Tokenized Assets Soar to $10.9B, Led by Debt & Treasuries

Tokenized asset markets have reached a new all-time high, surpassing $10.9 billion. This represents a 37.1% increase from the roughly $8 billion at the start of the year.

The surge is largely driven by heightened demand for private loans and U.S. Treasury debt. Currently, private credit makes up $8.1 billion of the market, while tokenized Treasuries account for $1.9 billion. Other tokenized asset classes remain under $1 billion each.

Tokenized U.S. Treasury debt has grown significantly since the March launch of the $BUIDL fund. In just five months, this sector has expanded by $1.1 billion. The rise in tokenized Treasuries has caught the eye of major institutions like Goldman Sachs and Ripple, signaling a growing trend.

Meanwhile, tokenized gold continues to lead the commodity sector. Tether and Paxos are at the forefront with their gold-backed tokens, $XAUT and $PAXG, holding market caps of $455.7 million and $455.4 million, respectively. Tether has also introduced $aUSD₮, a stablecoin backed by $XAUT. This stablecoin lets users mint and redeem coins using physical gold, making it even more attractive.

In the realm of tokenized investments, Ondo Finance stands out as a leader. The firm has achieved over $560 million in total value locked (TVL) for its cash-equivalent products. Ondo’s USDY stablecoin, available across multiple blockchains, has surpassed $340 million in TVL, offering a 5.35% annual percentage yield (APY). The firm’s OUSG token, which provides liquid exposure to short-term U.S. Treasuries, has a TVL of $217.89 million and offers a 4.62% APY.

Maple Finance also demonstrates the growing market for tokenized assets. The platform’s High Yield Secured pool has experienced a 280% increase in TVL, reaching over $300 million. Furthermore, Syrup, Maple’s new permissionless lending product, has quickly grown past $50 million in TVL. Syrup’s strong performance is evident in its ability to surpass average APYs in Aave v3 USDC.

OpenEden, a key player in the tokenized T-Bill sector, has become the first Moody’s-rated tokenized T-Bill product. With a nearly $100 million TVL and a Moody’s “A” rating, OpenEden has quickly gained popularity among crypto treasuries and institutional investors. The firm’s efficient handling of redemptions during market sell-offs has further strengthened its reputation.