$400T TradFi market is a huge runway for tokenized RWAs, Animoca says
Tokenized real-world assets (RWAs) have surged to a new all-time high and still represent only a tiny sliver of a much larger traditional finance (TradFi) opportunity, according to research from Web3 firm Animoca Brands. The firm’s analysts estimate an addressable TradFi market of roughly $400 trillion — a vast runway for RWA growth if tokenization continues to scale.
Animoca’s research highlights that the on-chain RWA market currently sits near $26.5 billion, a figure that has risen sharply this year and signals growing institutional interest. That $26.5 billion total is small relative to the broader TradFi universe, and includes tokenized asset classes such as private credit, treasury debt, commodities, stocks, alternative funds and global bonds.
Two categories dominate the present tokenized landscape: private credit and U.S. Treasurys. Together they account for nearly 90% of current on-chain RWA value, underscoring how early the market is and how concentrated activity remains. Animoca’s researchers say this concentration is likely to broaden as more asset types and issuers enter the space.
Ethereum remains the market leader for RWA tokenization, holding a majority share of activity thanks to its security, liquidity and mature DeFi ecosystem. When Ethereum layer-2 networks are included, the combined share grows substantially, reflecting the fact that RWA tokenization is unfolding across a multichain environment. Animoca’s analysis argues the sector’s long-term winners will be those that can assemble full-stack, integrated platforms and control the end-to-end asset lifecycle — from issuance to servicing and secondary-market liquidity.
The rise of tokenized RWAs could also increase demand for complementary crypto infrastructure and assets, including settlement and oracle layers. Animoca points out that assets such as Ether and oracle providers have already seen price performance that outpaced broader markets amid recent RWA momentum.
In line with these trends, Animoca announced a move into the space with NUVA, a marketplace intended to unify tokenized RWAs across chains and issuers. The company announced NUVA in early August 2025; the platform is being developed in partnership with Provenance Blockchain Labs and is scheduled to launch in the fourth quarter of 2025. NUVA aims to offer institutional-grade vaults and a curated set of tokenized products to widen investor access and liquidity for on-chain RWAs.
Overall, Animoca’s view is that tokenized RWAs are still at a nascent stage but have clear momentum. With a $400 trillion TradFi market theoretically addressable through tokenization, the report frames the sector’s growth potential as limited more by execution, platform design, regulation and institutional adoption than by a shortage of underlying economic scale.
