Tokenized real-world asset market hits $46.3B as Treasuries lose their majority

Token Terminal data shows US T-bills now make up less than a third of the on-chain RWA market as yield strategies and credit funds gain ground The tokenized real-world asset market is now worth $46.3 billion, according to data from Token Terminal. The bigger news is what’s inside that number. US Treasuries, long the default product for putting traditional finance on a blockchain, now account for less than one-third of the total. Token Terminal’s breakdown puts tokenized US Treasury bills at $13.3 billion. That is still the largest single category, but it has plenty of company.