The total value of on-chain tokenized assets reached $346.1 billion, according to data published by Token Terminal on September 12. These assets are distributed across 47 distinct classes.
USD stablecoins represent the largest share of the market, accounting for $298.5 billion or 86.2% of the total. Excluding stablecoins, the value of non-stablecoin tokenized assets is approximately $47.6 billion.
US Treasuries lead the non-stablecoin segment with $15 billion. Other significant categories include yield strategies at $10.5 billion, credit funds at $6.4 billion, gold at $5.1 billion, and tokenized stocks at $2.4 billion.
The tracker RWA.xyz reports non-stablecoin asset values between $38 billion and $39 billion. The discrepancy with Token Terminal's figures is attributed to differences in methodology and the specific asset classes included in the counts.
Market growth since 2024 has been driven by an increase in token listings, the entry of institutional products, and clearer regulatory frameworks in various jurisdictions.
