A new Binance Research report finds that tokenized real-world assets grew more than 50% in the first half of 2026, even as broader on-chain markets faced pressure from falling protocol revenues, lower fees and rising security risks.
Tokenized real-world assets emerged as one of the strongest growth areas in on-chain finance during the first half of 2026, even as broader crypto market activity showed signs of contraction.
According to Binance Research’s latest weekly market commentary, “Half-Year 2026: On-Chain Markets,” the value of tokenized real-world assets, commonly known as RWAs, rose from approximately US$22 billion in January to around US$34 billion by mid-July, marking growth of more than 50%.
The report examines the first half of 2026 across the protocol layer, tokenized RWAs, prediction markets and decentralized finance, highlighting a market that is becoming more selective. While some areas of on-chain activity slowed, tokenized assets, tokenized equities and prediction markets recorded strong momentum.
RWAs Become a Bright Spot in On-Chain Finance
Tokenized RWAs were among the clearest winners in the first half of the year. Binance Research found that tokenized stocks and private equity were the fastest-growing categories, rising 177% and 164% year-to-date respectively.
This growth was supported by improving regulatory clarity and exchange-led distribution from products such as bStocks, xStocks and Ondo Global Markets. These platforms have helped bring traditional financial assets into on-chain environments, creating new access points for investors seeking exposure to equities, private markets and yield-generating assets through blockchain rails.
The report projects that the tokenized RWA market could reach US$661 billion in a base-case scenario and US$1.6 trillion in a bull-case scenario. However, Binance Research cautions that the next stage of growth will depend on whether the market can develop deeper secondary liquidity and more efficient collateral mobility.
BNB Chain Leads Tokenized Equity Activity
One of the most striking findings from the report is the rise of BNB Chain in tokenized equities.
According to Binance Research, on-chain tokenized equities on BNB Chain grew from US$34 million at the start of the year to US$652 million in July, surpassing Ethereum and capturing close to one-third of the on-chain tokenized equity market.
On-chain tokenized stock trading volume also crossed US$4.5 billion in July, with BNB Chain accounting for approximately 83% of the market. Meanwhile, BNB Chain’s tokenized RWA market capitalization grew 107%, lifting its share of on-chain RWAs from 9.8% to 13.5%.
This shift suggests that tokenized asset markets are not only growing, but also becoming more competitive at the infrastructure level. Chains that can provide liquidity, distribution, low transaction costs and product depth are increasingly positioned to capture activity from emerging on-chain financial products.
Ethereum Usage Rises, But Revenue Falls
The report also points to a key tension within the Ethereum ecosystem.
Binance Research found that Ethereum usage rose approximately 50% in 2026, yet chain revenue is projected to fall 53% for the full year. Following the increase in Ethereum’s gas limit to around 60 million, average gas prices fell 75% in 2025.
Lower fees helped increase throughput, but they also reduced revenue, widening the gap between blockspace usage and protocol-level economics. The finding raises a larger question for Ethereum and other layer-one networks: whether scaling and lower fees alone are enough to support long-term economic value, or whether stronger product-led demand is needed to sustain revenue growth.
Prediction Markets Surge on World Cup Activity
Prediction markets also recorded strong growth in the first half of 2026.
According to Binance Research, monthly notional volume in prediction markets rose from US$27.7 billion in January to US$51.6 billion in June, representing an 86% increase. The surge was driven largely by World Cup-related trading activity.
Kalshi and Polymarket together accounted for 92% of prediction market volume in June. However, the report also noted that non-sports volume grew 136% year-to-date, suggesting that World Cup activity may have accelerated broader participation beyond sports-related markets.
This points to a wider shift in how prediction markets are being used. Once viewed as niche crypto-native products, they are increasingly becoming venues for trading views on sports, politics, economics, markets and real-world events.
Crypto Losses Decline Despite More Hacks
The report also highlighted a more complex picture in crypto security.
Total crypto losses fell sharply in the first half of 2026, declining from US$2.3 billion to US$972 million. However, the number of hacks and exploits increased from 83 to 207, marking the highest six-month incident count on record.
This divergence suggests that attack frequency is rising, but financial losses are becoming more concentrated. Binance Research noted that nearly 60% of total losses were linked to two operational failures at Drift and KelpDAO, showing how a small number of infrastructure-related incidents can disproportionately shape market-wide loss figures.
The data also reinforces a growing industry challenge: as on-chain finance becomes more complex, operational risk, infrastructure security and governance standards will become just as important as smart contract audits.
A Market Moving From Speculation to Structure
The first half of 2026 showed that on-chain markets are no longer moving as one broad crypto cycle. Instead, different segments are beginning to follow their own logic.
Protocol-layer revenue remains under pressure. Tokenized RWAs are expanding rapidly. Tokenized equities are becoming a new competitive battleground. Prediction markets are gaining mainstream relevance through major global events. Security risks remain active, even as aggregate losses decline.
For investors, builders and institutions, this signals a more mature phase of on-chain finance. Growth is increasingly being driven not only by speculation, but by market structure, product distribution, liquidity, regulation and real-world use cases.
Tokenized RWAs may be the clearest example of that shift. Their growth in H1 2026 shows that demand for bringing traditional assets on-chain is accelerating. But the next test will be whether these markets can move beyond issuance and develop the liquidity, collateral utility and institutional-grade infrastructure needed to support long-term adoption.
As Binance Research notes, the future of the market will depend on whether secondary liquidity and collateral mobility can grow as quickly as primary issuance.
Sources: Binance Research
