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- There is no bear market for tokenized assets
There is no bear market for tokenized assets
+ data & product updates
Each week in The Snapshot, we share data-driven insights, highlight new listings, and showcase our latest product updates.
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The global race to tokenize all asset classes is driven by economics and utility, and it will continue to ramp up regardless of cryptoasset prices.
Bitcoin is trading at $67k, down 46% from its October 2025 high of $125k. Meanwhile, tokenized asset market caps, as tracked by Token Terminal across 2,980+ assets, continue to expand across stablecoins, funds, commodities, and stocks.
Stablecoins
Stablecoin market cap has reached $304.3b, up 33% year-over-year, roughly triple its mid-2022 lows. Over the same period, Bitcoin swung from $95k to a high of $125k in October 2025, before falling 46% to $67k. Stablecoin market cap has shown limited sensitivity to these moves, trending upward throughout.
Growth is concentrated among a handful of issuers, but the competitive landscape is broadening. Tether's USDT leads at $183.4b, followed by Circle's USDC ($72.7b), Sky's USDS ($10.2b), and Ethena's USDe ($6.3b). PayPal's PYUSD adds further institutional depth. What was once a two-issuer category is increasingly becoming a multi-player market spanning crypto-native protocols, fintech companies, and traditional financial institutions.
The structural appeal of stablecoins (24/7 settlement, global accessibility, programmable composability) is independent of crypto market conditions, which may help explain their resilience through Bitcoin's drawdown. Stablecoins are competing for a share of global money supply, not crypto market share. At $304.3b against $98t in global M2 across the four major central banks, the category remains a tiny fraction of the total market.
Tokenized funds
Tokenized funds market cap has reached $17.1b, up from near-zero in early 2023. Growth accelerated sharply from mid-2024 onward and has continued without interruption through Bitcoin's recent 46% decline.
The issuers include some of the biggest names in traditional asset management. BlackRock's BUIDL ($1.8b) and Circle's USYC ($1.7b) lead, followed by Maple Finance's syrupUSDC ($1.7b) and Superstate's USTB ($1.0b). Securitize serves as the issuance platform behind BUIDL, ACRED, and VBILL. Ondo Finance contributes USDY and OUSG. Centrifuge powers tokenized offerings from Janus Henderson (JAAA, JTRSY). Franklin Templeton has also entered the space. These are treasury bills, money market instruments, and structured credit products on blockchain rails.
The participation of BlackRock, Franklin Templeton, and Janus Henderson suggests growing institutional conviction that blockchain is viable fund infrastructure. The core value proposition (24/7 settlement, collateral composability, reduced operational friction) is independent of crypto market conditions, which may help explain why the category has continued to grow through the recent downturn. U.S. money market funds alone hold $7.8t in assets. At $17.1b, tokenized funds are a tiny sliver of that market.
Tokenized commodities
Tokenized commodities market cap has reached $6.1b, roughly quadrupling over the past year. Growth has accelerated in late 2025 and into 2026, coinciding with gold's run to an all-time high of $5,595/oz in January 2026. Tokenized gold appears to be tracking the strength in underlying commodity prices rather than crypto market conditions.
The sector is dominated by tokenized gold. Tether Gold (XAUT) at $3.5b and Paxos Gold (PAXG) at $2.3b together account for roughly 95% of the category. Both are backed by physical gold held in custody, offering onchain exposure without the friction of physical ownership or the trading-hour constraints of traditional gold ETFs.
As onchain infrastructure matures, tokenized gold could be positioned to capture a growing share of gold allocation flows, particularly in markets where access to traditional gold investment products remains limited. The same blockchain rails that made stablecoins successful in emerging markets could distribute gold exposure to the same audiences. The total gold market is valued at $34.8t. Tokenized gold at $6.1b represents a tiny fraction of that.
Tokenized stocks
Tokenized stocks have surged from near-zero in mid-2025, making this the earliest-stage but fastest-growing tokenized asset category. Growth has been almost entirely vertical since Q3 2025, accelerating into 2026 while Bitcoin dropped from $125k to $67k.
The issuers so far are Ondo Finance and Backed Finance (acquired by Kraken in December 2025). Ondo has launched over 160 tokenized equity products in under a year, including mega-cap equities like GOOGLon ($59.8m), TSLAX ($52.6m), and CRCLon ($40.2m), plus tokenized ETFs spanning indices and sectors. Backed offers 80+ tokenized equities and ETFs through its xStocks product, which surpassed $10b in combined exchange and onchain trading volume within six months of launch.
