The market for tokenized real-world assets (RWAs) has doubled in value over the past year, rising to $12 billion, according to a research report published by cryptocurrency exchange Binance.

Key segments driving this growth include tokenized U.S. Treasury bonds, private credit, commodities, equities, real estate, and non-U.S. bonds. Emerging categories such as aviation rights, carbon credits, and fine art are also gaining traction.