Tokenized real-world assets have crossed $43.1 billion in market value, climbing 36.9% over the past 180 days as banks, asset managers, and market infrastructure firms move issuance, custody, and settlement onto public blockchains, according to Token Terminal.

The total now spans 4,364 distinct assets, sits with roughly 1.2 million holders, and stretches across 34 chains and 174 issuers, marking a more than 6,000% expansion since Token Terminal began tracking the sector. Growth has held through a softer stretch, with the market easing 0.9% over the past 30 days while still posting a 7.2% gain across the past quarter. The figure stands as one of the clearest measures yet of how far tokenization has moved from a crypto-native experiment toward a bridge into traditional finance.

Tokenized Funds Dominate The $43 Billion Total

Tokenized funds anchor the market at $34.3 billion, commanding 79.6% of all tokenized value. Commodities hold the second-largest position at $7.2 billion, equal to 16.6% of the market, while tokenized stocks account for $1.6 billion at 3.8%, leaving every other category at a combined 0.1%.

Source: Token Terminal

Individual products show how concentrated that fund layer has become. Sky’s sUSDS leads at $5.9 billion, followed by USYC at $3.0 billion and the gold-backed XAUT at $2.7 billion. BlackRock’s BUIDL holds $2.4 billion, with JMWH at $2.2 billion, USDY at $2.1 billion, and PAXG at $2.0 billion close behind, ahead of sUSDe, iBENJI, and syrupUSDC. The weighting toward yield-bearing dollar and Treasury products tracks a broader shift, as tokenized U.S. Treasuries increasingly serve as programmable collateral inside decentralized finance rather than sitting as idle cash.

Sky And Ethereum Lead A Concentrated Market

Sky tops the issuer rankings with $6.1 billion in tokenized assets and a 14.1% share of the market. Securitize and Ondo Finance follow closely at $3.6 billion each, holding 8.5% and 8.4% respectively, ahead of Circle at $3.0 billion and Tether at $2.7 billion. Franklin Templeton, Tradable, Justoken, Paxos, and Ethena each carry between $1.7 billion and $2.5 billion, leaving the ten largest issuers in command of roughly 69% of the entire market. That concentration mirrors the entry of large asset managers and banks into the space, with firms such as Morgan Stanley building bank-grade custody for tokenized assets and crypto across their wealth divisions.

Ethereum hosts $24.9 billion in tokenized assets, or 57.8% of the market, retaining a commanding lead even as activity spreads elsewhere. BNB Chain ranks second at $3.7 billion (8.5%), followed by zkSync Era at $3.2 billion (7.5%), the XRP Ledger at $2.5 billion (5.8%), and Stellar at $2.3 billion (5.4%). Solana, Avalanche, and Injective each clear $1 billion, while Arbitrum One and Base trail at $787.3 million and $344.1 million.

The milestone arrives as traditional market infrastructure pushes tokenization from pilots into live production. The Depository Trust & Clearing Corporation (DTCC) has scheduled July 2026 for its first production trades of tokenized securities, working alongside more than 50 institutions including BlackRock, JPMorgan, and Goldman Sachs.