$60B on Chain, Half of It Going Nowhere Fast 🧊

More than half of the $60 billion tokenized real-world asset market recorded no weekly transfer activity, according to a new report from BeInCrypto. The study, "Real State of Tokenization in 2026," tracked roughly $60 billion in tokenized real-world assets across more than 7,000 products spanning 12 asset classes. It found a market that is expanding rapidly, though the underlying on-chain activity remains far thinner than headline valuations imply.

Across 1,289 tokenized assets each valued at more than $100,000, 910 posted zero weekly transfers. Those dormant assets accounted for $32.9 billion in value, or 56% of the market measured for transfer activity. Only 379 assets showed weekly movement, representing $26.2 billion in active value. The bulk of the addressable market therefore consists of positions that change hands rarely or not at all.

The research distinguishes between "Distributed" assets, which can move across public blockchain rails and be accessed through wallets, platforms, or DeFi protocols, and "Represented" assets, which rely on blockchain as an internal ledger or digital record of an off-chain position. About $27 billion of dormant value sat in Represented assets. The authors note that low transfer activity in those cases does not necessarily signal failure, as some products were not designed for public secondary-market movement in the first place. The data nonetheless indicate that tokenized finance has not yet developed into a broad, liquid market, with activity concentrated in a much smaller group than the total product count suggests.

The report concludes that tokenization's next phase depends less on launching additional assets and more on building infrastructure around transfer, settlement, regulatory compliance, and investor access. Without stronger systems covering access controls, collateral use, and market depth, many tokenized assets are likely to remain digital records rather than functional financial instruments. The full BeInCrypto Research report is available on BeInCrypto's site.