The rise of tokenized assets in decentralized finance (DeFi) has brought significant growth, with the market expanding nearly four times in 2025 to reach almost $20 billion in on-chain assets. This expansion is fueled by institutional capital seeking new technology rails and the increasing adoption of stablecoins.
Regulated products such as sovereign bonds and money market funds dominate the makeup of the market, reflecting a shift from speculative crypto to established financial capital. Major asset managers and exchanges are now launching tokenized products, signaling a transition from experimental pilots to mainstream capital market upgrades.