On-Chain Tokenized Assets Hit $346.1B, Stablecoins Still 86% of the Pie

Highlights

• On-chain tokenized assets have reached $346.1 billion, according to Token Terminal.
• USD stablecoins alone account for $298.5 billion, or 86.2% of the total.
• Tokenized US Treasuries have grown to $15 billion, still a small slice of the pie.
• Tokenized stocks remain the smallest tracked category at $2.4 billion, just 0.7% of the market.
• Non-stablecoin RWA categories combined now total roughly $39.4 billion.

Token Terminal's latest tracking puts the total value of on-chain tokenized assets at $346.1 billion, a figure dominated overwhelmingly by dollar-pegged stablecoins. USD stablecoins account for approximately $298.5 billion of that total, or 86.2% of the market, leaving every other tokenized asset category — treasuries, yield-bearing strategies, private credit, gold and equities — to split the remaining 13.8%. US Treasuries come in as the largest non-stablecoin slice at roughly $15 billion (4.3%), followed by yield strategies at $10.5 billion (3.0%), credit funds at $6.4 billion (1.8%), tokenized gold at $5.1 billion (1.5%), and tokenized stocks trailing at just $2.4 billion, or 0.7% of the total. The breakdown offers a real-time snapshot of where tokenization has actually taken hold versus where it remains a rounding error.

Why Stablecoins Still Dwarf Everything Else

The lopsided split isn't surprising given how the two ends of the market evolved. Stablecoins have had a decade-long head start as the industry's default on-chain dollar substitute, used for trading, settlement and cross-border payments long before "real-world asset tokenization" became a distinct investment thesis.

Treasuries and yield-bearing products, by contrast, only began scaling meaningfully once tokenized money-market funds proved that traditional finance would actually hold blockchain-based instruments at institutional size — which explains why, even at $15 billion, Treasuries are still barely a twentieth the size of the stablecoin market. Tokenized stocks sit at the extreme thin end of the distribution for a different reason: regulatory friction. Equity tokenization has drawn far more scrutiny from securities regulators than a Treasury-backed token or a stablecoin ever has, since a tokenized share raises direct questions about voting rights, dividend pass-through and whether the product functions as a security in the same way the underlying stock does. Even so, added together, the non-stablecoin categories Token Terminal tracks — Treasuries, yield strategies, credit funds, gold and equities — now total roughly $39.4 billion, a meaningful base even if it remains dwarfed by stablecoin volume.

Related: DTCC to Tokenize Russell 1000 Stocks Including Nvidia, Apple in October

Two Stories Moving at Different Speeds

For the broader market, the $346.1 billion figure is best read as two separate stories moving at different speeds. Stablecoins are now mature financial infrastructure, and their growth mostly tracks overall crypto trading and payment volume rather than any new tokenization thesis. The remaining $47.6 billion — Treasuries, credit, gold and equities combined — is the part investors and issuers actually mean when they talk about the "RWA narrative," and it is growing off a much smaller base, which makes its percentage gains look more dramatic even when the absolute dollars are modest. Tokenized equities in particular have become one of the most closely watched sub-sectors this year, as platforms built specifically to trade tokenized shares have pushed volumes and holder counts sharply higher even while the category's total value stays a fraction of a percent of the overall tokenized-asset pie. That gap between fast-growing volume and still-small total value is exactly what makes the sector contentious: bulls point to the growth rate as proof tokenized equities are just getting started, while skeptics note that $2.4 billion is a negligible slice of either the stablecoin market or the multi-trillion-dollar global equity market it's meant to disrupt.

What to Watch Next

The figure to watch going forward is how quickly the non-stablecoin categories close the gap with stablecoins in percentage terms, even if the absolute dollar totals stay far apart for years. A jump in tokenized Treasuries or credit funds would signal institutional money treating on-chain rails as a genuine settlement layer rather than a stablecoin-only use case, while continued acceleration in tokenized-equity volume on platforms like Robinhood Chain — even from a small base — would reinforce the thesis that this is the fastest-growing corner of the market. Token Terminal's next update, whenever it lands, will show whether September's tokenized-stock and RWA momentum carried through or cooled alongside the broader altcoin pullback seen this week.

FAQ

How big is the on-chain tokenized asset market right now?
Token Terminal puts the total at $346.1 billion, though the vast majority of that — $298.5 billion, or 86.2% — is USD stablecoins rather than tokenized real-world assets like bonds or stocks.

How much of the tokenized asset market is stablecoins?
About 86.2%, or roughly $298.5 billion of the $346.1 billion total tracked by Token Terminal.

What's the smallest tokenized asset category tracked?
Tokenized stocks, at approximately $2.4 billion, or just 0.7% of the total tokenized asset market.

Why are tokenized stocks growing more slowly than tokenized Treasuries?
Equity tokenization faces more regulatory scrutiny than Treasury-backed tokens, since questions about voting rights and dividend pass-through make tokenized shares a more contested product for securities regulators.