Global Tokenized Asset Market Update Q3 2026

Global tokenized asset market grew 290% in last 12 months according to Deutsche Bank Institute. Here are the key trends, signals and what's next.

The global tokenized asset market grew from $10B to $39B in past 12 months, led by tokenized MMF (the largest category) and tokenized equities (the fastest growing category).

Tokenized MMF ($15B)

Top issuers consist of 

- first movers such as Ondo Finance, BlackRock, Circle (via Hashnote), Franklin Templeton 

- newcomer J.P. Morgan

Together they control the majority of AUM, about 80%.

Signal: it pays to be first movers. Execution, distribution and institutional backing help turn that lead into market share.

What to watch next 

Tokenized MMF is evolving from a onchain cash management tool for crypto native capital to broader institutional use cases. The next stage of growth will be driven how it gets embedded into the workflows where onchain yield is most meaningful at scale.

Tokenized Equities ($3B)

Top issuers consist of

- first movers such as Ondo Finance and Kraken

- newcomer Binance with massive distribution

Together they control 73% of the market.

Signal: all existing tokenized equities are in third-party synthetic form. Retail investors have different criteria vs institutional players.

What to watch next

SEC's recent exemptions are drawing lines on where the competitive fault lines will be when it comes to bringing the market to scale.

Nasdaq, NYSE and DTCC are the cornerstone institutions in the US equities market and they are moving quietly but significantly. Their latest tokenization moves have laid the infrastructure that will provide the entry to the space at scale.