When someone buys tokenized Nvidia, they are buying Nvidia. The blockchain is the settlement layer, not the trade. This is the category that makes the decoupling hardest to ignore. The underlying exposure is equity risk, not crypto risk. There is no reason a tokenized Google stock should move in sympathy with Bitcoin. They share infrastructure, not investment logic. Global equity market capitalization reached $148t as of October 2025. Tokenized stocks are still a rounding error by comparison.
Access the charts here.
Project updates:
GMGN, a multi-chain onchain trading platform for token discovery, wallet tracking, and copy trading. GMGN's Token Terminal coverage now spans Ethereum, Base, and Monad alongside Solana.
Kelp DAO, a liquid restaking protocol built on EigenLayer that lets users restake ETH and liquid staking tokens in exchange for rsETH. Token Terminal now tracks Kelp DAO's multi-chain fee streams through a new liquid restaking protocol integration.
Lighter, a decentralized derivatives exchange built as an Ethereum zk-rollup, offering verifiable order matching and liquidations with zero-knowledge proofs. Token Terminal coverage includes a new metrics adapter for the onchain orderbook DEX.
Monad, a high-performance EVM-compatible layer-1 blockchain using parallel execution to deliver 10,000 TPS with sub-second finality. Token Terminal integrated Monad with day-one coverage including fees, revenue, TVL, active users, and decoded Uniswap V2/V3/V4 contracts.
Interested in getting listed? Read more here.
Tokenized asset updates:
Listed 1,609 new Tokenized assets, bringing total coverage to 2,980. The bulk came from Robinhood-issued stocks on Arbitrum, with additional assets added on Algorand, Rootstock, and Sui.
Explore all listings on Tokenized assets.
Since Token Terminal’s standardized metrics went live on Binance approximately six months ago, the scope of our work has expanded from a data integration to in-depth quarterly (and monthly) reporting. We’re proud to work with teams that prioritize transparency and clear stakeholder communication.
Reports are now live for:
Aave - "January reinforced Aave's position as foundational infrastructure for onchain lending.”
dYdX - “Q4 2025 marked the strongest quarter of the year for dYdX, with trading activity accelerating meaningfully into year-end.”
Ether.fi - "Significant progress was made in Q4, adding core elements like an Android app, free physical cards, and multiple types of fiat transfers."
Euler - "The team is deepening integrations with tokenized real-world assets following partnerships with Securitize and BlackRock's sBUIDL, with Euler's modular vault architecture being naturally suited for institutional-grade RWA lending."
Fluid - "Fluid launched on Plasma, grew across almost every metric, and secured more partnerships and integrations in Q4."
Houdini Swap - "The focus this quarter was reinforcing core infrastructure, improving routing transparency, and preparing for a broader rollout of privacy-forward products in 2026."
Moonwell - "Q4 2025 marked a clear inflection point for Moonwell. While total value locked and active loans declined, core business metrics moved decisively higher."
Morpho - "MAU growth on Morpho has been rapid, driven by integrations with large-scale distribution applications such as Coinbase, World App, Bitget, and more."
Pendle - "Boros recorded over $6b notional volume within five months of launch, though it still represents only ~0.1% of total crypto OI."
Raydium - "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."
Silo - "The increase in Avalanche’s TVL share reflects organic demand driven by asset availability and borrower activity, rather than a deliberate reallocation of strategic focus."
Solv Protocol - "Users prefer active strategy exposure, keeping the same BTC exposure, just opting for liquidity and flexibility in SolvBTC over liquid staked assets like xSolvBTC."
If you’d like to explore Token Terminal’s quarterly reporting initiative for your own project, get in touch.
Tokenized assets on Token Terminal
Token Terminal's Tokenized assets page has grown nearly 10x since launching in November, from 300 to 2,980 assets across 153 issuers and 38 chains, covering an estimated 82.2% of the total addressable market.
Here are the fastest-growing assets by market cap (30d) in each category:
We're actively expanding coverage to ensure comprehensive and accurate representation of this rapidly growing market sector. If you're an RWA issuer and your product isn't listed on Token Terminal yet, get in touch.