The total value of on-chain tokenized assets has hit $346.1 billion, spread across 47 distinct asset classes. Token Terminal published the snapshot on September 12, placing a concrete figure on what many in traditional finance have been circling around for years: the idea that virtually anything of value can live on a blockchain.
Stablecoins still run the show
USD stablecoins account for roughly $298.5 billion of that total, or about 86.2% of the entire tokenized asset market. Strip out stablecoins and you’re left with approximately $47.6 billion in non-stablecoin tokenized assets.
The non-stablecoin lineup
Beyond the dollar-pegged giants, the breakdown reveals a surprisingly varied portfolio of tokenized real-world assets. US Treasuries lead the pack at $15 billion, a category that has exploded since major asset managers started offering on-chain treasury products in 2024 and 2025. Yield strategies come in at $10.5 billion, representing various structured products and DeFi-adjacent instruments that generate returns for holders. Credit funds account for $6.4 billion, a category that includes tokenized private credit and lending pools. Gold sits at $5.1 billion. Tokenized stocks, meanwhile, remain comparatively modest at $2.4 billion, representing just 0.7% of the total market.
RWA.xyz, another prominent tracker of real-world asset tokenization, has reported distributed RWA values in the range of $38 billion to $39 billion within similar timelines. The gap between that figure and Token Terminal’s $47.6 billion in non-stablecoin assets likely reflects differences in methodology and which asset classes each platform includes in its count.
What 47 asset types actually means
The sheer number of asset categories, 47 of them, signals something more important than the dollar figure alone. This expansion has been driven by a combination of factors since 2024. New token listings have multiplied. Institutional products have entered the market from firms that previously viewed blockchain as either irrelevant or risky. And regulatory frameworks in several jurisdictions have clarified enough to give issuers a path forward.