Blockchain analytics platform Token Terminal has shifted its focus toward tracking individual assets moving through blockchain protocols. The platform launched its Tokenized Assets page in November 2025, expanding its coverage to over 4,600 assets across 310 issuers and 45 chains, up from roughly 300 assets at launch.
The total market capitalization of the tokenized assets tracked by the platform is approximately $345.6 billion. Stablecoins account for about $300 billion of that total, representing roughly 94% of the tracked market share.
From Protocols to Products
Historically known for protocol-level metrics such as total value locked, transaction counts, and fee revenue, Token Terminal has introduced an asset-first model. The updated framework tracks individual metrics like market capitalization, holder counts, and transaction data for each tokenized asset.
By June 2026, the platform reported more than 270.9 million holders of tokenized assets across its coverage universe, which includes stablecoins, tokenized funds, commodities, and equities. Tether's USDT holds a dominant position within this landscape, commanding approximately 60% market share among the tracked stablecoins.
New Dashboards and Expansion
Token Terminal released dedicated real-world asset dashboards in May 2026, followed by redesigned issuer pages on June 18, 2026. These issuer pages are designed for stablecoin and real-world asset businesses, allowing users to examine individual companies and track their distribution across 45 different blockchains.
While tokenized funds, commodities, and stocks are growing, stablecoins continue to represent the vast majority of the total tokenized asset market cap at 94%. Token Terminal aims to combine its traditional protocol analytics with asset-level data to capture a comprehensive view of the evolving onchain economy.
