Tokenized assets excluding stablecoins reach $46.1B in onchain market cap, up 930% over three years, with U.S. T-bills, yield strategies, and credit funds leading.
RWA & Tokenization ·
Tokenized assets excluding stablecoins have reached $46.1 billion in onchain market capitalization, representing a 930% increase over three years. U.S. Treasury bills dominate the category at $12.9 billion, according to Token Terminal, with yield strategies and credit funds following at $11.8 billion and $5.6 billion respectively.
These three asset classes—T-bills, yield strategies, and credit funds—collectively represent 66% of the tokenized asset market. The concentration reflects investor preference for income-generating and stable-value instruments within the onchain ecosystem, particularly those tied to traditional financial instruments like U.S. Treasury debt.
The scale of growth over three years suggests expanding institutional and retail participation in tokenized finance infrastructure. However, it remains unclear whether this expansion reflects new capital entering the onchain ecosystem or existing assets being tokenized and migrated from traditional venues, and which market segments beyond these three categories are driving the remaining 34% of the total.