Newsletter
Token Terminal hits 10,000 tokenized asset listings
+ data & product updates
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 👇
Until recently, most tokenized assets onchain were stablecoins, and the data covered a relatively small market. Of the 49 tokenized assets that launched before 2023, 39 were stablecoins, 6 were tokenized funds, and 4 were tokenized commodities.
Token Terminal has now listed 10,118 tokenized assets, made up of 9,078 tokenized stocks, 641 tokenized funds, 245 stablecoins, and 154 tokenized commodities. Most of that growth came this year. We’ve listed 8,984 tokenized assets in 2026 so far, and the market now includes major asset managers, fintechs, and exchanges.
As a result, data on Token Terminal is becoming richer in both quantity and quality, and we only expect this trend to continue. This newsletter makes the case in the next four charts: (1) the room to grow, (2) the pace of listings, (3) the quality of issuers, and (4) the depth of coverage.
1) The room to grow
The tokenized stock market totals $3.5b, or 0.002% of the $164.5t global equity market. Despite scaling quickly over the last year, the addressable market for tokenized stocks remains ~47,000x larger than what has been tokenized so far. The same pattern holds for other categories, with stablecoins at about 0.3% of global M2 and tokenized funds at about 0.02% of global assets under management. Regulation is also moving in the market’s favor, as the SEC’s recent Innovation Exemption lets qualifying venues trade tokenized U.S. stocks onchain for five years.
2) The pace of listings
Token Terminal has listed 4,186 tokenized assets in September so far, and almost all of them are tokenized stocks. Tokenized assets are arriving onchain in large batches as more issuers enter the market. Recent entrants include Binance, Coinbase, and Bitget-affiliated Reality, the largest source of September listings.
3) The quality of issuers
9 of the world’s 20 largest asset managers have a tokenized fund listed on Token Terminal. Together, they combine for $8.2b in tokenized fund market cap. BlackRock, Invesco, Amundi, State Street, and BNY are onchain through tokenization platforms (Securitize, Superstate, Spiko, Galaxy, and OpenEden), while Fidelity, Franklin Templeton, J.P. Morgan, and UBS issue their own. The data on Token Terminal is shifting toward high-quality finance.
4) The depth of coverage
493 S&P 500 companies have a tokenized version with market cap data on Token Terminal, up from 26 two years ago. It is still early, as only 71 have more than $1m in tokenized market cap. NVDA and TSLA each span 13 live issuers, with xStocks the largest issuer of both. Dollar stablecoins, U.S. T-bill funds, and U.S. stocks are the biggest in their categories, consistent with the U.S.’s lead in technology and capital markets. Outside the U.S., the same sequence is starting, with $1.5b in non-USD stablecoins and $776.1m in non-U.S. T-bill funds, and equities could be next.
Platform updates
Listed Tangent's USG stablecoin (USG) on Ethereum. Learn more on the asset's fact sheet.
Listed 1,433 more Bitget Reality rStocks on Arbitrum, taking the catalog to 3,167 assets. Learn more on the issuer's project page.
Listed 148 more xStocks on Mantle and six other EVM blockchains, taking the catalog to 1,424 assets. Learn more on the issuer's project page.
Listed 53 more Backpack tokenized stocks on Solana, taking the catalog to 67 assets. Learn more on the issuer's project page.
Interested in getting listed? Read more 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.
Featured report: Ethereum Q2 2026
More from Q2 2026
“The team is prioritizing platform improvements aimed at unlocking B2B growth - faster quoting and shorter auctions among them - alongside sustained progress on CoW DAO's expansion to Solana."
“In this next phase, Fluid will continue to bring value to token holders by working with institutions, fintechs and asset issuers to bring in net-new capital, while verticalising the product suite to make the AUM more efficiently revenue-generating."
“The flagship announcement of the quarter was Grove Basin: programmable credit infrastructure designed to provide eligible holders with up to $1 billion in committed daily onchain stablecoin liquidity for tokenized real-world assets.”
“If this quarter showed anything, it is that the industry does its best work when it is building rather than firefighting, and we intend to keep doing ours, driving toward finance that is open and transparent.”
"Q2 marked one of TRON's strongest operational quarters to date, with growth occurring across network usage, stablecoin adoption, and monetization simultaneously.”
If you're evaluating how to formalize your project's data and reporting strategy, get in touch.
Token Terminal data powers OKX's latest report
Last week, OKX published Real-World Assets Just Caught Up To Bitcoin, a report built on Token Terminal data covering how real-world asset derivatives trading became crypto's fastest-growing category.
As onchain datasets grow in scale and complexity, extracting the most relevant, high-impact insights is becoming more demanding. In response, we recently launched Token Terminal Research, a dedicated service where our research team helps customers work through their most difficult onchain data questions.
If you need support turning onchain data into actionable insights, get in touch.
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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