The RWA tokenization market has grown more than three times in six months, surpassing 3 trillion yen = Binance Research

Private Credit Leads the Market

According to a monthly market analysis released on the 5th by the research department of Binance, a major crypto asset (virtual currency) exchange, the market for tokenized real assets (real world assets = RWA) is expanding rapidly, and the market capitalization has increased by 6.5% in the past month, exceeding $ 23 billion (about 3.3 trillion yen).

Source: Binance

In the first half of 2025 alone, the market size reached over $23 billion, up from $8.6 billion at the beginning of the year (¥1.2347 trillion), recording an astonishing growth of 260% (3.5 times increase).

Among them, tokenized private credit accounts for approximately 58% of the share and is the main driver of market growth. Private credit refers to non-bank entities such as investment funds and institutional investors providing direct loans to companies and individuals, characterized by flexible terms and high yields.

The private credit market has rapidly expanded in recent years, against the backdrop of bank consolidations and regulatory strengthening following the global financial crisis of 2008. According to the International Monetary Fund (IMF), it is expected to reach a scale of approximately $2.1 trillion (about 300 trillion yen) by 2024.

The growth of the tokenized private credit market is being driven by "Tradable," which is built on the Ethereum Layer 2 scaling solution ZKSync Era. Since its launch in January 2025, Tradable has achieved the on-chain tokenization of over $2 billion (approximately 287 billion yen) in assets, promoting tokenization as a bridge between TradFi (traditional finance) and DeFi (decentralized finance).

Following private credit, RWA accounts for 34% of the market share with tokenized U.S. Treasury bonds. The tokenization of other assets, such as gold and real estate, is also progressing.

Integration of RWA and DeFi Protocols

The growth of the tokenized RWA market is significantly contributed by the integration with DeFi protocols.

For example, the tokenized U.S. bond product "BUIDL" (the world's largest tokenized government bond fund with assets of $2.9 billion) by major asset management firm BlackRock has initiated the first direct DeFi integration through Euler Finance, enabling lending and borrowing on the Euler platform.

Additionally, the RWA tokenization platform Centrifuge has introduced "deJTRSY," which tokenizes U.S. Treasury bond funds (JTRSY) on Solana, and Securitize has partnered with Apollo Global Management to launch the ACRED token that tokenizes the "Apollo Diversified Credit Fund" on Solana.

The collaboration between Centrifuge and Securitize has been realized through a partnership with Kamino Finance, a major DeFi lending platform on Solana.

Tokens like deJTRSY and ACRED integrate traditional financial assets into the DeFi ecosystem, providing traditional investors with new opportunities for liquidity and yield. They also contribute to the evolution of DeFi from a self-contained ecosystem to a more robust financial system that interacts with external entities.

Binance Research concluded that "as the regulatory framework becomes clearer, continued growth in the tokenized RWA market and an increase in the entry of major industry players are expected."

Progress in regulation and corporate stance

Binance Research noted that the amount of Bitcoin held by companies continues to increase rapidly.

Currently, 116 publicly listed companies hold a total of 809,100 BTC, which is a significant increase from 312,200 BTC a year ago. Since the beginning of April, more than 25 companies have announced new holdings, adding nearly 100,000 BTC.

Binance pointed out that the changes in accounting regulations in 2025 will allow for the treatment of cryptocurrencies at fair value and the removal of impairment restrictions, increasing the appeal of BTC holdings for companies.

Furthermore, Binance sees that as Bitcoin reached its all-time high (approximately $112,000), FOMO (fear of missing out) has spread among companies as they improve their balance sheets and take measures against inflation.

On the other hand, in the United States, the clarification of regulations is progressing, and on May 29, the U.S. Securities and Exchange Commission (SEC) issued new guidance regarding the staking of cryptocurrencies. Allison Mangiero, the staking policy director of the Crypto Innovation Council, believes this is "a step towards more reasonable regulation."