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Tokenized U.S. Treasuries keep RWA lead as tokenized equities accelerate

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Tokenized U.S. Treasuries keep RWA lead as tokenized equities accelerate

Tokenized Treasuries still dominate RWAs, but fast‑growing tokenized equities signal a broader shift toward on‑chain capital markets in 2026.

Summary

  • Tokenized U.S. Treasuries remain the largest slice of the RWA market by market cap.
  • Tokenized public equities are now the fastest‑growing RWA segment as DeFi rails mature.
  • 2026 is shaping up as a transition year from yield‑only RWAs to a full on‑chain market stack.

Tokenized U.S. Treasuries continue to dominate the real-world asset market by market capitalization, though new data indicates tokenized equities have emerged as the fastest-growing segment within the sector.

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The data suggests 2026 may mark a broader expansion of on-chain financial products beyond yield-focused instruments, the report stated.

Tokenized U.S. Treasuries maintain the largest market capitalization and hold a clear lead over other asset classes, according to the data. Growth momentum has become increasingly visible in tokenized public equities, which are expanding at a faster relative pace than other categories.

The tokenized asset market comprises a diversified structure including U.S. Treasury debt, commodities, private credit, institutional alternative funds, corporate bonds, non-U.S. government debt and public equity, the report showed.

Treasuries remain the core foundation due to yield stability and regulatory clarity, factors that make them attractive for institutional adoption, according to market analysts. Commodities and private credit follow as the next largest categories, reflecting demand for income-generating and inflation-hedging instruments.

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Tokenized equities, while smaller in absolute size, are experiencing accelerated adoption, particularly as decentralized finance infrastructure improves, the data indicated. The ability to use tokenized stocks as collateral, integrate them into lending markets, and access them globally without traditional brokerage constraints has driven new demand, according to industry observers.

Unlike Treasuries, which primarily serve as yield-bearing instruments, tokenized equities introduce growth exposure into DeFi-native portfolios, the report noted. The combination of capital efficiency and composability has positioned equities as a high-growth vertical within real-world assets.

The data suggests the real-world asset narrative is evolving from early growth centered on stable, income-producing assets like government debt toward utility, composability, and integration with on-chain financial systems. If the trend continues, 2026 could represent a transition phase where tokenization moves from experimental adoption to a more comprehensive financial infrastructure layer spanning debt, credit, commodities and equities, according to the analysis.

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Crypto World

ProductionReady’s Jimmy Song Pitches Case for Conservative Bitcoin Software

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Decentralization, Nodes, Bitcoin Adoption

The Bitcoin (BTC) network needs a “conservative” Bitcoin client node software implementation to preserve its monetary properties and strengthen network decentralization, according to Jimmy Song, co-founder of ProductionReady, a non-profit organization funding open source Bitcoin node software development and education.

The organization has a “bias” against significant code changes, unless there is “overwhelming” community support for the change, Song told Cointelegraph.

“The general principle is: if you’re not sure a change makes the money better, don’t make it,” he said. 

Decentralization, Nodes, Bitcoin Adoption
The number of Bitcoin nodes, broken down by software implementation, between 2016 and 2026. Source: Coin Dance

ProductionReady expects to restore the 83-byte OP_Return data limit for arbitrary, non-monetary information in Bitcoin transactions, he said, adding that keeping node storage costs down by limiting arbitrary data is essential to network decentralization. He said:

“The more self-sovereign Bitcoin users are, the more decentralized and resilient the network becomes. That means keeping the cost of running a node low enough for ordinary people to do it. 

“When storage and bandwidth requirements grow, fewer people verify for themselves, and the network centralizes by default. A conservative client takes that tradeoff seriously,” Song continued.

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Maximizing nodes and making them accessible to the average user hardens the Bitcoin network, reducing the chances of cheating by submitting false transactions or a few actors colluding to centralize the network. 

Decentralization, Nodes, Bitcoin Adoption
Bitcoin Core continues to be the software of choice for node runners, with 77.8% of the network running some version of the Core software and 21.8% running Bitcoin Knots. Source: Coin Dance

Related: 72% of subsea cables would need to fail to impact Bitcoin, study shows

Bitcoin Core 30 removes the OP_Return data limit, sparking major pushback

Node storage and onchain spam became hot-button topics in 2025 after Bitcoin Core developers unilaterally changed the 83-Byte data limit in Bitcoin Core version 30, the latest major upgrade to the reference implementation for Bitcoin node software.

The limit was changed to 100,000 bytes despite significant pushback from the Bitcoin community. For context, the proposal to change the limit received about 4 times as many downvotes as it did upvotes, according to the proposal’s GitHub pull request page.

Bitcoin Core 30 went live in October 2025, triggering a historic surge in the number of Bitcoin nodes running Bitcoin Knots, an alternative implementation of the node client software.

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Decentralization, Nodes, Bitcoin Adoption
The number of nodes running Bitcoin Knots surged to record highs in 2025, following the release of Bitcoin Core 30. Source: Coin Dance

There are 4,746 Bitcoin Knots nodes, representing over 21.7% of nodes on the network, according to Coin Dance.

Only about 1% of the network was running the Knots software in 2024 before the decision to remove the OP_Return function was announced.

Magazine: Bitcoin may face hard fork over any attempt to freeze Satoshi’s coins