$346B in tokenized assets spans 47 categories, stablecoins lead
In brief
- $346.1 billion in tokenized assets spread across 47 distinct categories as of September 12
- USD stablecoins account for $298.5 billion (86.2%); non-stablecoin assets total $47.6 billion
- US Treasuries lead non-stablecoin assets at $15 billion, followed by yield strategies ($10.5B) and credit funds ($6.4B)
- Tokenized gold reaches $5.1 billion; tokenized stocks remain modest at $2.4 billion
- Growth driven by new token listings, institutional products, and clearer regulatory frameworks since 2024
Stablecoins still reign, but alternatives are catching up
The tokenization boom remains heavily concentrated. Stablecoins account for approximately $298.5 billion, leaving non-stablecoin tokenized assets at roughly $47.6 billion. But the composition of that smaller pool reveals where institutional capital is actually flowing.
US Treasuries lead the non-stablecoin category at $15 billion, a surge that tracks major asset managers' entry into on-chain treasury products since 2024 and 2025. Yield strategies follow at $10.5 billion, representing structured products and DeFi-adjacent instruments. Credit funds account for $6.4 billion, a category that includes tokenized private credit and lending pools.
The breadth of asset types matters more than the dollar figures alone.
Gold, stocks, and the long tail
Tokenized gold sits at $5.1 billion, offering investors exposure to precious metals on-chain. Tokenized stocks remain comparatively modest at $2.4 billion, representing just 0.7% of the total market. The remaining categories span everything from real estate to derivatives to emerging asset classes still finding product-market fit.
Measurement discrepancies underscore the sector's fragmentation. RWA.xyz reports distributed real-world asset values in the $38 billion to $39 billion range within similar timelines, suggesting the gap between trackers likely reflects differences in methodology and asset class inclusion.
What's driving the expansion
The expansion of tokenized asset categories has been driven by new token listings, institutional product entry, and regulatory framework clarification since 2024. Asset managers now have clearer guidance on what's permissible on-chain. Banks and fintech firms see tokenization as a path to faster settlement, lower custody friction, and 24/7 market access.
The 47 distinct categories signal something beyond hype. Traditional finance infrastructure is moving onto the blockchain — not all at once, but in measured, product-driven waves. Treasuries arrived first because they're the lowest-risk entry point. Gold and credit funds followed. Stocks are still finding their footing. Each category represents a separate institutional bet that on-chain settlement is worth the operational shift.
