Tokenized assets hit $21B as treasuries, private credit surge

Tokenized assets on blockchain surpassed $21 billion in Q2 2026, driven by growth in tokenized U.S. Treasuries, private credit and gold. Six asset classes — Treasuries and money market funds, private credit, gold and commodities, equities, real estate debt products and corporate bonds — together reached the combined total for on-chain institutional activity in the quarter.

Tokenized Treasuries and money market funds exceeded $7 billion in assets under management. BlackRock’s BUIDL product accounts for more than $3 billion. Franklin Templeton’s BENJI operates across eight blockchains and offers roughly 4.5% APY. Ondo Finance’s USDY has surpassed $1 billion in supply and is used by DeFi protocols. U.S. Treasury yields in the 4% to 4.5% range contributed to demand, and some stablecoin issuers and protocol treasuries have shifted reserves into yield-bearing tokenized Treasury products.

Tokenized private credit reached over $14 billion in active on-chain loans in Q2 2026. Reported yield ranges on these platforms fall broadly between 9% and 18% APY depending on borrower type and structure. Platforms such as Maple Finance, Goldfinch, Credix and Huma Finance provide capital to corporate borrowers, fintech lenders in emerging markets and receivables-backed short-duration credit. Market participants cited demand for dollar capital in Southeast Asia, Latin America, Sub-Saharan Africa and Eastern Europe as a driver of lending volume. Regulatory developments, including proposed anti-money-laundering standards for stablecoin issuers and the GENIUS Act framework, were identified as factors that have reduced compliance uncertainty for institutional investors.

Tokenized gold and other commodities posted rapid AUM and trading-volume growth in Q2. PAX Gold (PAXG) and Tether Gold (XAUt) captured increased demand as the gold price traded near or above $3,000 per troy ounce. Tokenized gold products offer 24/7 settlement, fractional ownership and use as collateral in decentralized finance lending markets. PAXG is backed by allocated bars held in London with monthly third-party attestations; XAUt is backed by gold stored in Swiss vaults, creating different custody and attestation profiles.

Tokenized equities remain in early institutional deployment and have advanced faster in Singapore, the UAE and Switzerland than in the U.S., where securities-law requirements add compliance complexity. Tokenized real estate activity in Q2 centered on debt and receivables-backed products from providers including Centrifuge, RealT and Lofty; full-property title tokenization continues to be limited by local property law and settlement mechanics. Corporate bond issuance on blockchain increased in Q2, with participation from major banks and corporate issuers; reported coupon ranges commonly fall between 5% and 9%.

Combined AUM and active loan volumes for the six categories exceeded $21 billion in Q2 2026, supported by clearer regulatory frameworks, stablecoin reserve strategies by large asset managers and institutional custody and settlement infrastructure. Market participants referenced the large traditional market sizes for equities and real estate as potential long-term addressable markets for tokenization.