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$346B in tokenized assets now spans 47 different asset types
Stablecoins dominate the tokenization boom, but treasuries, gold, and credit funds are quietly catching up.
The total value of on-chain tokenized assets has hit $346.1 billion, spread across 47 distinct asset classes. Token Terminal published the snapshot on September 12, placing a concrete figure on what many in traditional finance have been circling around for years: the idea that virtually anything of value can live on a blockchain.
Stablecoins still run the show
USD stablecoins account for roughly $298.5 billion of that total, or about 86.2% of the entire tokenized asset market. Strip out stablecoins and you’re left with approximately $47.6 billion in non-stablecoin tokenized assets.
The non-stablecoin lineup
Beyond the dollar-pegged giants, the breakdown reveals a surprisingly varied portfolio of tokenized real-world assets. US Treasuries lead the pack at $15 billion, a category that has exploded since major asset managers started offering on-chain treasury products in 2024 and 2025. Yield strategies come in at $10.5 billion, representing various structured products and DeFi-adjacent instrume...