TLDR:
Tokenized RWAs excluding stablecoins surged 66% YTD, crossing $27B onchain value by mid-March 2026.
Tokenized Treasuries lead the RWA market at $11.3B, making up 44.5% of total onchain asset value.
Stacks sBTC reached $292.4M TVL, offering 1:1 Bitcoin-pegged exposure with full Bitcoin finality.
Solv Protocol crossed $1B TVL with Apollo Crypto as governor, targeting 4–6% yields on BTC L2s.
Tokenized real-world assets are gaining traction as institutions look beyond Ethereum for yield. Bitcoin Layer 2 networks are emerging as a credible alternative, combining Bitcoin’s security with programmable finance.
Protocols like Stacks, Rootstock, and Solv are attracting capital through structured products tied to Treasuries, gold, and private credit. The data behind this shift points to a market maturing faster than many expected.
Tokenized RWA Market Crosses $27 Billion in Early 2026
The tokenized RWA market has grown sharply over the past year. Excluding stablecoins, total onchain value surged 66% year-to-date to $23.6 billion by March 2026. That figure then crossed $27 billion by mid-March, roughly tripling within twelve months.
Tokenized Treasuries lead the sector with $11.3 billion, accounting for 44.5% of the total market. Gold and commodities follow at $6.5 billion. Q1 2026 also recorded 38% growth in tokenized stocks and Treasuries combined.
Researcher Nick Research noted this momentum in a recent post, pointing to HTX’s 2026 White Paper projecting the RWA market could reach $340 billion. Institutions are reportedly moving to tokenize assets ranging from soybeans to AI data centers.
Ethereum currently hosts around 57% of tokenized RWA activity. Bitcoin L2s, however, are drawing attention as an alternative settlement layer with deeper security guarantees.
Bitcoin L2 Protocols Build Infrastructure for Real-Asset Yield
Several Bitcoin L2 protocols are now positioning themselves as viable RWA rails. Stacks’ sBTC has reached $292.4 million in total value locked, offering 1:1 Bitcoin-pegged exposure with full Bitcoin finality. Dual Stacking is live, with yields compounding in BTC terms.
Rootstock holds between $98 million and $160 million in TVL. The network is rolling out regulated vault strategies and phased RWA tokenization through 2026, targeting institutional users seeking compliant on-ramps into Bitcoin-backed structured products.
Liquid Network already holds $1.4 billion in tokenized RWAs, one of the highest concentrations outside major EVM chains. That figure suggests Bitcoin-native environments can process serious real-asset volume without relying on Ethereum infrastructure.
Solv Protocol has crossed $1 billion in TVL through SolvBTC, offering liquid staking, vaults, and structured products via xSolvBTC.
Apollo Crypto, Australia’s top institutional manager, now serves as a multi-sig governor. The protocol targets 4–6% yields on tokenized assets, including private credit and bonds on Bitcoin L2s.
VoltFi on Stacks is also live with a PAXG gold-backed vault. Users deposit USDCx, which routes into PAXG to earn gold basis yield alongside STX rewards. No accreditation is required, and no external bridges are involved.
Bitcoin L2 TVL has broadly expanded since 2024, with new protocols entering a space still considered early-stage by most market participants.
