The on-chain tokenized asset market has surpassed $346.1 billion across 47 asset classes, according to Token Terminal. USD stablecoins account for $298.5 billion, or 86.2% of the total, making them the main source of market liquidity and leaving $47.6 billion in non-stablecoin tokenized assets. U.S. Treasuries lead that segment at $15 billion, followed by yield strategies at $10.5 billion, credit funds at $6.4 billion, gold at $5.1 billion and tokenized stocks at $2.4 billion, or 0.7% of the overall market. The concentration of capital in stablecoins and Treasuries contrasts with the comparatively modest adoption of tokenized equities. Differences between Token Terminal’s figures and RWA.xyz estimates of $38 billion to $39 billion for distributed real-world assets likely reflect variations in methodology and asset coverage. The expansion of tokenized asset categories since 2024 has accompanied new listings, institutional products and clearer regulatory frameworks in several jurisdictions.