Each week in The Snapshot, we share data-driven insights, highlight new listings, and showcase our latest product updates.
Read on for the latest edition 👇
Tokenized assets have evolved into a multi-sector market.
Stablecoins, tokenized funds, U.S. T-bills, credit funds, commodities, stocks, ETFs, real estate, euro stablecoins, and pre-IPO stocks each have distinct assets, issuers, chains, and growth dynamics.
To make these segments easier to analyze, the Tokenized assets page now includes dedicated views for every major sector. Users can compare market cap, holders, and transfer activity across assets, issuers, and chains within each sector.
1) Stablecoins
Stablecoins remain the largest tokenized asset category, with market cap at $304.3B. The category is still overwhelmingly U.S. dollar-denominated, with U.S. dollar stablecoins representing 99.5% of market cap. USDT leads at $187.1B, followed by USDC at $75.4B and USDS at $12.2B.
2) RWAs
RWAs have reached $42.7B in market cap. Tokenized funds account for 79.1% of the category, followed by commodities at 17.2% and stocks at 3.7%. Ethereum is the leading chain for RWAs, with $24.7B in market cap and 57.9% market share.
3) Funds
Tokenized funds have reached $33.8B in market cap. U.S. T-bill funds are the largest fund type at $13.9B, followed by yield strategy funds at $10.3B and credit funds at $5.5B. Sky is the largest issuer at $6.0B, followed by Securitize, Circle, Ondo Finance, and Franklin Templeton.
4) U.S. T-bills
Tokenized U.S. T-bills have reached $13.9B in market cap. USYC is the largest asset at $2.9B, followed by BUIDL at $2.4B, USDY at $2.1B, and BENJI at $1.6B. Ethereum leads the category with $7.1B in market cap and 51.0% market share.
5) Credit funds
Tokenized credit funds have reached $5.5B in market cap. syrupUSDC is the largest asset at $1.4B, followed by JAAA at $438.8M, PRIME at $394.5M, and syrupUSDT at $388.5M. Tradable and Maple Finance are the two largest issuers, with 40.9% and 32.1% market share, respectively.
6) Commodities
Tokenized commodities have reached $7.3B in market cap. Gold is the largest reference commodity at $5.0B, followed by energy at $2.2B. Ethereum leads the category with $4.9B in market cap and 66.4% market share, followed by XRP Ledger at $2.2B.
7) Stocks
Tokenized stocks have reached $1.6B in market cap. ETFs are the largest reference stock category at $435.7M, followed by CRCL at $168.0M, STRC at $135.6M, and MU at $101.2M. Ondo Finance is the largest issuer with $1.1B in market cap and 66.4% market share.
8) ETFs
Tokenized ETFs have reached $435.7M in market cap. IVVon is the largest asset at $68.5M, followed by SPYon at $42.4M, IBITon at $41.9M, and QQQon at $37.9M. Ethereum leads the category with $325.3M in market cap and 74.7% market share.
9) Real estate
Tokenized real estate has reached $1.3B in market cap. PAPL0 is the largest asset at $1.1B and represents 84.5% of the category. Injective is the leading chain, also with $1.1B in market cap and 84.5% market share.
10) Euro stablecoins
Euro stablecoins have reached $754.1M in market cap. EURC is the largest asset at $498.3M, followed by EURCV at $120.8M and EURI at $57.6M. Ethereum leads the category with $476.7M in market cap and 63.2% market share.
11) Pre-IPO stocks
Pre-IPO tokenized stocks have reached $17.3M in market cap. Anthropic is the largest reference stock at $9.1M, followed by OpenAI at $2.8M and Anduril at $2.0M. Solana accounts for 100.0% of the category’s market cap.
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: Steakhouse Financial Q1 2026
More from Q1 2026
“From our perspective, Q1 showed that Cash is becoming a real-world utility product, not just a crypto-cycle product.”
“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.”
"Boros' growth reflects a broadening of the user base as more participants discover what the platform can do.”
“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.”
“TRON's stablecoin supply reached a new all-time high in Q1, averaging $84.54 billion over the quarter and closing March at levels that reflect continued, broad-based demand for stablecoin settlement on the network.”
If you're evaluating how to formalize your project's data and reporting strategy, get in touch.
Platform updates
Listed 289 Ondo Finance tokenized assets. The new listings expand coverage across tokenized stocks and ETFs tied to AI, semiconductors, data-center infrastructure, energy, industrials, defense, space, shipping, crypto infrastructure, and fixed income.
Listed 439 StableStock tokenized assets on BNB Chain. The new listings expand coverage of tokenized stocks and ETFs, including sAAPL, sTSLA, sPLTR, sSPY, and sQQQ.
Listed 8 projects with basic metrics: A7A5, Metronome, Nereus Finance, SoulPeg, Tenbin Labs, Tokenised GBP, Unity USD, and USDKG.
Interested in getting listed? Read more here.
Data Partnership with Cardano
Token Terminal announced a Data Partnership with Cardano, making standardized, comparable data across the Cardano ecosystem available on Token Terminal.
Cardano is a Layer 1 blockchain with a research-driven development process, supported by 190+ peer-reviewed papers and a roadmap that includes Leios, post-quantum cryptography, and fast finality. The partnership gives Cardano stakeholders a standardized source for tracking the network's financial and usage metrics.
The Data Partnership includes four key parts:
Data pipeline. Token Terminal set up dedicated node infrastructure for Cardano to continuously extract raw data from the chain. This enables L1-specific metric coverage for Cardano and supports future listing work for Cardano applications.
Metric transformations. Token Terminal's research team transforms raw Cardano blockchain data into standardized financial and usage metrics. Live metrics include fees, daily active users, transaction counts, ecosystem stablecoin supply, and more.
Discovery and reporting. Cardano is now listed on Token Terminal's L1 blockchain market sector dashboard, with key charts also featured on the Discover page. Users, investors, developers, and other stakeholders can now evaluate Cardano alongside other L1 networks using comparable metrics.
Data maintenance. Standardized onchain metrics require ongoing maintenance as a blockchain's application ecosystem grows. Token Terminal will maintain Cardano's metrics over time, allowing the Cardano team to focus on growing its onchain economy.
"Partnering with Token Terminal empowers us to track our performance in a fair & accurate way, while providing a real-time dashboard that's a great tool for all Cardano stakeholders."
Interested in getting your chain listed? Read more here.
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.
Stay in the loop
Join our mailing list to get the latest insights!