Tokenized Assets Reach $34B as Treasuries Surge

The tokenized asset market exceeded $34 billion in May 2026, led by tokenized U.S. Treasury products that climbed to roughly $16 billion. Market data show the sector has grown about tenfold since mid-2024.

A market data platform recorded distributed tokenized asset value at $34.01 billion. Treasury-linked products made up the largest share. Commodities approached $6 billion and asset-backed credit topped $3 billion. The platform also listed represented asset value of $335.17 billion, 815,297 total asset holders and 256.95 million stablecoin holders.

Financial firms and issuers introduced tokenized Treasury products to support collateral management, payments and yield-bearing settlement. Market participants are using blockchain settlement rails for near-instant transfers and programmable asset servicing. Several institutions moved projects from pilot stages into live production as settlement infrastructure matured.

Policy changes included the Guiding and Establishing National Innovation for U.S. Stablecoins Act, which became law on July 18, 2025. The law created a federal framework for payment stablecoins and requires one-to-one reserve backing using assets such as U.S. dollars, bank deposits and short-term Treasury bills. Bank of America analysts estimated that regulated stablecoin growth could prompt additional purchases of Treasury bills as issuers increase holdings to meet reserve rules.

Adoption rates varied by asset class. Asset-backed credit reached $1 billion in market capitalization in 185 days, while specialty finance crossed $1 billion in under two years. Venture capital tokenization and active strategy products took more than seven years to reach the same level. The commodity sector is dominated by gold-backed tokens, led by XAUt and PAXG. Tokenized oil, agricultural assets, energy exposures and compute-linked products remain at earlier stages with smaller market shares.

A venture firm highlighted the recent expansion, writing: “The tokenized asset market crossed $30 billion last month and has stayed there. Roughly the size of an elite university endowment. As recently as mid-2024, it was below $3 billion. 10x in under two years.” The firm attributed the growth to the new stablecoin framework, maturing on-chain infrastructure and an increase in institutional deployments.

Regulators, banks and asset managers are adapting operations to on-chain settlement practices and compliant tokenized products. The combination of clearer stablecoin rules, expanded settlement systems and more institutions running live deployments corresponds with the rapid increase in tokenized asset values.