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RWA.xyz tracks two distinct measures of an asset’s size: market capitalization (market cap) and total asset value. They answer different questions, rely on different data sources, and apply to different subsets of tokenized assets.

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Market cap

Market cap is the total value of a token’s supply priced at its current secondary market price. 
Market cap = Total supply × Market price
Market cap only exists when a token has a secondary market — a venue where tokens trade freely between buyers and sellers at prices set by supply and demand. This includes decentralized exchanges, centralized exchanges, or any on-chain liquidity pool where the token can be bought or sold. If there is no secondary market for a token, there is no market price, and therefore no market cap.

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Circulating market cap

Circulating market cap is the more commonly referenced figure. It excludes tokens that are locked, held in treasury, or otherwise not available to the market: 
Circulating market cap = Circulating supply × Market price
This is the primary size metric used on the platform for assets that have secondary market trading.

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When market cap does not apply

Many tokenized assets — particularly fund structures, private credit, and institutional products — do not trade on secondary markets. Tokens are issued directly to investors and redeemed back to the issuer. In these cases:
  • There is no market price to reference
  • Market cap is not calculated
  • Total asset value (described below) is the appropriate size metric

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Total asset value

Total asset value represents the value of a token’s supply based on its net asset value (NAV) rather than its market price. 
Total asset value = Total supply × NAV per token
NAV is issuer-reported and reflects the underlying value of the assets backing the token. See NAV & yield for how NAV is sourced and standardized. Total asset value applies to all assets that report NAV, regardless of whether a secondary market exists.

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Circulating asset value

Circulating asset value adjusts for non-circulating supply: 
Circulating asset value = Circulating supply × NAV per token

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Price vs. NAV

Price and NAV are independent data points that can diverge.
PriceNAV
SourceSecondary market trading activityIssuer-reported valuation
ReflectsWhat the market is willing to payUnderlying asset value per token
AvailabilityOnly when a secondary market existsAny asset where the issuer reports NAV
Update frequencyContinuous (real-time market data)Varies — daily for liquid products, less frequent for illiquid structures
When both price and NAV are available for the same token, the difference between them tells you whether the token trades at a premium (price > NAV) or discount (price < NAV) to its underlying value.

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When to use which metric

ScenarioMetricReason
Token trades on secondary marketsMarket capReflects actual market valuation
Token has no secondary marketTotal asset valueOnly NAV-based valuation is available
Both price and NAV existBothComparing market cap to total asset value reveals premium/discount
Aggregating across all tokenized assetsTotal asset valueProvides a consistent basis since not all assets have a market price
When the platform aggregates metrics across asset classes, total asset value is the standard measure because it provides coverage across all assets. Market cap is used as a supplementary metric where available.