On-chain assets under management in tokenised real-world assets (RWA) rose to $34.18 billion, reaching nearly 5 trillion won. Coinpost, a blockchain outlet, reported on Sept. 19 that Binance Research said in a report on Sept. 18 that on-chain utilisation of issued assets, rather than simple growth in asset issuance, will be key to future market growth.

As of Sept. 15, 2026, on-chain RWA token AUM increased 85.2 percent from the start of the year. Bonds and money market funds held the largest share at $18.29 billion, and equities rose 390.4 percent to about $4.4 billion. These two asset classes accounted for more than three quarters of the overall market increase.

Gold and commodities rose 46.6 percent, private credit gained 43.6 percent and real estate increased 17.9 percent. The pace of tokenisation expansion differed markedly by asset class.

Binance Research presented PAR and CAR as market analysis indicators. PAR is the ratio comparing the size of tokenised assets to the size of the original asset market, and CAR is the share of tokenised capital that is actually managed on-chain. PAR across all asset classes was about 0.01 percent and CAR was about 12 percent.

By asset, private credit had the highest CAR at 49.67 percent. Equities rose to 7.54 percent from 1.95 percent at the start of the year, the largest increase. For tokenised equities, on-chain usage was 65.4 percent in liquidity pools and 28.1 percent in lending, with the two areas accounting for 93.5 percent.

In an earlier report, Binance Research forecast tokenised equity AUM in 2030 at $61 billion under a conservative scenario, $349 billion under a base scenario and $987 billion under a bullish scenario. Using the current market size of $4.43 billion, PAR rises to about 0.04 percent, 0.23 percent and 0.65 percent, respectively. Binance Research said competition in the tokenised equity market is shifting from issuance to distribution and use.