CoinShares believes that tokenization has graduated from experimental hype into a functioning financial market — and it expects the momentum that reshaped 2025 to stretch well into 2026.
In its latest outlook, the firm describes 2025 as the year real-world assets stopped being a niche playground for crypto believers and became investable instruments managed by established issuers. Tokenized versions of U.S. Treasurys led the charge, more than doubling over the past 12 months. Private credit followed a parallel trajectory, rising sharply as institutions tested blockchain-based settlement rails.
Key Takeaways
CoinShares says tokenization has moved from speculation to real infrastructure.
Tokenized Treasurys and private credit posted explosive growth in 2025.
Ethereum remains the dominant chain for issuing Treasury tokens.
CoinShares expects yield-bearing RWAs to lead 2026 as demand for on-chain dollars accelerates.
CoinShares analyst Matthew Kimmell framed the transformation as a structural shift rather than a fad, noting that both capital and regulators increasingly treat tokenization as credible financial plumbing.
Despite multi-chain competition, Ethereum still hosts the largest pool of tokenized Treasurys, with on-chain balances climbing past $4.9 billion. The network’s liquidity depth and tooling helped it retain leadership even as rivals attempted to court issuers.
Demand for Yield Pushes Treasury Tokens Ahead of Stablecoins
CoinShares expects that the next phase of tokenization will continue to favor government debt products, driven by global appetite for dollar yield. The firm observed that while stablecoins remain the preferred transactional currency, investors holding capital for returns increasingly choose Treasury-backed tokens when yield exists with minimal incremental risk.
In other words, tokenized dollars are evolving — shifting from spending tools to interest-bearing assets.
CoinShares highlighted that tokenization is no longer theoretical. Issuance, settlement, and distribution are now happening directly on public chains without legacy custodians mediating every step. That shift has drawn traditional institutions into the space and prompted regulators to assess blockchain as viable settlement infrastructure.
Competition Ahead — and No Clear Winner Yet
While enthusiasm is rising, CoinShares does not expect a friction-free path forward. Multiple protocols and settlement systems are competing for market share, and liquidity may fragment until dominant rails emerge.
Excluding stablecoins, which sit above $300 billion in market value, tokenized real-world assets surged from $5.5 billion at the start of 2025 to more than $18 billion — a 229% jump in under 12 months. That trajectory is why CoinShares believes 2026 may be the year tokenized finance emerges as one of crypto’s defining sectors.
