9,169 tokenised assets (incl. stablecoins) are live right now. That is 9,169 ways to position for the tokenisation wave, and also, an equally large number of surfaces for a depeg or an exploit to show up on. Both things are true and both are the story. The growth YTD splits by base👇 Tokenised funds: $34.2B, up 30.3% YTD > Led by $sUSDS ($4.3B), $USYC ($3.0B), BlackRock's BUIDL ($2.6B). Tokenised commodities: $7.0B, up 86.5% YTD > Led by Tether Gold $XAUT ($2.5B), $JMWH ($2.2B), Paxos Gold $PAXG ($1.8B). Tokenised stocks: $2.4B, up 847.8% YTD > Led by Securitize $SECZ ($173.9M), Strategy's $STRCx ($136.7M), Circle $CRCLon ($93.6M). Tokenised stocks jumped nearly 9x since January off a small base, which I see as the aggressive listing phase. Comparatively, the newer the category, the harder it is compounding. This listed set is a sliver of what exists off-chain. The public equities market is thousands of names deep before you touch private companies, ETFs, and international listings. I think 20,000 assets is the next waypoint, once the unlisted and untapped equities and commodities come on-chain. This space is exploding.