The P2P and P2B lending market has grown from a niche concept into a significant independent industry. However, estimating its size is still difficult, so figures vary widely across different reports. Some estimate the market at ~$7.29 billion (counting only P2P platforms), while broader definitions place it at ~$176.5 billion.
✨ Tokenized Treasuries represent the largest segment (excluding stablecoins), accounting for more than $11.5 billion, although the exact number differs across research firms.
According to RWA.xyz, the total value of tokenized real-world assets was approximately $10 billion in early January 2025. Today, it's already ~$38 billion.
💎 What about private credit?
According to Cointelegraph, private credit accounts for 53%–58% of the tokenized RWA market, making it the largest category. Data from RedStone's 2025 RWA Report, produced in collaboration with Gauntlet and RWA.xyz, shows that as of mid-2025, private credit represented $14 billion of the $24 billion tokenized RWA market.
However, other research estimates the private credit market at ~$2.29 Billion.
Well, why do people even care about private credit? Because of yield. Lending protocols usually offer 8%–15% APY, compared to 3.5%–5% for tokenized government bonds. Private credit funds usually target an 8%–12% IRR after fees and expected credit losses, while subordinated debt strategies can reach 12%–15%.
Forecasts also vary significantly. McKinsey's base case projects a ~$2 trillion tokenized asset market (with a range of $1–$4 trillion), while BCG originally projected $16.1 trillion before revising its forecast to $9.4 trillion by 2030 in its April 2025 report with Ripple.
🤯 As you can see, one of the biggest issues with RWAs is that the market is largely closed and permissioned. That's one reason estimates vary so much and the market has yet to go mainstream.
So, we're still in the building stage. But this is not a problem:
fifteen years ago, hardly anyone knew about Bitcoin.