The market for tokenized real-world assets has hit fresh milestones, with tokenized U.S. Treasury funds surpassing $13.7 billion across 23 funds and blockchain-based equities soaring to a $1.5 billion market. Data from Token Terminal reveals the rapid institutional embrace of on-chain fixed-income and equity products.
Tokenized Treasury funds are led by Circle’s USYC on BNB Chain ($2.9 billion), Franklin Templeton’s Ethereum-based iBENJI ($1.4 billion), BlackRock’s BUILD ($1.2 billion), and Invesco’s JTRSY ($1.1 billion). Growth is fueled by demand for yield-bearing collateral in DeFi and the operational efficiencies of 24/7 blockchain settlement.
Tokenized stocks have rocketed from just $37 million a year ago to $1.5 billion by May 2026—a 40x increase. Ondo Finance dominates with $963 million in assets (over 63% of the sector) and has processed more than $18 billion in trading volume. The second-largest platform, xStocks, holds $402 million, leaving others with a tiny share. Ondo Global Markets, launched in September 2025, reached $1 billion in total value locked within eight months and now lists over 260 tokenized U.S. stocks and ETFs across Solana, Ethereum, and BNB Chain.
The three major blockchain networks are in a fierce battle for market share: Ethereum commands 40% ($614.3 million), Solana follows with $442.6 million, and BNB Chain is close behind at $432.2 million. Each network leverages distinct advantages—Ethereum’s institutional trust, Solana’s speed, and BNB Chain’s massive retail user base.
Institutional drivers: Ian De Bode, President of Ondo Finance, highlighted that crypto-native wealth is seeking diversification through seamless access to traditional assets. Ondo has secured approval to offer tokenized stocks in 30 European countries and has confidentially filed with the SEC. Prediction market Polymarket shows 75% odds that tokenized RWAs overall will hit $50 billion by end‑2026 and 99% odds that Binance will launch stock tokens this year.
The expansion signals a maturing RWA sector, blurring the line between conventional finance and blockchain. Regulators are increasingly scrutinizing these products, and the tokenized ETF segment alone has reached $430 million, led by Ondo’s IVVon token tracking the iShares Core S&P 500 ETF.
