According to a Sept. 17 report by Dune and RWA.xyz, the Polygon network has become a key player in the Real World Asset (RWA) sector.
The Polygon POL $0.25 24h volatility: 1.4% Market cap: $2.64 B Vol. 24h: $106.17 M network is securing a significant position in the rapidly growing tokenization space, now holding over $1.13 billion in total value locked (TVL) from Real World Assets (RWAs).
This development comes as the network continues to evolve, recently deploying its major “Rio” upgrade on the Amoy testnet to enhance future scaling capabilities.
This information comes from a new joint report on the state of the RWA market published on Sept. 17 by blockchain analytics firm Dune and data platform RWA.xyz.
The focus on RWAs is intensifying across the industry, coinciding with events like the ongoing Real-World Asset Summit in New York.
Sandeep Nailwal, CEO of the Polygon Foundation, highlighted the findings via a post on X, noting that the TVL is spread across 269 assets and 2,900 holders on the Polygon PoS chain.
The Dune and https://t.co/W6WSFlHoQF report on RWA is out and it shows that RWA is happening on Polygon. Here are a few highlights:
– Leading in Global Bonds: Polygon holds 62% share of tokenized global bonds (driven by Spiko’s euro MMF and Cashlink euro issues)
– Spiko U.S.…
— Sandeep | CEO, Polygon Foundation (※,※) (@sandeepnailwal) September 17, 2025
Key Trends From the 2025 RWA Report
The joint publication, titled “RWA REPORT 2025,” offers a comprehensive look into the tokenized asset landscape, which it states has grown 224% since the start of 2024. The report identifies several key trends driving this expansion.
According to its authors, the initial success of tokenized U.S. Treasuries provided a credible foundation for the sector, proving product-market fit.
The report indicates that capital is now flowing into higher-yield assets like private credit and bonds as onchain investors move up the risk curve.
Another significant trend is the accelerating integration of these assets with DeFi protocols, where they are increasingly used as collateral, transforming them into programmable “building blocks” for onchain finance. Readers can explore these findings and more in the full RWA Report 2025.
Polygon’s Strength and Competition
Total RWA value. | Source: rwa.xyz
The report’s data shows Polygon’s main strength is in the tokenized global bonds market, where it commands a 62% share. This figure is particularly notable when compared to Ethereum ETH $4 494 24h volatility: 1.0% Market cap: $541.41 B Vol. 24h: $29.33 B , which, despite leading in overall tokenized assets, represents only 5% of the global bonds market.
While Polygon shows dominance in this niche, it faces competition from other ecosystems, including Solana SOL $234.3 24h volatility: 0.1% Market cap: $127.24 B Vol. 24h: $7.75 B , which has also seen significant growth in its RWA market, reaching a $500 million valuation earlier in the month.
Polygon is also a leading network for tokenized U.S. T-Bills, holding about a 29% share of the TVL for Spiko’s U.S. T-Bill token (USTBL).
This trend reflects a broader push from traditional finance to adopt blockchain, with major players like Nasdaq also filing with the SEC to enable the trading of tokenized securities.
As stated in the Dune report by Aishwary Gupta, Polygon’s Global Head for RWA, the industry is moving beyond pilots to real products that unlock liquidity and provide on-chain transparency.
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