On-Chain Tokenized Assets Approach $346.1 Billion, 82% in Dollar Stablecoins

According to Token Terminal, the total value of on-chain tokenized assets has surpassed $34.61 billion, with a clear concentration of funds across asset classes. A staggering 86.2%—$29.85 billion—of the market is concentrated in U.S. dollar (USD) stablecoins, forming the core of liquidity. In the real-world asset (RWA) market excluding stablecoins, valued at $47.6 billion, U.S. Treasuries led with $15 billion, driving growth in non-stablecoin asset classes. Following closely were yield strategy products including various derivatives and structured financial instruments at $10.5 billion, and credit funds in the form of private loans and funds totaling $6.4 billion. Gold, as a physical commodity, accounted for $5.1 billion. Meanwhile, tokenized stock products remained relatively modest at $2.4 billion (0.7% of total), showing a slow but steady market entry.