Signals from Tokenized Assets and Onchain Markets
The latest numbers from Dune's report on tokenized assets and onchain markets are fascinating: Tokenized funds dominate AUM. Tokenized equities is all about volume. And tokenized commodities are overwhelmingly a gold market.
1️⃣ Tokenized Money Market Funds: Up 133% YoY to $17.8B
Key insight: Distribution remains the biggest commercialization challenge.
Despite impressive AUM growth, ownership remains highly concentrated.
Top wallet often account for 20%-30% of a product's AUM.
The top 10 wallet addresses account for 70%-90% of the products AUM.
This suggests that much of the market remains driven by a small number of large institutional allocations rather than broad-based distribution.
The next phase of tokenized MMF growth will depend on expanding distribution beyond concentrated institutional mandates.
2️⃣ Tokenized Equities: Up 2,000%+ YoY to $2.8B
Key insight: Trading activity, not just tokenized AUM, is the commercial opportunity.
Despite accounting for just 8% of tokenized asset supply, equities generated 93% of decentralized exchange (DEX) spot trading volume in August.
The difference in asset turnover is striking:
- Tokenized MMF: 0.006% of supply traded.
- Tokenized equities: 162% of supply traded.
Tokenized equities are emerging as a fundamentally different business model from tokenized funds.
For tokenized equities, the commercial opportunity is increasingly about trading volume, liquidity provision and market infrastructure, rather than simply growing assets under management.
3️⃣ Tokenized Commodities: Up 138% YoY to $5.5B
Key insight: Tokenized commodities are overwhelmingly a tokenized gold story.
Gold accounts for approximately 97% of the entire tokenized commodities market.
The underlying gold market has experienced strong momentum, with demand increasing 73% YoY alongside a 29% increase in price.
An especially interesting signal is emerging in the derivatives market. Gold perpetual futures trading volume surged from $2.5M in December 2025 to $165M in August 2026, a 66x increase in just eight months.
Both demand and trading numbers suggest there is a growing demand onchain for gold exposure and ownership.
Three asset classes. Three very different opportunities. Want to learn more what they mean commercially? Explore more on:
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