Tokenize the world

We've entered a global race to tokenize money and capital markets

The blockchains and issuers of tokenized assets that emerge as winners from this race could very well grow into the world's most valuable businesses over the coming decade.

• Tokenization turns 5.6 billion internet users into potential buyers of U.S. dollars and debt (via stablecoins) and U.S. securities (via tokenized stocks).

• Stablecoins backed by U.S. T-Bills and tokenized forms of U.S. equities create new investor demand that lowers (i) borrowing costs for the U.S. government, and (ii) the cost of capital for U.S. corporations.

• The result is a powerful growth flywheel: cheaper access to capital → more reinvestment → better products, in the form of a stronger dollar currency and strengthened U.S. corporate dominance globally.

• The issuers that tokenize these assets and the underlying blockchains that they operate on are positioned to build generational businesses aligned with the strategic interests of one of the world's most powerful governments.

The economic advantages of asset tokenization are too good to ignore, which is why we believe that all other major nations and economic zones will try to follow the U.S. playbook when it comes to stablecoins and asset tokenization.

1) The great migration onchain

• Financial assets are increasingly moving onto blockchain infrastructure as tokenized systems offer a simpler and more efficient way to operate financial transactions.

• The operational advantages of blockchains extend beyond cost-efficiency to the broader transactional stack, including custody, distribution, and settlement.

• Tokenization is relevant for all asset classes, which is why we're seeing early versions of tokenized dollars, euros, gold, treasuries, stocks, and more appear across multiple blockchains.

Together, these developments illustrate a broader shift: financial infrastructure is gradually moving from traditional systems toward blockchain-based networks.

2) A global race to tokenize all assets

• Tokenized government debt is emerging as one of the earliest examples of traditional financial assets moving onto blockchain networks.

• In the United States, policy initiatives increasingly support the development of stablecoins and tokenized stocks.

• At the same time, other major economies are accelerating their efforts to develop tokenized financial markets.

As governments and institutions move to support tokenized assets, competition is emerging around which jurisdictions and platforms will shape the next generation of financial markets.

3) A unique investment opportunity

• Private issuers are already operating large-scale tokenized financial systems that span multiple blockchains.

• Collaboration between regulators and industry participants allows the tokenized asset ecosystem to grow faster.

• A small number of issuers and blockchains currently control the majority of tokenized assets in the market today, but the competition is heating up.

As tokenization continues to expand across asset classes and jurisdictions, the blockchains and issuers that facilitate these markets could become central pillars of the global financial system.

Access all charts and underlying datasets here.

Platform updates:

• Shipped Morpho market and vault-level analytics across 13 chains, accessible via Queries (Token Terminal's SQL interface). Users can now view individual markets (e.g. supply and borrow APYs) and individual vaults (e.g. deposits and depositor counts) rather than project-level aggregates only.

• Integrated Rootstock, the first and longest-running Bitcoin sidechain, with full coverage including smart contract data, DEX pricing, asset metrics, fees, tokenholders, and max token supply.

• Deepened Algorand coverage with more accurate transaction and token metrics, improved DEX pricing, new metrics (tokenholders, contracts deployed, contract deployers), and asset pipeline support.

Interested in getting listed? Read more 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. We’re proud to work with projects that prioritize transparency and clear stakeholder communication.

Featured report: TRON Q4 2025

Access additional reports on Discover

If you’d like to explore Token Terminal’s quarterly reporting initiative for your own project, get in touch.

Tokenized assets on Token Terminal

As the race to tokenize money and capital markets accelerates, Token Terminal's coverage has grown to 3,225 tokenized assets with a combined market cap of $340.2b across stablecoins ($308.3b), tokenized funds ($25.5b), tokenized commodities ($5.9b), and tokenized stocks ($572.7m).

Fastest-growing assets by market cap (30d) in each category:

• Stablecoins: GTUSDCP (Gauntlet), +2,037.7%

• Tokenized funds: YNRWAX (Nest), +177.5%

• Tokenized commodities: VNXAU (VNX), +61.6%

• Tokenized stocks: ONDSon (Ondo Finance), +199.3%

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 yet, we’d love to talk.