Tokenized funds add $2.7B in market cap over 90 days as JPMorgan and Ondo lead the charge

The tokenized fund market just had a very productive quarter. Over the past 90 days, tokenized funds added roughly $2.7 billion in market capitalization, driven primarily by two products: JPMorgan’s government money market fund and Ondo Finance’s yield-bearing note. The growth pushes total distributed value of tokenized assets to approximately $38 billion as of mid-August 2026, according to data tracked on RWA.xyz. The two products driving the surge JPMorgan’s JLTXX, a US registered government money market fund tokenized on Ethereum, launched on May 13, 2026, with a $100 million seed investment. Within months, its valuation ballooned to somewhere between $694 million and $809 million. The other major contributor is USDY, Ondo Finance’s tokenized note backed by short-term Treasury securities and bank deposits. USDY reached a market value of approximately $2.1 billion by mid-August, making it one of the largest tokenized yield products in existence. Its appeal is straightforward: holders get exposure to Treasury yields while maintaining the flexibility of a digital asset that can be moved, redeemed, or used as collateral across DeFi protocols. For context, the current leaderboard of ...