# When a ‘$39B market’ is really three products

URL: https://www.caijing188.com/thirty-nine-billion-three-products/
Published: 2026-10-18T04:09:39+08:00 | Updated: 2026-10-27T22:10:00+08:00
Verified: 2026-10-27

## Quick answer
The tokenised real-world asset market carried $39.01B in distributed value in October 2026, but tokenised Treasuries at roughly $14.64–14.90B and private credit at about $8B account for most of it. Real estate is under 1%. The market's behaviour is the behaviour of duration and credit, not of tokenisation in general.

## Summary
Tokenised Treasuries, private credit and a long tail. Concentration means the market behaves like duration and credit.

## Key takeaways
- Split the market by product before drawing conclusions.
- Read the yield as a credit or duration signal.
- Check whether the token is redeemable at all.

## FAQ
Q: Why is real estate such a small share?
A: Because transferring a property claim on-chain runs into registry, tax and securities rules that vary by jurisdiction. Tokenising a fund unit is easier than tokenising a title.
Q: What does the concentration mean for risk?
A: That a change in Treasury yields or credit spreads moves the whole market, regardless of how many products are listed.