How This Sector Defied the Crypto Market Slump in 2025

The crypto market’s downward trend continued today, with total market capitalization falling 3.17% over the past month amid persistent sell-offs. However, one sector has bucked the trend: tokenized real-world assets (RWAs).

The distributed asset value has continued to climb, reaching a new all-time high despite unfavorable market conditions.

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Bitcoin Sell-Off Continues as RWA Sector Largely Unaffected 

According to data from RWA.xyz, the sector now holds $19.06 billion in distributed asset value. This represents a 4.59% appreciation over the past month. 

At the same time, the represented asset value totals $414.6 billion, primarily driven by the Canton Network’s management of $395.2 billion in institutional assets.

The number of asset holders has also increased, rising 7.23% to 583,821. Stablecoins continue to dominate the sector, with a total value of $299.17 billion and 212.54 million holders. This represents a 4.12% increase over the same period.

Kevin Rusher, founder of RAAC, a RWA lending and borrowing ecosystem, said that market attention within the crypto sector remains largely focused on Bitcoin’s price, which has continued to decline. He noted that recent developments suggest selling pressure may persist.

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Tokenized Gold Emerges as a Key Growth Driver 

Despite this broader weakness, Rusher emphasized that selling pressure has not spilled over into the tokenized RWA sector. He pointed out that the segment remains largely overlooked by much of the crypto market, even as it delivers some of the strongest returns this year. 

The growth has been fueled in part by a global surge in demand for gold. The precious metal continues to hit new all-time highs. Tokenized versions of the metal have seen particularly strong momentum in response.

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Additionally, Shehram Khattak, General Counsel at Trust Wallet, noted that tokenized gold could emerge as a strong competitor to Bitcoin. 

Meanwhile, according to Rusher, the expansion in the sector is being driven not just by significant institutional demand but also by increasing retail participation. He noted that retail investors are turning to stable assets on-chain, rather than exiting the market entirely during periods of heightened volatility.

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Tokenization Market Could Reach $100 Billion by 2026

Looking ahead, Jesse Knutson, Head of Operations at Bitfinex Securities, has forecasted that the tokenization market as a whole will grow to at least $100 billion by the end of 2026.

He expects tokenized fixed-income products to remain the dominant segment in the near term, while tokenized equities gradually increase their share of total tokenized assets. 

Knutson added that the continued tokenization of equities is likely to attract a larger number of retail participants, helping to broaden and deepen the investor base for tokenized assets.

Previously, Plume CEO Chris Yin also projected a 10–20x expansion in both value and users in 2026, even under conservative assumptions. Thus, as the RWA space continues to expand, its performance in 2026 will likely be a key trend to watch.