The market for on-chain tokenized assets has reached $346.1 billion, underscoring the expanding scale of blockchain-based financial instruments and digital representations of traditional assets. The latest data from Token Terminal indicates that stablecoins account for most of the market, while tokenized Treasuries, credit products, gold and stocks have also continued to grow.

Stablecoins account for most of the market

USD stablecoins represent approximately $298.5 billion, or 86.2% of the total. Their dominant position reflects the role of dollar-linked digital assets as a primary settlement and liquidity layer across crypto markets.

The remainder of the market covers several financial and real-world asset categories:

• U.S. Treasuries account for about $15 billion.
• Yield strategies total roughly $10.5 billion.
• Credit funds represent approximately $6.4 billion.
• Gold-linked assets amount to about $5.1 billion.
• Tokenized stocks reach approximately $2.4 billion.

Together, these categories show that tokenization extends beyond cryptocurrencies. Investors and institutions are increasingly using blockchain networks to represent exposure to conventional financial assets.

Institutional tokenization gains momentum

The latest figures come as financial institutions continue testing blockchain-based settlement and ownership models. In India, regulators recently launched a pilot for tokenized corporate bonds that combines blockchain technology with settlement through a central bank digital currency. The initiative includes major exchanges, depositories and banks, indicating broader institutional interest in tokenized securities.

Meanwhile, market research indicates that tokenized Treasury products and other distributed real-world assets expanded rapidly during 2026. However, trackers use different definitions when measuring the market. Some exclude stablecoins, while others include a broader range of represented assets. Those differences can produce sharply different estimates of the tokenization market.

The $346.1 billion figure therefore represents a broad measure of on-chain assets rather than a direct measure of tokenized securities alone. Because stablecoins make up most of the total, the headline figure should be considered alongside category-specific data when assessing the growth of tokenized traditional assets. Even so, the data indicates the expansion of blockchain-based financial infrastructure.

As more issuers bring funds, bonds, commodities and equities onto blockchain networks, tokenization could increasingly connect traditional finance with always-on digital markets. The next phase will likely depend on regulation, liquidity and whether tokenized assets develop deeper secondary markets.

Source: CryptoMeter