Token Terminal

99.6% of stablecoins are pegged to the U.S. Dollar. The global financial system is materially more diversified --> current structure is unlikely to be a long-term equilibrium. Issuers focused on non-USD currencies --> great opportunity today, given the limited competition.

📰⛓️ Recent 'Tokenized assets' coverage in our newsletters & research: ▪️ Who is going to win the tokenized Treasuries race? ▪️ Tokenized commodities beyond gold ▪️ Tokenized asset sectors target $100 T+ markets ▪️ Tokenized stocks: from public equities to private markets ▪️ Tokenized asset markets: 2026 growth rates & year-end projections ▪️ Mapping $330 B+ in tokenized assets ▪️ Getting started with tokenized assets - A guide for institutional investors ▪️ The growth of tokenized real-world assets (RWAs) on Morpho ▪️ There is no bear market for tokenized assets

🌐⛓️ BREAKING: The market cap of non-USD stablecoins surpasses $1.4 billion, led by the Euro and Brazilian Real. Non-USD stablecoin landscape by reference currency, asset, issuer, & chain 👇

Tokenized assets are growing. But who benefits? The underlying chains:

Tokenized assets are growing. But who benefits? The asset issuers:

Ethereum hosts 65.2% of all tokenized EUR stablecoins. The EUR m2 supply is at ~$16 trillion today, with only $778.6 million tokenized so far. Assets, issuers, and chains to follow 👇

🇪🇺⛓️ EURCV stablecoin issued by Societe Generale - FORGE surpasses $100 million in onchain market cap. Asset & issuer to follow 👇

🌐🏁 We've entered a global race to tokenize money and capital markets. The blockchains and issuers of tokenized assets that emerge as winners from this race could very well grow into the world's most valuable businesses over the coming decade. ▪️ Tokenization turns 5.6 billion internet users into potential buyers of U.S. dollars and debt (via stablecoins) and U.S. securities (via tokenized stocks). ▪️ Stablecoins backed by U.S. T-Bills and tokenized forms of U.S. equities create new investor demand that lowers (i) borrowing costs for the U.S. government, and (ii) the cost of capital for U.S. corporations. ▪️ The result is a powerful growth flywheel: cheaper access to capital → more reinvestment → better products, in the form of a stronger dollar currency and strengthened U.S. corporate dominance globally. ▪️ The issuers that tokenize these assets and the underlying blockchains that they operate on are positioned to build generational businesses aligned with the strategic interests of one of the world's most powerful governments. The economic advantages of asset tokenization are too good to ignore, which is why we believe that all other major nations and economic zones will try to follow the U.S. playbook when it comes to stablecoins and asset tokenization.

One regulation reshaped the euro stablecoin market: MiCA. Post-MiCA: > $EURC by @Circle volumes up 1,139% > $EURCV by @SocieteGenerale volumes up 343% 12 European banks formed Qivalis to launch a MiCA-compliant euro stablecoin in H2 2026. Data: Token Terminal https://lnkd.in/eKbWnrS6

Tokenized stocks reach an onchain market cap of $1.5 billion, up ~40x YoY. Ondo Finance is the current category leader, with 63.1% market share, based on tokenized market cap.