The 2025 Q2 @coinbase report, "State of Crypto" is out and a very good read. Here's the TL; DR and key facts/figures on the #RWA front. 🧵
#Tokenization is seeing more than 245 fold growth from $85 million in April 2020 to over $21 billion by April 2025. Private credit dominates at 61% of total tokenized assets, followed by treasuries (30%), commodities (7%), and institutional funds (2%).
Reasons why? 👇
â‘ Tokenized treasuries settle faster, are programmable, and often offer transparent, realtime reporting. For Web3-native companies and DAOs in particular, tokenized treasuries offer a way to earn yield on treasuries without moving funds off chain.
Tokenized U.S. Treasuries have grown from under $500 million in October 2022 to over $6 billion by April 2025.
② Tokenizing invoices and accounts receivable allows businesses to unlock liquidity. Can be fractionalized and offered to global investors in real time, improving access to capital and driving more efficient pricing. Smart contracts can automate payment tracking and enforce terms while likely reducing fraud and admin overhead.
Tokenizing private credit enables broader participation by reducing issuance and investment minimums which makes it easier to tap into retail AUM. This unlocks a deeper and more diverse funding pool for borrowers. Additionally, tokenized debt can be traded on secondary markets, giving investors potential exit liquidity and improving pricing efficiency for issuers.
Private credit tokenization has scaled from near-zero to $12 billion by April 2025.
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