AUG 18, 2025 — Assets represented on public blockchains have reached a new all-time high of about $270 billion in assets under management (AUM), spanning tokenized currencies, commodities, U.S. Treasuries, private credit, equity and venture capital, according to fresh figures highlighted by analytics firm Token Terminal and reported by industry outlets.
What’s in the $270B
Token Terminal’s taxonomy groups tokenized assets into several buckets beyond stablecoins, including gold, sovereign debt funds, private-credit products, tokenized equities and VC vehicles. It also notes that the largest single tokenized asset by AUM is USDT on TRON, underscoring the role of stablecoins as the base layer of on-chain liquidity.
Independent trackers provide more color on composition and leaders by category:
- Stablecoins: Roughly $267B outstanding across chains as of today.
- Tokenized Treasuries & cash-equivalents: BlackRock’s BUIDL sits near $2.4B AUM; Ondo’s OUSG about $700M; Franklin Templeton’s BENJI around $696M; Circle’s USYC roughly $526M.
- Commodities (gold): XAUt about $1.25B and PAXG near $0.95B.
- Equity / VC & other funds: Tokenized shares of Exodus (EXOD) ~$259M; Blockchain Capital’s BCAP~$215M; Apollo’s ACRED (credit) ~$110M.
BeInCrypto’s roundup, citing Token Terminal, adds that Ethereum currently hosts the majority share (≈55%) of tokenized-asset AUM, reflecting network effects from ERC-20 standards and institutional rails like Securitize.
Why it matters
- Mainstreaming of on-chain cash & credit. The growth of tokenized money-market products and Treasuries shows traditional yield instruments moving to programmable rails, improving settlement and access while keeping familiar risk profiles.
- Diversification beyond “crypto-native.” With billions tokenized in private credit and equity/VC vehicles, on-chain finance now spans instruments that historically lived in private markets and transfer-agent ledgers.
- Policy tailwinds. Policymakers and market bodies have been studying tokenized funds and interest-bearing stablecoins, a sign that regulation is adapting to the shift.
How the estimates differ (and why that’s OK)
The “~$270B” headline figure comes from Token Terminal’s consolidated view, which includes tokenized currencies (stablecoins) alongside RWAs like Treasuries and gold. Other dashboards show the pieces separately—for example, RWA.xyz displays stablecoins (~$267B) and non-stablecoin RWAs (~$26B), implying a similar ballpark when combined but subject to methodology, chain coverage and timing.
Summary:
Tokenization’s scale is no longer theoretical: on-chain representations of cash, sovereign debt, gold, private credit and equity have pushed total AUM to around $270 billion, a record that reflects both stablecoin dominance and rapid growth in institutional-grade tokenized funds. Expect continued expansion as market infrastructure and rules catch up.
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