According to Token Terminal, while the total value of on-chain tokenized assets surpassed $346.1 billion, a clear concentration of funds by asset class was observed. $298.5 billion, accounting for 86.2% of the total market, was concentrated in USD stablecoins, forming the core axis of liquidity. In the $47.6 billion real-world asset (RWA) market, excluding stablecoins, US Treasury bonds attracted the most funds at $15 billion, driving the growth of non-stable asset classes. Following this, yield strategy products, including various derivatives and structured financial products, recorded $10.5 billion, and credit funds in the form of private loans and funds recorded $6.4 billion. Gold, a real commodity, was estimated at $5.1 billion. On the other hand, tokenized stock products remained at $2.4 billion (0.7% of the total), showing relatively moderate adoption.
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