Private credit is now over half of all tokenized RWAs: $30.1B of $54.3B, versus $8.8B in Treasuries.

Rickler Feed (@rickler_feed), Nov 5, 2026, 10:01 UTC

Private credit is now over half of all tokenized RWAs: $30.1B of $54.3B, versus $8.8B in Treasuries. Almost all of it is one lender's home-equity loans, so on-chain "RWA growth" is mostly lending, not the Treasury and gold story people expect.

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• Private credit is now over half of all tokenized RWAs: $30.1B of $54.3B, versus $8.8B in Treasuries.

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