The tokenization platforms onboarding TradFi asset managers

Token Terminal currently tracks 641 tokenized funds with a combined market cap of $35.6b, up from only $5.2b two years ago. As the market has grown, so has the diversity of issuers bringing real-world assets onchain. Some of the largest tokenized funds we track are now issued and operated by two entities, an asset manager and a tokenization platform.

The asset manager (e.g. BlackRock) makes investment decisions while the tokenization platform (e.g. Securitize) handles issuance onchain. This division of responsibilities suggests that building smart contracts and generating risk-adjusted returns are two different businesses.

We believe that this specialization will breed optimization, resulting in better onchain products reaching end users faster. This newsletter looks at three tokenization platforms working with some of the world’s largest asset managers: (1) Securitize, (2) Superstate, and (3) Centrifuge.

1) Securitize

• Securitize’s tokenized funds have grown from $65.1m in March 2024 to $4.3b in September 2026. BlackRock’s BUIDL, a U.S. T-bill fund, accounts for 64.0% of the total, while Blockchain Capital’s BCAP, a VC/PE fund, and Securitize’s own STAC, a credit fund, account for 22.2% and 8.2% respectively.

• Asset managers pick the investments, while Securitize tokenizes interests in the funds. BlackRock (U.S. T-bill), Blockchain Capital (VC/PE fund), Apollo (credit fund), VanEck (U.S. T-bill), Revitalization Unlimited (real estate), and Hamilton Lane (credit fund) all manage a fund tokenized by Securitize.

• The world’s largest asset manager went to market with a specialist handling tokenization rather than building a platform of its own. As of the end of Q2 2026, BlackRock manages $15.3t, and Securitize’s involvement allows it to keep doing what it does best.

2) Superstate

• Superstate’s tokenized funds have grown from $108.2m in July 2024 to $982.0m in September 2026. Invesco’s USTB, a U.S. T-bill fund, accounts for 81.6% of the total, while Bitwise’s USCC, a crypto carry fund, and Coinbase’s CUSHY, a stablecoin credit fund, account for 15.9% and 2.4% respectively.

• Invesco, Bitwise, and Coinbase make the investment decisions, while Superstate tokenizes interests in the funds. Each fund is powered by FundOS, Superstate’s infrastructure that simplifies tokenization for asset managers. Coinbase’s CUSHY was the first outside fund to launch on it in June 2026.

• Superstate used to manage USTB and USCC in-house, but onboarded Invesco and Bitwise as external asset managers this year. The move allows Superstate to focus on its specialist role as an infrastructure provider, while world-class asset managers like Invesco and Bitwise focus on generating risk-adjusted returns for holders.

3) Centrifuge

• Centrifuge’s tokenized funds have grown from $28.5m in September 2024 to $1.5b in September 2026. JTRSY, a U.S. T-bill fund, accounts for 50.9% of the total, while JAAA, a credit fund, accounts for 47.9%.

• Anemoy owns the funds and Centrifuge tokenizes interests in them, while Janus Henderson acts as sub-advisor. A sub-advisor is a third party hired by the fund owner to run the portfolio, while Anemoy remains its manager.

• Janus Henderson did not build any onchain technology, yet still reached onchain investors via Centrifuge. Sky, via capital allocator Grove, committed $1b to JAAA at launch, and Ethena, the issuer of the USDe stablecoin, bought $200m of it in June 2026 as a reserve asset. Both hold their capital onchain, so these are investors a conventional fund manager like Janus Henderson would not typically reach.

Some firms do both jobs. J.P. Morgan, the world’s largest bank, issues its tokenized funds through Kinexys, a platform it built and owns. Whether specialists or vertically integrated firms win is an open question. Either way, the competition should bring better products onchain faster, and Token Terminal will show who is winning.

Platform updates

• Listed Bridgetower's DOM X Arizona Copper-Gold Token (AZX1) on Avalanche. Learn more on the asset's fact sheet.

• Listed Securitize's Exodus Movement (EXOD) on Algorand and Exodus Movement Class B (EXODB) on Arbitrum. Learn more on the issuer's project page.

• Listed 475 more Bitget Reality rStocks on Arbitrum, taking the catalog to 2,216 assets. Learn more on the issuer's project page.

• Listed 14 more st0x wrapped stocks on Base, Ethereum and HyperEVM, taking the catalog to 61 assets. Learn more on the issuer's project page.

• Listed Securitize's CURRENC Group (CURR) on Ethereum and Solana. Learn more on the asset's fact sheet.

• Added a Tempo deployment for BlackRock's USD Institutional Digital Liquidity Fund (BUIDL). Learn more on the asset's fact sheet.

• Added Base and Solana deployments for Fireblocks' Macropod Australian Dollar (AUDM), now live on all three of its blockchains. Learn more on the asset's fact sheet.

• Listed OpenEden's Compounding OpenDollar (CUSDO) on Ethereum, BNB Chain and Base. Learn more on the asset's fact sheet.

Interested in getting listed? Read more here.

Most projects with liquid tokens do not provide regular, standardized reporting to their stakeholders. Token Terminal's reporting initiative exists to close this gap, giving investors the data to evaluate onchain businesses on fundamentals rather than narratives alone.

Token Terminal publishes standardized quarterly reports covering key financial and operational metrics alongside qualitative commentary from the respective core team.

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Introducing the Token Terminal data catalog

This week, we launched the Token Terminal data catalog, an index of the datasets that power every Token Terminal product.

Until now, you've accessed Token Terminal data through the interfaces built on top of our data warehouse: the web application, API, spreadsheets, and more recently, the MCP. The catalog makes that foundation visible and directly accessible, showing how our data is structured, how datasets relate to each other, and what is available at every layer. Customers can also access these datasets directly through BigQuery and Snowflake.

For analysts, this means going deeper than standardized metrics:

• From a protocol's revenue to the individual markets that generated it

• From a DEX's trading volume to individual pools and trades

• From a lending protocol to individual deposits and borrows

• From a tokenized asset's market cap to granular data on holders, transfers, underlying assets, issuers, geography, and legal information

Explore the catalog here: tokenterminal.com/docs/catalog