Mapping $330B+ in tokenized assets

+ data & product updates

March 26, 2026

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Token Terminal tracks 3,000+ tokenized assets across four sectors: stablecoins, tokenized funds, tokenized commodities, and tokenized stocks. Combined, these sectors represent over $330B in circulating market cap. The market is growing, but not evenly. Each sector has different issuers, different users, and different levels of adoption.

Tokenization spans 4 sectors and 3,000+ assets

  • Tokenization spans four sectors, each at a different stage of maturity. Stablecoins (USDT, USDC) tokenize fiat currencies. Tokenized funds (sUSDS, BUIDL, syrupUSDC) wrap yield strategies, T-bills, and private credit products. Tokenized commodities (XAUT, PAXG) bring gold onchain. Tokenized stocks (CRCLon, NVDAon) replicate public equity exposure.

  • The size differences are stark. Stablecoins exceed $300B in combined market cap. Tokenized funds have crossed $30B. Tokenized commodities sit around $5B. Tokenized stocks sit at $900M.

  • Size alone does not tell the full story. The next four charts compare each sector by how much capital is in each asset (circulating asset market cap) vs. how much of that capital actually moves onchain (asset transfer volume).

1) Stablecoins

  • The stablecoin market is a duopoly. USDT leads with $183.9B in circulating market cap. USDC follows at $77.7B. The remaining stablecoins are orders of magnitude smaller.

  • The gap is even wider by usage. Over the past 30 days, USDC moved $7.6T and USDT moved $2.1T in onchain transfer volume. The duopoly holds on both size and activity.

  • To compete with USDT and USDC, smaller stablecoins need to offer users a reason to switch. Potential differentiators include passing on yield to holders, offering deeper integrations with specific chains or protocols, and targeting underserved geographies.

2) Tokenized funds

  • Tokenized funds have two types of issuers. Crypto-native protocols (Sky, Ethena, Maple) issue yield-bearing wrappers like sUSDS ($6.3B market cap), sUSDe ($3.6B), and syrupUSDC ($1.8B). Traditional asset managers (BlackRock, Circle, Franklin Templeton) issue tokenized U.S. T-bill products like BUIDL ($2.1B), USYC ($2.4B), and BENJI ($863M).

  • Onchain usage separates the two categories. sUSDS moved $32.6B in value over the last 30 days. sUSDe and syrupUSDC each move multi-billion-dollar volumes. BUIDL shows minimal transfer activity relative to its size. Crypto-native funds are embedded in DeFi, where they are continuously moved between protocols. TradFi funds tend to be held rather than transferred.

  • The two models serve different use cases. Crypto-native protocols compete on composability. TradFi issuers compete on institutional trust. What unites the category is that tokenized funds pass on yield to holders, something stablecoins generally do not. With near-zero switching costs between onchain assets, that alone could be a meaningful draw.

3) Tokenized commodities

  • Tokenized commodities are dominated by gold, the world’s largest commodity by market cap. XAUT (Tether Gold) leads at $2.6B in market cap. PAXG (Paxos Gold) follows at $2.3B.

  • Both gold tokens see significant onchain transfer volume. XAUT moved $9B over the last 30 days, while PAXG moved $5.3B.

  • Chains and issuers that bring commodities onchain can unlock another stablecoin-sized market. The global gold market is valued at $31.5T, with silver adding another $4T. Even marginal onchain adoption would be substantial.

4) Tokenized stocks

  • Tokenized stocks are the earliest-stage sector. CRCLon (tokenized Circle equity, issued by Ondo) leads at $103.7M in market cap, followed by CRCLx ($43.3M), COINon ($40.6M), and SPYon ($33.2M). These tokens give holders exposure to U.S.-listed stocks without a brokerage account.

  • Relative to their size, tokenized stocks move more value onchain than tokenized funds or commodities. QQQon moved $451.6M in 30-day transfer volume against a $27.3M market cap. CRCLon moved $868.3M against $103.7M. For comparison, BUIDL, with a $2.1B market cap, moved $334.8M over the same period.

  • Tokenized stocks are still the smallest sector, and the regulatory framework around them is still developing. U.S. lawmakers are actively examining how tokenized securities fit into existing frameworks. Whether clearer regulation accelerates growth remains an open question.

Explore the full dataset here.

Since Token Terminal’s standardized metrics went live on Binance several months ago, the scope of our work has expanded from a data integration to in-depth quarterly (and monthly) reporting.

Token Terminal has published 17 Q4 2025 reports covering sectors including lending, liquid staking, derivatives, exchanges, infrastructure, and more. Each report covers key financial and operational metrics alongside qualitative commentary from the respective core team.

We’re proud to work with teams that prioritize transparency and clear stakeholder communication.

Featured report: Aerodrome Q4 2025

More from Q4 2025:

"Significant progress was made in Q4, adding core elements like an Android app, free physical cards, and multiple types of fiat transfers."

"Fluid launched on Plasma, grew across almost every metric, and secured more partnerships and integrations in Q4."

"MAU growth on Morpho has been rapid, driven by integrations with large-scale distribution applications such as Coinbase, World App, Bitget, and more."

"Boros recorded over $6b notional volume within five months of launch, though it still represents only ~0.1% of total crypto OI."

"Raydium's balance sheet remains healthy with substantial holdings in SOL and USDC relative to costs. This is reflected by Q4 profit margins of 91%, despite the decline in overall revenue."

"Q4 2025 marked a continuation of Sky's transition toward a yield-centric stablecoin ecosystem, with USDS increasingly serving as the system's primary growth engine.”

Reports for Q1 2026 are currently in production. If you're evaluating how to formalize your project's investor relations strategy, get in touch.

Platform updates:

  • Added fees and revenue tracking for Polymarket. Polymarket generated $7.5M in fees over the past 30 days.

  • Listed Falcon Finance. Falcon Finance is a synthetic dollar issuer that issues USDf, an overcollateralized stablecoin backed by collateral managed through delta-neutral hedging strategies. Users stake USDf as sUSDf to earn yield.

  • Listed Noon. Noon issues USN, a USD-pegged stablecoin, and sUSN, a yield-bearing staked variant. The project generates yield by deploying collateral across delta-neutral strategies.

  • Listed Fraxtal. Fraxtal is an Ethereum L2 built on the OP Stack by Frax Finance, using frxETH as its gas token.

  • Listed Backpack with basic metrics. Backpack is an exchange and wallet platform supporting spot trading, perpetual futures, and multichain asset management.

  • Added Spiko SAFO assets (a tokenized fund launched by Amundi and Spiko) and GLDY (a yield-bearing tokenized gold security by StreamEx) to the Tokenized assets page.

Interested in getting listed? Read more here.

New data visualizations by Token Terminal Research

Token Terminal Research has shipped three new data visualizations, available as a no-code suite for producing research-grade visuals:

  • Market map charts group projects or assets by sector, sized by any Token Terminal metric, with granular control over layout and display.

  • Scatter charts plot two metrics against each other by project, asset, or market sector, making it easy to spot outliers across a sector.

  • Event-driven charts layer event markers, time periods, and annotations onto any Token Terminal metric, turning a standard time series into a full narrative.

Interested in using these for your own research or presentations? Get in touch here.