The market for tokenized real-world assets (RWA) has surged to $51 billion, marking a 42% increase this year, according to Bernstein Research. Private credit dominates the sector, comprising 44% of the total market capitalization. Figure Technology Solutions is at the forefront of RWA platforms, managing $18 billion in tokenized assets, while Securitize and Paxos each handle around $4.2 billion. U.S. Treasuries account for 30% of the RWA market, with commodities making up 14%. On the decentralized derivatives exchange Hyperliquid, RWA-related open interest reached $2.6 billion in May, and trading volume soared to $65 billion in April.