Tokenized funds hit $37.8B market cap as T-bill products take the lead

Token Terminal data shows tokenized funds up roughly 941% since late 2023, with US Treasury bill funds now the largest category Tokenized funds have reached a market capitalization of $37.8 billion, according to data from Token Terminal. That figure, recorded as of early November 2026, represents an increase of approximately 941% since late 2023. Back then, the whole sector was worth only around $3 to $4 billion. The category has grown roughly tenfold in about three years. The biggest driver is also the least glamorous. US Treasury bill funds are now the largest fund type in the tokenized market, sitting at $13.5 billion. T-bills take the top spot Token Terminal breaks the tokenized fund market into several categories. T-bill funds lead at $13.5 billion, ahead of yield strategies at $11.4 billion and credit funds at $8.3 billion. That ranking is fairly recent. T-bill funds overtook yield strategies around April 2026, flipping what had been the dominant category in the space. The growth has been attributed to rising institutional appetite for onchain cash management and access to Treasury yields. The big names behind the boom Ondo Finance’s USDY is valued between $2.1 billion and $2...