Tokenized real-world assets (RWAs) have surged to $29.18 billion as of September 2025, reflecting an 8.25% increase over the past month. This growth is primarily fueled by private credit, which accounts for $16.7 billion, and U.S. Treasury debt, totaling $7.42 billion. Commodities, including gold, contribute nearly $2 billion to the market. The RWA sector has experienced consistent new issuances from April to September, with Ethereum playing a dominant role in the tokenized treasuries market. The expansion of tokenized commodities, particularly gold, highlights the market's diversification. Stablecoins and tokenized treasuries remain key anchors, while private credit and commodities continue to enhance market diversity and yield.