$346B in tokenized assets now spans 47 different asset types

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, me...