10 Tokenized RWAs Expand Access to Credit and Gold

Tokenized real‑world assets beyond Treasuries passed $20 billion in total value locked in 2026. The largest categories by value were private credit, tokenized gold, real estate and emerging infrastructure and carbon products, according to industry data. Private credit represented the biggest non‑Treasury segment with roughly $14 billion in active loans.

Several private credit platforms reported large originations and established yield ranges. Maple Finance said it has originated more than $4 billion in loans and that lender yields on its pools range about 9% to 15% APY. Goldfinch reported over $100 million deployed to borrowers in emerging markets and senior tranche yields near 10% to 17% APY. Centrifuge has tokenized invoices and receivables with roughly $500 million in value locked and yields of about 6% to 14%. TrueFi offers uncollateralized corporate loans with lender returns around 8% to 13% APY. These platforms use stablecoin funding and varying borrower vetting and compliance processes to move capital on‑chain.

Tokenized gold accounted for more than $1.5 billion of on‑chain value. Paxos’s PAXG had a market capitalization near $700 million to $800 million and is issued under a New York trust charter with each token backed by one troy ounce of London Good Delivery gold held in audited vaults. Tether’s XAUt showed a market capitalization near $600 million to $700 million and is available on Ethereum, TRON and Avalanche, providing lower‑fee rails on networks such as TRON. Market participants use both tokens as collateral across decentralized finance platforms.

Real estate tokenization focused on rental income. RealT has tokenized more than 900 U.S. residential properties, pays weekly stablecoin rental distributions and accepts minimum investments around $50. Lofty AI, built on Algorand, has tokenized over 200 properties, distributes rental income daily and operates a built‑in secondary market for liquidity. Real estate tokenizers operate within U.S. property law and vary by distribution frequency and exit options.

Other on‑chain products in development include regulated tokenized access to U.S. equities, ETFs and fixed income for non‑U.S. investors through pilot platforms. KlimaDAO and Toucan Protocol have bridged voluntary carbon credits onto blockchains and issued liquidity tokens tied to those credits. Securitize and Hamilton Lane created tokenized private equity access that lowers traditional minimums to tens of thousands of dollars for accredited investors. Early infrastructure tokenization projects covering toll roads, data centers and renewable energy have appeared on platforms that support asset‑backed tokens.

Industry participants cited stablecoin pools as an important funding source for loans, tokenization as a way to reduce geographic and minimum‑investment barriers, and DeFi integrations that let holders use tokenized assets as collateral or to generate yield. Tokenized Treasury funds have offered yields in the low single digits, while private credit and other non‑Treasury RWAs have shown higher yield ranges in return for credit and liquidity risk.

Regulatory and operational structures differ by product. PAXG is issued under a New York trust with monthly third‑party audits; XAUt’s multi‑chain availability increases accessibility outside U.S. jurisdictions. Private credit protocols apply different KYC and credit standards: Maple emphasizes institutional credit assessment, Goldfinch uses a tranche structure that places initial losses with Backers, and Centrifuge integrates with lending protocols such as MakerDAO and Aave.

Risks identified across these products include borrower default and concentration risk in private credit, smart contract vulnerabilities, thin secondary markets that can impair liquidity, variability in carbon credit quality, and legal enforceability that depends on issuing structures and jurisdiction. Industry projections cited with these figures estimate the broader tokenized RWA market could reach significant scale by 2030, and market participants continue to assess credit quality, legal frameworks and liquidity as these products develop.