Tokenised real-world assets reached approximately US$43 billion on Token Terminal's tracker, rising roughly 37% over the past 180 days as traditional financial products increasingly moved onto blockchain networks. The expansion continued even as broader crypto markets weakened, indicating institutional interest in bringing funds, commodities, and securities on-chain is running on its own cycle rather than tracking token prices. Token Terminal data showed tokenised funds dominating the sector at close to 80% of total market capitalisation, followed by commodities at 16.6% and tokenised stocks at 3.8%.
Tokenised Funds Dominate Market at 80% Share
Tokenised funds accounted for close to 80% of the tokenised real-world asset market, according to Token Terminal data. Commodities represented 16.6% of total market capitalisation, while tokenised stocks made up 3.8%. The dominance of funds pointed to institutional money moving first into yield-bearing products and cash-management vehicles that map cleanly onto existing financial instruments. Commodities and equities remained a smaller slice, suggesting the on-chain shift is still concentrated in the most familiar corners of traditional finance rather than spread evenly across asset classes.
Ethereum Hosts 57.8% of Tokenised Asset Value
Ethereum hosted 57.8% of total tokenised asset value, well ahead of BNB Chain at 8.5%, zkSync Era at 7.5%, the XRP Ledger at 5.8%, and Stellar at 5.4%. The figures pointed to a market still anchored by a small group of large players rather than broad retail participation.
Sky Leads Issuers with US$6.1 Billion in Tokenised Assets
By issuer, Sky led with approximately US$6.1 billion in tokenised assets, followed by Securitize and Ondo Finance at roughly US$3.6 billion each.
Rival Tracker RWA.xyz Values Market Below US$33 Billion
While Token Terminal placed the market near US$43 billion, rival data provider RWA.xyz valued it at less than US$33 billion. The discrepancy stemmed from methodology: Token Terminal counted a broader range of tokenised financial instruments.
FAQ
What are tokenised real-world assets and how large is the market?
Tokenised real-world assets are traditional financial products such as funds, commodities, and securities moved onto blockchain networks. Token Terminal's tracker showed the market reached approximately US$43 billion, rising roughly 37% over the past 180 days.
Which blockchain hosts the most tokenised asset value?
Ethereum hosted 57.8% of total tokenised asset value, according to Token Terminal data. BNB Chain followed at 8.5%, zkSync Era at 7.5%, the XRP Ledger at 5.8%, and Stellar at 5.4%.
Why do Token Terminal and RWA.xyz show different market values for tokenised assets?
Token Terminal placed the market near US$43 billion, while RWA.xyz valued it at less than US$33 billion. The gap reflected differing methodologies: Token Terminal counted a broader range of tokenised financial instruments.
