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ArticleTokenized Assets

What is the market size of tokenized assets? How to distinguish between different metrics?

FFlowie
Published 5 minUpdated

The opening question of the RWA industry report is "How big is this market?" However, the market size of tokenized assets is precisely the figure that is most prone to inconsistent definitions: issuance volume, TVL, AUM, and transaction volume each answer different questions. Mixing or solely using any one of these can lead to distorted conclusions. This article breaks down several commonly used metrics for easier reference according to research questions.

Who is this article suitable for?

  • Researchers writing the "Market Size" chapter of RWA industry reports;
  • Analysts and media who need to cite market size data;
  • Institutional investment teams assessing market space.

Three metrics, three answers

Metric One: Issuance Volume. The total amount of tokens issued, answering the question of "supply size." Issuance volume reflects the number of tokens issued and does not necessarily correspond to trading activity; it is suitable as structural background but should not be used alone as a conclusion on scale.

Metric Two: TVL / AUM. The value of assets locked in protocols or custody, answering the question of "stock size." The holding of government bond-type RWAs serves as the purpose, and TVL is a commonly used metric for scale; while the value of stock-type assets is more reflected in trading, stock data reflects another aspect.

Metric Three: Transaction Volume. The actual amount exchanged, answering the question of "trading activity level." The transaction volume of tokenized assets dashboard aggregates support switching between 24H/7D/30D to observe trends, which is a common metric for measuring trading activity.

Report Writing Suggestions

A solid structure for the market size chapter: list by metric and explain the questions each answers—issuance volume describes supply structure, AUM/TVL describes stock size, and transaction volume describes trading activity; each number should indicate the statistical scope and Data as of date. When comparing with government bond-type RWAs, it is especially important to handle them separately: the former is a "holding market," commonly using the TVL metric; tokenized stocks are a "trading market," where the reference significance of transaction volume is more direct—but this is a metric adaptation issue, not which number "is the market." For metric details see Tokenized Asset Methodology .

Usage Restrictions

  • Transaction volume is rolling window data, and different platforms may have different statistical scopes (whether including contracts), so when citing, indicate the metric and Data as of; common questions can be found in the Tokenized Assets FAQ;
  • Market size is descriptive data and does not constitute investment advice.

Data Collection Your Market Size Reference Metrics

Open Tokenized Assets Dashboard , switch between 24H/7D/30D three time windows to record transaction volume levels—three numbers in a group can serve as a reference for trading activity. What asset classes make up the market, see "Do Tokenized Stocks Count as RWAs?"; for a comprehensive overview, see "What Traditional Assets Have Been Tokenized?" The three articles belong to Tokenized Asset Sector RWA Research Series.

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