Report: 56% of Tokenized RWAs Show No Weekly On-Chain Activity; Only U.S. Treasuries Reach Production Grade A report by BeInCrypto Research and rwa xyz found that the tokenized real-world asset (RWA) market reached approximately $60 billion as of May 2026, excluding stablecoins and repurchase agreements. The market remains highly concentrated, with just 62 assets accounting for about 88% of total value, while five products alone represent roughly half of the market. Meanwhile, 56% of market value shows no weekly on-chain transfer activity, 97% of the market remains inaccessible to U.S. retail investors, and only tokenized U.S. Treasuries have reached “Production Grade.” The report says a significant share of tokenized assets remains at the representation stage, with the infrastructure needed to improve distribution, liquidity and composability still under development.