Weekly Report · Week 40, 2026
State of Tokenization
Sep 28 – Oct 4, 2026 · Week in progress, updated daily
This week in tokenized RWAs
- 55 new issuer-tokens appeared in CoinGecko's RWA data this week, led by Reality (29).
- Tether added $486.2M in tokenized market cap, the largest gain of any issuer.
- Ondo Finance shed $91.4M, the largest decline.
Sector market caps
CoinGecko category market caps as of 2026-10-04. Categories overlap (e.g. tokenized gold sits inside commodities), so these don't sum to a total.
| Category | Market cap | vs. last week |
|---|---|---|
| Stablecoins | $293.02B | — |
| Tokenized Private Credit | $25.08B | — |
| Tokenized Treasuries | $9.42B | — |
| Tokenized Commodities | $6.15B | — |
| Tokenized Gold | $5.87B | — |
| Tokenized Stocks | $2.36B | — |
| Tokenized Exchange-Traded Funds (ETFs) | $434.66M | — |
| Tokenized Pre-IPO Stocks | $63.68M | — |
Biggest issuer moves
Change in each issuer's total tokenized market cap from 2026-09-28 to 2026-10-04. Share is of all tracked tokenized stocks, commodities and ETFs. That total grows as coverage expands, so a share can dip while market cap rises.
| Issuer | Market cap | Change | Share |
|---|---|---|---|
| Tether | $3.46B | +$486.19M | 34.5% → 37.2% |
| Kinesis Money | $749.92M | +$192.22M | 6.5% → 8.1% |
| Ondo Finance | $839.45M | −$91.44M | 10.8% → 9.0% |
| xStocks | $804.07M | −$76.75M | 10.2% → 8.6% |
| BTech Holdings Limited | $744.33M | +$71.24M | 7.8% → 8.0% |
| Reality | $113.17M | −$42.27M | 1.8% → 1.2% |
| Robinhood Europe | $158M | −$4.49M | 1.9% → 1.7% |
| Paxos Global | $1.8B | −$4.42M | 21.0% → 19.4% |
Largest tokenized assets
Combined market cap across every issuer's token for the same underlying asset.
| # | Asset | Issuers | Market cap | vs. last week |
|---|---|---|---|---|
| 1 | Gold | 16 | $5.99B | — |
| 2 | Circle Internet Group | 7 | $344.43M | — |
| 3 | Strategy PP Variable | 4 | $234.06M | — |
| 4 | Silver | 3 | $228.41M | — |
| 5 | Strategy | 10 | $227.29M | — |
| 6 | SpaceX | 10 | $172.88M | — |
| 7 | Nvidia | 10 | $152.82M | — |
| 8 | SPDR S&P 500 ETF Trust | 7 | $149.25M | — |
| 9 | Tesla | 8 | $124.75M | — |
| 10 | Alphabet Class A | 8 | $106.48M | — |
| 11 | Micron Technology | 8 | $98.76M | — |
| 12 | Invesco QQQ ETF | 7 | $82.6M | — |
| 13 | Bending Spoons | 2 | $69.12M | — |
| 14 | Intel | 8 | $64.88M | — |
| 15 | iShares Core S&P 500 ETF | 2 | $59.14M | — |
Newly listed tokens
55 issuer-tokens first appeared in CoinGecko's RWA data this week. That's the date CoinGecko began tracking each one, which can be later than its actual launch. By issuer: Reality (29), xStocks (8), Backpack Securities (7), BTech Holdings Limited (7), Coinbase (2), Anchored Labs (1), and others.
Showing the 25 with the largest underlying markets. Full feed →
How this report is built. Every figure comes from RWAstats' daily snapshots of the CoinGecko API (/rwas/*, /coins/categories), recorded on the day and never backfilled. See the methodology.