The market size of tokenized assets has surpassed $9B, and market signals are already very clear.

The most noteworthy aspect is who is truly leading this track. According to the latest data, Securitize leads with a scale of $1.8B, while Circle and Ondo Finance each hold $1.5B. These three institutions have become the core players in the tokenized government bond market.

Interestingly, these same players are also the earliest teams to settle and build on a mainstream Layer 1 ecosystem. The from zero to one stage has already proven the feasibility of tokenized assets, and now we are entering a period of scaled growth. As institutions and on-chain infrastructure improve, the ceiling for this track is clearly far from being reached. There is still broad room for innovation in products like tokenized government bonds, government bond derivatives, and others.