CoinShares, a digital asset investment company, expects the expansion of tokenized real-world assets (RWAs) to continue through 2026.
In its 2026 Digital Asset Outlook, CoinShares explains that 2025 brought strong progress for assets issued on blockchain networks, especially tokenized US Treasurys.
The report says that the value of Treasurys represented on-chain rose from $3.91 billion to $8.68 billion during the year. Tokenized private credit also grew from $9.85 billion to $18.58 billion.
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CoinShares analyst Matthew Kimmell said:
Tokenisation has materially moved beyond the longtime narrative of crypto enthusiasts.
The report suggests that US debt–backed instruments will continue leading growth in 2026. CoinShares points to two main reasons: the steady demand for dollar yields and the improved efficiency of blockchain-based settlement systems.
The company notes that many investors choose Treasurys over stablecoins when they can earn returns with limited additional risk.
CoinShares observed that stablecoins continue to play a role in global markets as tools for storing and transferring value. However, when investors have a choice, they often prefer to hold Treasurys because these offer income, while stablecoins simply track the dollar.
The firm highlights that tokenization has become a practical part of the financial system. Issuing, trading, and settling assets are currently handled on blockchain platforms instead of traditional custody systems.
Still, CoinShares expects some competition ahead, as several networks try to capture more market share.
Bitwise chief investment officer Matt Hougan explained that digital tokens are becoming better at retaining the economic value they help create. How? Read the full story.
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