$346B in tokenized assets now spans 47 different asset types
RWA Signal Insight
InfrastructureA September 12 report from Token Terminal reveals that the total value of on-chain tokenized assets has reached $346.1 billion, spanning 47 distinct asset classes. USD-pegged stablecoins remain the dominant force, accounting for $298.5 billion or 86.2% of the total market. Excluding stablecoins, the non-stablecoin RWA market is valued at approximately $47.6 billion, with US Treasuries leading this segment at $15 billion. Other significant categories include yield strategies at $10.5 billion, credit funds at $6.4 billion, and gold at $5.1 billion. Tokenized stocks currently represent a smaller portion of the market at $2.4 billion. The data highlights a significant diversification in asset types, driven by increased institutional participation and clearer regulatory frameworks since 2024. This expansion underscores the growing maturity of blockchain infrastructure as a viable medium for traditional financial instruments.
Key points
- Token Terminal reports $346.1 billion in total tokenized assets across 47 asset classes.
- USD stablecoins comprise $298.5 billion, while non-stablecoin RWAs total $47.6 billion.
- US Treasuries lead non-stablecoin assets with $15 billion in total market value.
- Methodological differences cause valuation discrepancies between Token Terminal and RWA.xyz data.
Background
Token Terminal is a financial data platform that provides analytics and metrics for blockchain protocols and decentralized finance. By tracking on-chain activity, it offers transparency into the adoption and growth of tokenized assets, helping market participants quantify the shift of traditional financial products onto distributed ledger technology.