Tokenized assets top $46 billion onchain as Treasuries lose their grip

Tokenized real-world assets, excluding stablecoins, have grown roughly tenfold in three years, and the mix is getting more interesting Tokenized assets, not counting stablecoins, now carry an onchain market value of $46.1 billion. Three categories make up 66% of that: T-bills, yield strategies, and credit funds. Data from Token Terminal dated October 25, 2026, puts the figure slightly higher, at $46.3 billion. That reflects growth of approximately 920% over the past three years. US Treasury bills remain the single largest category, at $13.3 billion. It works out to less than one-third of the total market.