Tokenized Credit Market Hits $6.2 Billion as Holder Count Grows

The tokenized credit market reached a $6.17 billion market cap and assets under management as of October 1, 2026, according to a report from the RWA Foundation. While the sector's total value fell 2.8% from $6.35 billion on July 3, the number of unique holder addresses rose 12.1% to 28,840.

The report, produced with Token Terminal, tracks 64 assets from 13 issuers across 16 blockchains. Maple Finance experienced the largest decline in market cap, shedding $402.7 million, which accounted for most of the industry-wide drop. Despite this, Maple added 2,160 addresses, representing approximately 69% of the sector's net holder growth.

Other issuers saw gains during the quarter. Hastra and USDai added a combined $372.5 million in market cap. Specifically, Hastra’s PRIME asset grew by $195.9 million, USDai’s sUSDai rose by $176.7 million, and Maple’s syrupUSDG increased by $135.6 million.

Market concentration remains high, with Tradable and Maple Finance together controlling more than 60% of the market. Tradable leads the sector with a 36.9% share, followed by Maple Finance at 23.5%, Centrifuge at 9.9%, Hastra at 9.6%, USDai at 7.6%, and Securitize at 6.2%.

The RWA Foundation suggests that the rise in holder addresses indicates growing engagement and potential institutional interest in tokenized credit. However, the report notes that because one participant can control multiple wallets, the address count serves as a directional indicator rather than a precise count of individual users.

The sector faces risks related to its concentration and fragmentation. With liquidity spread across 64 assets on 16 different chains, large entries and exits may be more difficult than the total market cap suggests. Additionally, the dominance of Tradable and Maple means that issues at either firm could significantly impact the broader sector.