Tokenized real-world assets have climbed to $43.1 billion in market value, rising 36.9% over the past 180 days, according to Token Terminal. The market now includes 4,364 assets, about 1.2 million holders, 34 blockchains, and 174 issuers. Since Token Terminal began tracking the sector, its size has expanded by more than 6,000%.
The recent pace has cooled without reversing the trend. Over the last 30 days, the market slipped 0.9%, but it still posted a 7.2% gain across the past quarter. The latest total adds weight to the view that tokenization is moving beyond a crypto-native experiment and becoming an operating link between public blockchains and traditional finance.
Funds dominate while commodities and stocks trail far behind
Tokenized funds remain the backbone of the sector at $34.3 billion, equal to 79.6% of all tokenized value. Commodities rank second at $7.2 billion, or 16.6% of the market. Tokenized stocks account for $1.6 billion, representing 3.8%. Every other category combined makes up just 0.1%, showing how concentrated the market has become.
That concentration is even clearer at the product level. Sky’s sUSDS leads with $5.9 billion, followed by USYC at $3.0 billion and gold-backed XAUT at $2.7 billion. BlackRock’s BUIDL holds $2.4 billion, while JMWH stands at $2.2 billion, USDY at $2.1 billion, and PAXG at $2.0 billion. They are followed by sUSDe, iBENJI, and syrupUSDC. Much of the leading cohort is tied to yield-bearing dollar products and U.S. Treasury exposure, reflecting how tokenized Treasuries are being used as programmable collateral inside DeFi rather than sitting as idle cash.
Issuer rankings and chain distribution both show a top-heavy market
On the issuer side, Sky ranks first with $6.1 billion in tokenized assets and a 14.1% market share. Securitize and Ondo Finance follow at $3.6 billion each, holding 8.5% and 8.4% respectively. Circle comes next at $3.0 billion, with Tether at $2.7 billion. Franklin Templeton, Tradable, Justoken, Paxos, and Ethena each hold between $1.7 billion and $2.5 billion. The ten largest issuers together control about 69% of the full market.
This pattern matches the growing presence of large financial firms in the space. The report notes that Morgan Stanley is building bank-grade custody for tokenized assets and crypto within its wealth divisions.
Chain distribution is also heavily concentrated. Ethereum hosts $24.9 billion in tokenized assets, or 57.8% of the market, keeping a wide lead. BNB Chain ranks second with $3.7 billion and 8.5%, followed by zkSync Era at $3.2 billion and 7.5%, XRP Ledger at $2.5 billion and 5.8%, and Stellar at $2.3 billion and 5.4%. Solana, Avalanche, and Injective have each passed $1 billion, while Arbitrum One and Base stand at $787.3 million and $344.1 million.
Market infrastructure groups move tokenization into production
The latest milestone comes as traditional market infrastructure firms push tokenization out of pilot programs and into live deployment. The Depository Trust & Clearing Corporation has scheduled its first production trades of tokenized securities for July 2026, working with more than 50 institutions, including BlackRock, JPMorgan, and Goldman Sachs. Issuance, custody, and settlement on public blockchains are no longer confined to test cases.