Report: RWA market size surpasses 24 billion USD, may reach 30 trillion by 2034

Gauntlet's model suggests that once the tokenized loan distribution reaches 5% of the global $30 trillion market, the on-chain private credit scale could exceed $250 billion.

Source: cryptoslate

Compiled by: Blockchain Knight

According to a joint report released on June 26, risk modeling company Gauntlet, analytics provider RWA.xyz, and RedStone predict that by 2034, the on-chain RWA market size could reach as high as $30 trillion.

Research shows that the scale of tokenized real assets without stablecoins has grown from approximately $5 billion in 2022 to over $24 billion by June 2025, with an annual growth rate of 85%, making it the fastest-growing sector in the Crypto space after dollar-pegged tokens.

According to the dashboard embedded in the research report, private credit dominates the market with an outstanding scale of $14 billion, while tokenized U.S. Treasury instruments contributed approximately $7.5 billion.

The report modeled various adoption curves and concluded that if a 10% to 30% share of the global securities and alternative assets market can be captured between 2030 and 2034, the on-chain market size will be closer to the range of 16 trillion to 30 trillion USD.

The report points out that BlackRock, JPMorgan, Franklin Templeton, and Apollo have now issued scaled funds on public blockchains, indicating that tokenization has evolved from the proof-of-concept stage to the actual deployment stage in less than two years.

On the Morpho and Kamino platforms, yield-bearing government bond tokens, resettable share classes, and leveraged private credit cycles demonstrate how DeFi infrastructure creates new distribution channels and liquidity venues for traditional illiquid financial instruments.

RedStone believes that precise pricing relies on an oracle architecture that integrates asset net value snapshots, regulatory certifications, and liquidity discounts, which is different from the real-time spot data sources commonly found in DeFi.

Gauntlet's model suggests that once the tokenized loan distribution reaches 5% of the global $30 trillion market, the on-chain private credit market could exceed $250 billion.

In contrast, if asset management companies allocate 2% of short-term funds to on-chain infrastructure, the scale of government bond note tokens could exceed $1 trillion.

The report authors predict that the programmable compliance layer (such as Securitize's sToken) and the continuous improvement of regulatory clarity in the US, Europe, and Asia will enable pension funds and insurance companies to directly allocate tokenized products, thereby expanding the reachable customer base from crypto-native capital to a broader range.

RedStone plans to update the market size tracker every quarter and add real-time oracle metrics for the on-chain RWA index. Meanwhile, Gauntlet will release risk parameter adjustments for leveraged vaults related to private credit pools.

The alliance will hold a further briefing at the RWA Summit in Cannes on July 1, where detailed funding inflow data and the methodology underlying its $30 trillion cap model will be announced.

The report points out that the current scale of 24 billion dollars only accounts for about 0.006% of the traditional asset scale of 400 trillion dollars. However, the report believes that the speed of institutional issuance and the advantages of programmable settlement are sufficient to prove that a scenario of 30 trillion dollars within the next nine years is reasonable.