On-chain tokenized assets near $346.1B, with 86.2% in USD stablecoins

The total value of on-chain tokenized assets has surpassed $346.1 billion, with capital concentration across asset classes becoming increasingly pronounced, according to Token Terminal. USD stablecoins accounted for $298.5 billion, or 86.2% of the overall market, serving as the main pillar of liquidity. In the $47.6 billion real-world asset market excluding stablecoins, U.S. Treasuries attracted the most capital at $15.0 billion, leading growth in non-stablecoin assets. Yield strategy products, including a range of derivatives and structured financial products, followed at $10.5 billion, while credit funds in the form of private lending and fund structures stood at $6.4 billion. Tokenized gold was valued at $5.1 billion. By contrast, tokenized equity products remained at $2.4 billion, or 0.7% of the total market, indicating a relatively modest pace of adoption.