According to a report by Binance Research, the market value of on-chain real-world assets (RWAs), excluding stablecoins, has surpassed $12 billion, highlighting continued investor interest in the tokenization of traditional assets.

The tokenized U.S. Treasury market stands out, with a market capitalization exceeding $2.2 billion. Notably, BlackRock's BUILD fund boasts a market value of $5.2 billion, while Franklin Templeton's FBOXX fund has reached $4.34 billion.

The report attributes the rapid growth of the tokenized Treasury market to persistently high interest rates in the U.S. However, with the Federal Reserve expected to lower interest rates in the coming months, the appeal of these yield-generating products could be affected.

Furthermore, on-chain private credit, tokenized commodities, and real estate markets are also expanding, with the on-chain private credit market reaching a value of $9 billion.