Tokenized real-world assets have crossed a $51 billion valuation, according to new data from Bernstein Research. The market's growth is being driven largely by private credit, where borrowers and lenders bypass traditional banks by putting assets like loans on blockchain rails. Figure, the lending and tokenization firm, holds the largest share of that market with $18 billion in tokenized assets under its platform.
Private credit leads the surge
Private credit is the fastest-growing slice of the real-world asset tokenization pie. Bernstein's report shows that segment alone accounts for a majority of the $51 billion total. Unlike public debt markets, private credit deals are often illiquid and custom-tailored — making them a natural fit for tokenization, which can lower barriers and speed up settlement. Investors are pouring in, drawn by yields that outpace traditional fixed income.
The numbers reflect a shift that's been building quietly for a few years. Tokenization lets lenders chop up loans into digital tokens that can trade on secondary markets. That liquidity is what's attracting institutional money. Bernstein's analysts didn't provide a breakdown of how much of the $51 billion is specifically private credit, but they identified it as the leading force.
Figure's commanding position
Figure, founded by Mike Cagney, now holds $18 billion in tokenized assets — roughly 35% of the entire RWA market. The company started as a home-equity lender and built its own blockchain, Provenance, to manage loans from origination to securitization. That vertical integration gives Figure a cost advantage that competitors are struggling to match.
The $18 billion figure covers everything Figure has tokenized, including mortgage loans and other credit products. The company has also expanded into trading and payments, but its core remains the tokenization of private credit. Bernstein's report highlights Figure as the clear leader, though it faces growing competition from platforms like Ondo Finance and BlackRock's tokenized funds.
The $51 billion milestone comes as regulators in the U.S. and Europe start drafting rules for tokenized assets. The SEC has signaled it will treat many tokenized securities the same as traditional ones, which could slow innovation. But the market's growth suggests investors are betting on a favorable outcome.
Competitors are watching. Figure's $18 billion position gives it a strong foothold, but the broader market's expansion could shift the landscape. Bernstein's report did not forecast specific growth rates, but the current trajectory points to continued gains as more asset classes — from real estate to art — get tokenized.
Whether other platforms can challenge Figure's lead is an open question as the market matures.
