,471 tokenized assets. The difference from CoinGecko's $2.47 billion figure reflects differing data sets and category definitions.
Under the broader count, the market had grown 483% from $654 million during the week of Jan. 5. Weekly trading volume on decentralized exchanges increased 55-fold over the same period.
Tokens linked to exchange-traded funds made up the largest segment at $792.8 million, or 19.9% of the market, followed by tokens linked to Circle shares at $370.9 million. Binance-linked products led by issuer affiliation with $1.2 billion, followed by Ondo Finance at $971.8 million and xStocks at $944 million. BNB Chain hosted $1.5 billion, ahead of Ethereum at $826.9 million.
bStocks, another tokenized stock platform, surpassed $1 billion in assets under management as of Oct. 15, about four months after its June 11 launch. Its selection expanded from five stocks to nearly 100, while cumulative trading volume exceeded $40 billion. Average daily volume topped $300 million, and conversions between tokens and underlying shares exceeded $6 billion.
U.S. market infrastructure prepares for tokenization
DTCC is targeting a commercial launch of its tokenization service by the end of October 2026. The initial offering on Canton Network and Besu is expected to include 25 large-company stocks from the Russell 1000, exchange-traded funds and U.S. Treasury securities.
DTCC said about $30 trillion of the more than $114 trillion in assets it holds could eventually be tokenized, underscoring how blockchain-based products are moving closer to the infrastructure of conventional U.S. finance.
South Korea and U.S. seek regulatory feedback
South Korea's Financial Services Commission is accepting public comments through Nov. 11 on proposed revisions to the country's Electronic Securities Act and Capital Markets Act. The proposal would extend the tokenized securities framework to private money market funds, private bonds and shares in unlisted companies structured through trusts. The changes are scheduled to take effect Feb. 4, 2027.
Individual investors would be allowed to invest up to 100 million won annually through over-the-counter trading platforms, with annual net purchases capped at 1 billion won per exchange. Account-management institutions that are not financial companies would need at least 4 billion won in capital.
In the United States, the Securities and Exchange Commission is accepting comments through Oct. 20, 2026, on a proposed rule titled “Regulation Crypto Assets.” If adopted as proposed, it would create two securities-registration exemptions. Qualified issuers could raise up to $5 million over four years through crypto-asset-related investment contracts or as much as $75 million during any 12-month period. Disclosure requirements would be based on broad principles rather than a detailed prescriptive framework.
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