Tokenized funds rise to $11.39 for every $100 in stablecoins, nearly quadrupling in two years

Two years ago, tokenized funds barely registered as a blip against the stablecoin market. For every $100 parked in stablecoins, just $2.99 sat in tokenized fund products. That number now stands at $11.39, a nearly fourfold increase that tells a clear story: investors on-chain want yield, and they’re finding it. The shift is happening against a backdrop of roughly $300B in total stablecoin market value, still overwhelmingly dominated by USDT and USDC. Tokenized real-world assets, the category that includes Treasury-backed funds and money market products, now represent somewhere between 10% and 17% of that stablecoin universe, depending on who’s counting. Who’s leading the charge The growth hasn’t been evenly distributed. A handful of products from heavyweight issuers account for most of the action. Circle’s USYC has accumulated roughly $2.5B to $3B in value. BlackRock’s BUIDL fund, which made waves when it launched on Ethereum, sits at approximately $2.2B to $2.7B. And Ondo’s USDY has carved out a position around $2.1B to $2.3B. Total tokenized Treasury and money market fund value now ranges between $15B and $33B, a wide band that reflects the difficulty of tracking assets spread ac...