The State of RWAfi | Q1 2026 report is live Read more!

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The State of RWAfi Q1 2026
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Scope of the research report [Chart: BlackRock BUIDL vs Ondo Yield Assets vs Centrifuge] Tokenisation is expanding rapidly across financial markets.

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The Year of Risk‑Aware DeFi: Credora Ratings As The $1T Unlock Primitive
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State of DeFi - report sponsors
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[Chart: Aave V3 vs Lido vs Ethena] Executive summary: DeFi in 2025 In 2025, DeFi moved further away from a cycle-defined speculative arena and closer to a durable financial system with recognisable primitives, maturing market structure, and

Hemi: one bitcoin, two systems, and the link between
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The years 2024 and 2025 were significant for the institutionalization of BTC.

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The State of RWAfi: Q1 2026

The State of RWAfi Q1 2026

A market that barely registered 18 months ago now moves billions daily. In fourteen months, the active RWA market cap grew sixfold to $25.2B. Tokenized funds led the expansion, scaling from $2.7B to $13.5B, but equities were the standout, surging from $30M to $1.3B in a single year. Across asset classes, capital is moving from static exposure to active deployment. Equity activity is concentrated on three chains, with Ethereum, Solana, and BNB Chain capturing over 94% of volume and Morpho integrations enabling collateralized borrowing against onchain stocks like SPY, QQQ, and TSLA. In private credit, Maple's SyrupUSDC reached $2.1B in active market cap across Pendle, Jupiter, Kamino, and others. Each asset class is evolving under different structural conditions, with composability emerging unevenly according to liquidity, legal clarity, and regulatory treatment. The State of RWAfi Q1 2026 Report maps where those conditions have matured enough to support real financial utility and where frictions remain.

Explore Spotlights
Pharos
Pharos Launches Pacific Ocean Mainnet as RWA Sector Surges Past $25 Billion
28 Apr 2026
Octra
Octra: The fully homomorphic encryption breakthrough
13 Apr 2026
Spotlight - The state of RWAfi - Real estate
Onchain Real Estate: Technically Mature, Institutionally Constrained
3 Mar 2026
Regulation Is the Real Bottleneck in RWAfi
Regulation Is the Real Bottleneck in RWAfi
1 Apr 2026
Spotlight: Tokenised private credit
A Closer Look at Tokenised Private Credit
25 Mar 2026
(Spotlight) Tokenised Commodities: Real assets, rebuilt onchain
Tokenised Commodities: Real Assets, Rebuilt Onchain
17 Mar 2026
(Spotlight) Tokenised stocks: What’s actually under the hood (State of RWAfi 2)
Tokenised Stocks: What’s Really Under the Hood
10 Mar 2026
Binance Spotlight 2 - 24/7 and commodities
When Markets Stop Closing: Binance and the Shift to 24/7 Finance
26 Mar 2026
Spotlight: T-REX Network and Zama launch institutional-grade confidentiality infrastructure for Real-World Asset tokenization
T-REX Network and Zama launch institutional-grade confidentiality infrastructure for Real-World Asset tokenization
25 Mar 2026
Press release - Keyrock
The $5.6 billion treasury gap: new Keyrock research spotlights opportunity cost of idle capital
12 Mar 2026
Spotlight - Sodax 2
Ship in Days, Not Months: How Builders Are Scaling DeFi with the SODAX SDK
20 Mar 2026
Firelight - The Protection Layer for Digital Assets.
Sentora raises Firelight deposit cap to 65 million FXRP
18 Mar 2026
Starknet.
The Largest TVL Opportunity: The BTCFi Chain Future Is Bright
12 Mar 2026
(Spotlight) PlayKami: Rewiring the mechanics of collecting
PlayKami: Rewiring the Mechanics of Collecting
12 Mar 2026
BNB CHAIN.
Stablecoins on BNB Chain: Passive Assets or Fuel for a Complete DeFi Ecosystem?
25 Feb 2026
Kyan.
Kyan: The End of Wasted Capital
25 Feb 2026
Bybit.
Adoption Paradox: Surprises from the Bybit World Crypto Rankings Report
18 Feb 2026
Building Beyond Bridges: How the SODAX SDK Delivers Outcome-Oriented Cross-Network Execution.
Building Beyond Bridges: How the SODAX SDK Delivers Outcome-Oriented Cross-Network Execution
17 Feb 2026
The new logic of liquidity: why curation is the next infrastructure layer
The New Logic of Liquidity: Why Curation Is the Next Infrastructure Layer
11 Feb 2026
EthCC[9] France, 2026.
Europe’s biggest Ethereum conference returns to Cannes with emphasis on institutional participation
30 Jan 2026