Tokenized fund market cap sees one third outside Ethereum and BNB Chain

Ethereum still runs the tokenized fund market, but it no longer runs it alone. According to Token Terminal data, the total market cap of tokenized funds has reached approximately $34.7 billion, with nearly a third of that value sitting on chains outside the three dominant platforms. Where the money actually sits Ethereum leads with $17.7 billion, representing about 51.2% of the total tokenized fund market. BNB Chain follows at $4.8 billion, or 13.9%, and zkSync Era accounts for $3.2 billion at 9.2%. Those three chains together capture roughly 74% of the market. The remaining 27%, approximately $9 billion, is distributed across a set of chains that would not have featured in this conversation two years ago. Stellar holds $2.2 billion of tokenized fund value. Solana sits at $1.9 billion. Avalanche accounts for $1.5 billion, and Injective holds $1.1 billion. Why this distribution matters Stellar was designed specifically for payments and asset issuance, and its low transaction costs make it attractive for fund products that require frequent settlement or redemption cycles. Asset management giants including BlackRock and Franklin Templeton have begun launching tokenized products on est...