The on-chain tokenized asset market surpassed $346.1 billion across 47 asset classes in a Token Terminal snapshot, with USD stablecoins accounting for $298.5 billion, or 86.2% of the total. Non-stablecoin tokenized assets totaled $47.6 billion, led by U.S. Treasuries at $15 billion, yield strategies at $10.5 billion, credit funds at $6.4 billion, gold at $5.1 billion and tokenized stocks at $2.4 billion. An earlier record valued tokenized real-world assets at more than $32 billion and listed fixed income, credit, commodities and equities at $16.5 billion, $7.6 billion, $5.5 billion and $2.5 billion, respectively; the difference likely reflects methodology, timing and asset coverage.