Tokenized funds reach $35.1B in market cap, but only 8.9% is deposited into DeFi

Tokenized funds are a $35.1B market, led by U.S. T-bill funds. Yield strategies and credit funds make up 98% of DeFi deposits and 98% of DEX trading volume.

1) Tokenized funds grew 11.7x in three years, led by U.S. T-bill funds

• Tokenized fund market cap rose from $3.0B on 9 October 2023 to $35.1B on 7 October 2026. U.S. T-bill funds grew 47x, from $0.3B to $13.9B, and overtook yield strategies as the largest category by market cap in April 2026. The largest U.S. T-bill funds are Circle USYC, Ondo USDY and BlackRock BUIDL. Yield strategies fell from $14.3B in March 2026 to $11.2B.

2) U.S. T-bill funds are the largest category by market cap, with only 0.4% of their market cap deposited into DeFi

• Yield strategy tokens make up 58.0% ($1.81B) of the $3.1B in fund tokens deposited into DeFi, and credit fund tokens make up 40.1% ($1.25B). U.S. T-bill fund tokens make up 1.9%($58.6M), which is 0.4% of their $13.9B market cap. Many U.S. T-bill tokens are restricted to whitelisted wallets, so they can’t be deposited into permissionless lending markets or trading pools.

3) Yield strategies make up 61.7% of DEX trading volume, led by Ethena sUSDe

• $14.1B in fund tokens has traded on DEXs year to date. Ethena sUSDe traded $5.65B, 40% of all tokenized fund DEX trading volume. U.S. T-bill funds traded $213M, 1.5% of all tokenized fund DEX trading volume.

Key takeaways

U.S. T-bill funds are the largest category by market cap, but yield strategies and credit funds make up 98% of both DeFi deposits and DEX trading volume. Only 0.4% of U.S. T-bill fund market cap is deposited into DeFi. Lending markets and DEXs that support whitelisted U.S. T-bill tokens can tap $13.9B in fund tokens, of which only 0.4% is deposited into DeFi today.

Tokenized assets

• Listed Open Standard’s Open USD (OUSD) stablecoin on Ethereum, Base, Solana and Tempo, with total circulating asset market cap of $789.7 million. Learn more on the asset’s fact sheet.

• Listed Paxos’s Global Dollar (USDG) on Arbitrum, with circulating asset market cap of $26.2 million. Learn more on the asset’s fact sheet.

• Listed Ondo’s US Dollar Yield (USDY) on BNB Chain, with circulating asset market cap of $98.7 million. Learn more on the asset’s fact sheet.

• Listed Aave’s GHO stablecoin on Monad, with circulating asset market cap of $55.8 million. Learn more on the asset’s fact sheet.

• Listed Tether’s USDT0 on Monad, with circulating asset market cap of $45.5 million. Learn more on the asset’s fact sheet.

• Listed RealFi’s USDrf stablecoin and its staked version, sUSDrf, on Cardano, with a combined circulating asset market cap of $7.7 million. Learn more on the fact sheets for USDrf and sUSDrf.

• Listed Agant’s British pound stablecoin (GBPA) on Ethereum, Base, Arc, Solana and Tempo, with circulating asset market cap of $2.1 million. Learn more on the asset’s fact sheet.

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