According to the latest report from Bernstein Research, the tokenized market for real-world assets (RWA), which represents physical assets traded via blockchain, is showing significant growth towards 2026. Bernstein's data indicates that the market's total value has surged by 42% since the beginning of the year, reaching $51 billion. This robust expansion is primarily driven by the rising share of the private credit market, which involves non-bank lending facilitated through blockchain.
Surge in Private Credit
The report highlights that private credit assets now account for 44% of the tokenized market. The rapid application of blockchain infrastructure in lending and fund management is reshaping financial services. Due to different metrics used by various analytical firms, the overall circulating amount of RWA may vary significantly. For instance, while the analytics platform RWA.xyz reports a total of $34 billion in tokenized assets, Bernstein places this figure at $51 billion.
Institutional investors are beginning to take notice of this sector. Major financial institutions like BlackRock are entering the market through blockchain-based money market funds. One fund, named BUIDL, has accumulated over $2.5 billion in assets in a short period.
It is important to note that private credit refers to non-traditional bank lending provided through direct investors using various financing models. Now, these loans can be tokenized using blockchain technology, transforming them into more tradable investment assets.
Leading Platform: Figure Technology Solutions
Figure Technology Solutions has played a significant role in the growth of private credit. Through its blockchain platform, Figure has created and traded credit assets, managing a total of $18 billion, making it a leader in the field. Meanwhile, platforms like Securitize and Paxos have also achieved approximately $4.2 billion in trading volume by tokenizing U.S. Treasuries, commodities, and equities.
According to Bernstein's forecast, by 2026, it is expected that $5 billion in consumer credit will be tokenized through Figure, with monthly credit trading volume reaching a record $1.3 billion in April.
Additionally, Figure's Connect credit market accounted for 56% of all credit transactions in the first quarter of 2026, demonstrating its ongoing expansion in the digital finance space.
Blockchain as a New Pillar of Global Finance
Ross Shemeliak, co-founder of Stobox, pointed out that the two main factors driving the rapid rise of private credit are investors seeking higher returns and companies needing new sources of funding. He added that while initial institutional success was primarily achieved through U.S. Treasuries, private credit offers greater yield potential.
Shemeliak stated, “The real transformation is that blockchain is quietly becoming the infrastructure of global capital markets.”
Historically, many analytical platforms have failed to capture private credit data outside the Bitcoin network or measure complex hybrid financial structures.