Tokenised Assets Surge Past $43 Billion as Traditional Finance Moves On-Chain

Tokenised real-world assets have surged past US$43 billion (AU$61.06 billion) on Token Terminal’s tracker, rising about 37% over the past six months as traditional financial products increasingly move onto blockchain networks.

The expansion has continued even as broader crypto markets weakened, underscoring that 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%.

The dominance of funds points to where institutional money has moved first: yield-bearing products and cash-management vehicles that map cleanly onto existing financial instruments. 

Commodities and equities, by contrast, remain 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.

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Ethereum Leads the Field

Ethereum (ETH) remained the clear home for tokenised assets, hosting 57.8% of total 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%. 

By issuer, Sky led with about US$6.1 billion (AU$8.66 billion) in tokenised assets, followed by Securitize and Ondo Finance at roughly US$3.6 billion (AU$5.11 billion) each. The figures point to a market still anchored by a small group of large players rather than broad retail participation.

The headline figure is not settled. While Token Terminal placed the market near US$43 billion (AU$61.06 billion), rival data provider RWA.xyz valued it at less than US$33 billion (AU$46.86 billion), a discrepancy that stems from methodology, Token Terminal counts a broader range of tokenised financial instruments. 

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