Tokenized Assets Excluding Stablecoins Reach $46.1 Billion

The market for tokenized assets outside stablecoins totaled $46.1 billion, led by U.S. Treasury bills. The three largest categories made up 66% of the market, whose capitalization increased 930% over the past three years.

Treasury bills accounted for $12.9 billion. Yield strategies followed at $11.8 billion, and credit funds totaled $5.6 billion. Together, the categories reached $30.3 billion, or about 65.7% of the total, rounded to 66%.

An early-September overview highlighted yield-generating and collateral-usable assets as key market drivers.