Tokenized RWAs doubled in a year as trading moved to synthetics
Tokenized real-world assets more than doubled this year, to $32B+ across the four largest classes — and a synthetic market that did not exist a year ago now carries most of the trading in gold and equities.
Dune's new RWA dataset tracks both, across 2,600+ products and 21 chains. The report is a first look at what it reveals.
Get the reportIssuers and platforms in the data
Supply
Tokenized real-world assets more than doubled, to $32B+
Fixed income is more than half the market and grew 111%. Every other measure — trading, collateral use, holder count — ranks the four classes differently.
$16.5B
Fixed income, 88% of it US Treasuries
$7.6B
Credit, holding 76% of all RWA lending collateral
$5.5B
Commodities, 30% of it sitting at exchanges
$2.5B
Equities, from $17m a year ago — 872k holders against 69k in fixed income
Holders
Equity holders grew 32-fold. Fixed income did not move.
Assets under management and holder count tell different stories. Tokenized equities went from 27,700 addresses to 872,000 in a year, and the pace is still accelerating.
Fixed income held roughly 69,000 addresses throughout. These are subscription-redemption funds sold to institutions, so the register barely changes.
872k
Equity holders, from 27.7k a year ago
225k
Commodity holders, tripled over the year
69k
Fixed income holders, flat since August 2025
Synthetic exposure
RWA perpetuals went from nothing to $2.0bn of open interest
Gold and equities are the only classes that exist in both forms, and their HIP-3 perpetuals reached 51% of all Hyperliquid volume in July, from 0.2% a year earlier.
Equity open interest has risen every month since October, to $1.54bn. Commodities peaked at $500m in April and have flattened since.
97%
Of gold and equity volume clears on the perpetual
12:1
Gold held in the token against open interest
51%
Share of Hyperliquid volume, July 2026
Funding
Holding these perpetuals costs 5 to 14% a year in funding
Across the HIP-3 markets on Hyperliquid, copper, Nvidia and gold have carried positive funding every month. The S&P 500 has sat within 7bp of zero all year.
SpaceX flipped in August: longs paid 11.5% in July, and the median turned negative on 15 of 25 days while open interest rose.
8–14%
Copper, every month since February
3–9%
Nvidia and gold
−7.7%
SpaceX median, August
Four findings of many
The report works through each asset class in full — supply, holders, trading, yield, funding and collateral use. It publishes in September.
What the report is built on
Registry
Every token, every chain
Issuer, platform, legal wrapper, regulator, jurisdiction, custodian, transfer agent, LEI and CIK.
Supply & holders
Who owns it, and where
Daily supply and balances with labelled addresses — exchanges, lending protocols, custodians, minters.
Pricing & NAV
What it is worth, what it pays
Oracle prices, NAV history and validity intervals, so realised yield is measurable per product.
Trading
Spot and synthetic together
Onchain spot trades plus Hyperliquid perpetuals — volume, open interest and funding by market.
Lifecycle
Mints, redemptions, transfers
Supply changes classified by event type, so primary issuance separates from secondary movement.
Freshness
New issuance within the week
Roughly 95% of assets appear within a week of issuance, and coverage keeps expanding.
You don't have to wait for the report.
Every table behind these charts is queryable on Dune today — registry, balances, prices, NAV, spot trades and Hyperliquid perpetuals.