Tokenized real world assets (RWA) fell slightly this month, with total outstanding volume down 1.09% as $268 million has quietly flowed out of the sector since November 1st.
Global RWA value is on a downward trend
Tokenized RWA, an on-chain version of traditional financial products (TradFi) such as government bonds, commodities, private credits, public stocks, and corporate bonds, continued to expand its breadth despite a slight decline in gross circulation over the past month.
Despite the gradual cooling, the sector still reflects a vast ecosystem spanning everything from tokenized Treasury bills to digitized oil exposures to emerging market private credit pools. So RWA may have eased off the gas pedal by the end of 2025, but it’s certainly not out yet.
Global RWA Market on December 6, 2025, via rwa.xyz.
As of December 6, global RWA gross merchandise value was $18.38 billion, down 1.09% from 30 days ago and down $268 million from November 1, according to rwa.xyz metrics. Meanwhile, the total representative assets were $391.63 billion, a decrease of 7.16% from the previous month. Still, the number of participants continued to increase, with the total number of asset holders at 560,488, an increase of 5.91% since November 6th.
Total non-US government debt was $611.54 million, down 4.20% from 7 days ago, but holder participation was the highest winning with 3,430 holders, up 12.61%. Funds such as Spiko EU T-Bills Money Market Fund and ChinaAMC’s various digital money market products dominate this category. Data shows that even if the value has declined slightly this week, it will rise steadily through 2025, reinforcing global demand for tokenized sovereign-adjacent bonds.
Tokenized corporate bonds were nearly flat at $259.92 million, up 0.33% for the week, but the number of holders decreased slightly (-0.26% to 13,347 people). This niche of RWA consists of 10 assets and continues to mature quietly without the pyrotechnics seen in tokenized treasuries and credits.
Speaking of trust, tokenized private credit remains the king in the space. Total active loans total a whopping $19.04 billion, total loans originated reach a whopping $34.6 billion, and the current average APR is 10.10%. Platforms like Maple, Figure, TrueFi, Goldfinch, and Centrifuge continue to increase issuance, with long-term charts showing relentless upward momentum through 2022.
The market capitalization of tokenized products increased by 5.68% in 30 days to $3.64 billion, weighing heavily this weekend, even as monthly remittances decreased by 54.73% to $3.89 billion. Monthly active addresses decreased by 41.22%, but holders increased by 2.73% to 168,290, proving that while gold and oil fans may not be chatty, they are certainly passionate. Tether Gold (XAUT) and Paxos Gold (PAXG) remain anchor assets in this category.
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Government bond products alone accounted for a huge amount of $9.07 billion, a slight decrease of 1.06% from the previous week, but the 7-day average yield increased by 11.10% to 3.81%. This space includes leading funds such as BlackRock’s BUIDL Fund, Circle’s USYC, Franklin Templeton’s On-Chain Government Money Fund, and Ondo’s Treasury Bill Products. The number of holders remained virtually unchanged, increasing by 0.13% to 57,661. You can call this stability, or just not doing anything interesting.
US Treasury RWA Market via rwa.xyz on December 6, 2025.
Looking at individual assets, BlackRock’s BUIDL leads the list with $2.028 billion, but has fallen 12.47% this week. Tether Gold followed with $1.633 billion, barely falling by 0.28%. Meanwhile, Syrup USDC is hot on the gym, rising 7.99% for the week and 23.77% for the month to reach $1.482 billion. Circle’s USYC was also volatile, gaining 8.12% for the week and 30.92% for the past 30 days.
That meant RWA dipped, shuffled, and sometimes broke into a jog. Although the sector’s overall value may have fallen by 1.09%, participation continues to grow, infrastructure continues to expand, and key categories such as private credit, government bonds, and commodities remain active. There may be no fireworks in December, but the RWA engines are still running.
Frequently asked questions ❓
- What is a tokenized real-world asset?
These are blockchain-based representations of TradFi assets such as government bonds, commodities, corporate bonds, and credits. - How much has RWA decreased since November?
The sector fell 1.09%, having lost $268 million since Nov. 1. - Which segments have grown their user base?
Total asset holders increased by 5.91%, non-US government bond holders by 12.61%, and commodity holders by 2.73%.
