Tokenized finance is one of crypto’s most serious growth stories today. However, is this just another trend or the foundation of something new?

AMBCrypto previously reported that S&P Dow Jones Indices moved its iBoxx U.S. Treasuries Index on-chain via the Canton [CC] Network, one of the clearest steps forward. The move came as tokenized U.S Treasuries crossed $12.6 billion.

BNB Chain’s tokenized asset market cap at a record $16.6B

BNB Chain’s tokenized asset market has expanded over the past year, reaching an all-time high of about $16.6 billion! According to Token Terminal, that is more than 2x higher YoY, up from roughly $4 billion to $5 billion in early 2024.

Growth sped through 2025, with the market cap first pushing past $10 billion and then moving above $15 billion. Tether [USDT] still makes up the largest share of the stack, but a broader base is forming across names like USD Coin [USDC] and WLFi’s USD1.

Growth is spread beyond the top 2

At press time, Tether still led issuance by a wide margin at $186.5 billion, while Circle followed at $80.0 billion. However, the faster growth is happening lower down the table.

Over the last 30 days, Ondo Finance has expanded by 36.1% to $3 billion. Similarly, Maple Finance climbed by 25.4% to $2.8 billion and Centrifuge added 24.7% to reach $1.6 billion. Securitize also grew 14.2% to $2.7 billion.

On the contrary, Tether’s growth was nearly flat at -0.1%.

Tokenized funds reach $31.9B as yield products take the lead

The tokenized funds market was at $31.9 billion at press time. Growth has been led by yield-oriented products, rather than plain cash proxies alone.

sUSDS was the largest fund at $6.1 billion, followed by sUSDe at $3.5 billion, USYC at $2.7 billion, and BUIDL at $2.4 billion. The next layer also appeared to be meaningful – syrupUSDC is at $1.8 billion, JTRSY at $1.2 billion, and PAPLO at $1.1 billion.

It’s not just stablecoins anymore. Income-bearing on-chain products are scaling fast!

---

Final Summary

• BNB Chain’s tokenized asset market cap has reached a record $16.6 billion – 2x YoY!
• Tokenized funds climbed to $31.9 billion, with yield-bearing on-chain products in the lead.

read more