Tokenized assets top $46 billion onchain as Treasuries lose their grip

Tokenized real-world assets, excluding stablecoins, have grown roughly tenfold in three years, and the mix is getting more interesting Tokenized assets, not counting stablecoins, now carry an onchain market value of $46.1 billion. Three categories make up 66% of that: T-bills, yield strategies, and credit funds. Data from Token Terminal dated October 25, 2026, puts the figure slightly higher, at $46.3 billion. That reflects growth of approximately 920% over the past three years. What’s actually onchain US Treasury bills remain the single largest category, at $13.3 billion. It works out to less than one-third of the total market. Yield strategies come next at $11.6 billion. Credit funds follow at $5.7 billion. Those three categories together account for the 66% figure. Gold adds another $5.1 billion on top. Not everyone counts the same way, though. rwa.xyz reported a distributed RWA value of nearly $39 billion in late October 2026. The gap between that number and Token Terminal’s comes down to methodology. Different trackers draw the boundaries around “tokenized asset” in slightly different places. Ethereum still runs the venue On the infrastructure side, Ethereum holds the largest ...