Tokenized Markets Hit $2.3B, Utility Trumps TVL

Tokenized markets have reached an all-time high of $2.3 billion in market capitalization, reflecting growing interest in on-chain financial products.

The majority of this value is held on Ethereum, with $783.2 million, followed by BNB Chain with $679.8 million and Solana with $535.9 million.

However, despite being the primary custody layer, Ethereum only hosts around 2,000 distinct holder wallets for tokenized funds, while Arbitrum leads with roughly 12,500 wallets, largely through Theo.

This suggests that issuer reputation is a key driver of liquidity and user growth, rather than just having access to a particular blockchain platform.