Stablecoins Dominate Tokenization Market With 91.6% Share; U.S. Treasury Tokens Reach $12 Billion

According to Pantera Capital's report released on May 20, stablecoins overwhelmingly lead the tokenized asset market, capturing 91.6% of the total $319 billion market value. The firm analyzed 593 tokenized assets and found stablecoins ($293 billion+) function as the primary cash asset in on-chain economies, far ahead of other asset classes.

Tokenized U.S. Treasury securities emerged as the second-largest segment, reaching approximately $12 billion since near-zero levels in 2021, driven by yield-seeking demand from both crypto-native and institutional investors. Major financial institutions including BlackRock (BUIDL: $2.1B), Franklin Templeton (FOBXX/BENJI: $1B), and Fidelity (FDIT: $162M) dominate this space. Outside stablecoins, private credit showed the highest DeFi integration rate at 64.3%, followed by active management strategies at 19.0%, though usage remains concentrated in a few products. Real estate, corporate bonds, and private equity remain nascent, with tokenized real estate at 36 launches and meaningful on-chain maturity yet to develop.