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RWAs continue to gain growth from Treasuries, private credit, ETFs, and euro stablecoins
+ data & product updates
Each week in The Snapshot, we share data-driven insights, highlight new listings, and showcase our latest product updates.
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The following charts highlight four representative subsectors within Token Terminal’s tokenized assets taxonomy: U.S. Treasury-backed tokenized funds, credit-backed tokenized funds, tokenized ETFs, and euro-denominated stablecoins. Together, these categories illustrate how blockchains are increasingly being used as distribution, settlement, and ownership rails for traditional financial instruments.
1) U.S. Treasury-backed funds remain the dominant category within tokenized funds
Sector definition. This chart shows the circulating asset market cap of tokenized funds backed by U.S. Treasury bills, representing onchain wrappers around short-duration government debt instruments. To view the data on our ‘Tokenized assets’ dashboard: market sector (tokenized funds), reference asset (U.S. T-bill).
Growth trajectory. The sector has grown from effectively $0 in early 2023 to approximately $14B by May 2026, with the sharpest acceleration beginning in late 2024 and continuing throughout 2025 as institutional adoption increased. At approximately $14B market cap, tokenized U.S. Treasury funds represent ~46% of the broader tokenized funds sector, which currently stands at ~$30.5B.
Leading assets. The five largest assets in the category are USYC ($3.0B, issued by Circle), BUIDL ($2.4B, issued by BlackRock and Securitize), iBENJI ($1.3B, issued by Franklin Templeton), JTRSY ($1.1B, issued by Centrifuge), and USTB ($1.0B, issued by Superstate).
2) Credit-backed tokenized funds have emerged as the second-largest tokenized fund vertical
Sector definition. This chart shows the circulating asset market cap of tokenized funds backed by credit strategies, including private and asset-backed credit products issued onchain. To view the data on our ‘Tokenized assets’ dashboard: market sector (tokenized funds), reference asset (credit fund).
Growth trajectory. The category expanded from near-zero market cap in mid-2024 to approximately $4B by May 2026, with particularly rapid growth occurring between June 2025 and December 2025 before stabilizing near current levels. At approximately $4B market cap, tokenized credit funds account for ~13% of the broader tokenized funds sector, which currently totals ~$30.5B.
Leading assets. The five largest assets in the category are syrupUSDC ($1.2B, issued by Maple Finance), syrupUSDT ($437.5M, issued by Maple Finance), JAAA ($405.7M, issued by Centrifuge), PRIME ($325.8M, issued by Hastra), and sUSDai ($161.4M, issued by USDai).
3) ETFs are becoming the leading format for tokenized equity exposure
Sector definition. This chart shows the circulating asset market cap of tokenized ETFs (excl. traditional commodity-linked ETFs), representing onchain exposure to exchange-traded funds rather than individual equities. To view the data on our ‘Tokenized assets’ dashboard: market sector (tokenized stocks), reference asset (ETF).
Growth trajectory. The category remained relatively small throughout 2023 and early 2024 before accelerating sharply during the second half of 2025, reaching approximately $400M market cap by May 2026. At approximately $400M market cap, tokenized ETFs represent ~31% of the broader tokenized stocks sector, which currently totals ~$1.3B.
Leading assets. The five largest assets in the category are IBITon ($45.2M, issued by Ondo Finance), SPYon ($40.4M, issued by Ondo Finance), QQQon ($36.5M, issued by Ondo Finance), SPYx ($30.0M, issued by xStocks), and IVVon ($24.3M, issued by Ondo Finance).
4) Euro stablecoins remain a small but growing subset of the global stablecoin market
Sector definition. This chart shows the circulating asset market cap of euro-denominated stablecoins, representing fiat-backed digital assets pegged to the euro rather than the U.S. dollar. To view the data on our ‘Tokenized assets’ dashboard: market sector (stablecoins), reference asset (euro).
Growth trajectory. The sector grew from approximately $200M in mid-2023 to approximately $600M by May 2026, with growth accelerating materially during 2025 despite periods of volatility and temporary drawdowns. At approximately $600M market cap, euro stablecoins account for roughly 0.2% of the broader stablecoin sector, which currently totals approximately $300.4B.
Leading assets. The five largest euro stablecoins are EURC ($500.4M, issued by Circle), EURCV ($94.3M, issued by Societe Generale), EURR ($12.8M, issued by StablR), EURS ($10.2M, issued by Stasis), and EUROP ($8.4M, issued by Schuman Financial).
Explore the full dataset here.
Most projects with liquid tokens do not provide regular, standardized reporting to their stakeholders. Token Terminal's reporting initiative exists to close this gap, giving investors the data to evaluate onchain businesses on fundamentals rather than narratives alone.
Token Terminal publishes standardized quarterly reports covering key financial and operational metrics alongside qualitative commentary from the respective core team. Quarterly reports are now rolling out for Q1 2026.
Featured report: Morpho Q1 2026
More from Q1 2026:
“There is a structural shift in how institutions interact with DeFi, and the growth of some of the early curators alongside the emergence of new curators coming from a more traditional finance background is welcomed.”
“The shift toward tokenized asset volume, which nearly tripled QoQ to $224.86m, represents an intentional strategic direction.”
“The key signal is that capital became more productive, not less. While TVL declined alongside broader market deleveraging, fee generation remained nearly flat.”
If you're evaluating how to formalize your project's data and reporting strategy, get in touch.
Platform updates
Listed PreStocks, a platform that tokenizes pre-IPO company stocks through SPV-backed Solana tokens, giving users 24/7 access to private companies with no minimums and no management fees. Assets currently tracked: Anduril, Anthropic, Kalshi, OpenAI, Polymarket, SpaceX, and xAI.
Listed Tempo, an L1 blockchain purpose-built for global payments, incubated by Stripe and Paradigm. Available metrics include fees, revenue, earnings, active users, transaction counts, and more.
Added 293 yield-bearing tokens to the Asset APY metric, including Aave and Morpho lending tokens and liquid staking tokens such as wstETH (Lido) and weETH (Ether.fi).
Added daily, weekly, and monthly Agentic asset sender metrics, measuring the number of unique autonomous agents transacting onchain via the x402 protocol.
Interested in getting listed? Read more here.
Token Terminal Slides in private beta
Token Terminal Slides is a slide creation tool that leverages Token Terminal’s real-time, standardized onchain dataset to generate institutional-grade data visualizations, charts, and commentary.
As the tokenized asset and onchain economy expands, analysts increasingly need visualization tools that can transform large, fragmented datasets into clear, defensible, and presentation-ready insights.
Token Terminal Slides enables analysts to create data-rich research slides with embedded commentary in minutes instead of hours, significantly reducing the manual work required to source data, build charts, and write supporting analysis.
Interested in trying out the product? Get in touch.
How we cover the entire tokenized asset market
Our most recent engineering blog post covers our three-stage pipeline that produces standardized metrics for 3,000+ tokenized assets across 50 blockchains, spanning stablecoins, tokenized funds, stocks, and commodities.
Tokenized asset data is structurally fragmented across chains, issuers, token standards, and contract architectures. The same asset can exist across multiple blockchains simultaneously, while many issuers implement custom minting, redemption, and transfer logic that makes raw blockchain data difficult to normalize consistently at scale.
By operating our own ingestion, decoding, pricing, and aggregation infrastructure in-house, we are able to transform fragmented onchain activity into unified, institutional-grade metrics for the global tokenized asset market.
The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating or are invested in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.
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