Ethereum Holds 48.4% of $46 Billion Tokenized Asset Market

Key Facts

Ethereum hosted $22.2 billion of tokenized real-world assets, or 48.4% of a $46 billion market on September 24, 2026, according to Token Terminal figures reported by The Crypto Times. That put it first among the blockchains carrying these products. The measurement covered 35 chains across the market; it did not say that Ethereum's holdings were spread across them. The distinction matters because Ethereum's share is close to half of the measured total, rather than the whole market. The figure also describes the value of assets recorded on a network, not the market value of the ETH token.

BNB Chain ranked second with $5.5 billion of tokenized assets and an 11.9% share, well behind Ethereum. Stellar and zkSync Era each held about $3.3 billion, with shares of 7.2% and 7.1%, respectively, while Solana held $3.0 billion, or 6.5%. These rankings compare networks that can each host financial products represented by tokens. Values across the networks form the denominator for Ethereum's 48.4% share, so fresh issuance on a rival chain can change the ranking. A lead in the value of issued assets does not, by itself, establish a comparable lead in trading or use of those assets.

Token Terminal defines a tokenized asset's market capitalization as the value represented onchain and organizes its figures by asset, issuer and chain. Its methodology distinguishes token creation, transfers and redemption, which can follow different paths even for the same product. An asset may exist on several chains, making careful aggregation necessary to avoid confusing separate deployments with separate products. Ethereum's share therefore describes where assets are recorded, rather than the revenue of every institution involved in issuing them. More issuance or transfers could create demand for network services, but the stock of tokenized assets alone does not determine transaction fees or ETH's price.

By issuer, the report counted 129 entities, led by Sky with $4.5 billion and Securitize with $4.2 billion. They represented 9.9% and 9.2% of the overall market, respectively, while Ondo Finance accounted for $3.5 billion, or 7.6%. This ranking answers a different question from the chain ranking: it assigns value to an entity associated with a product, regardless of where that product resides. Sky's or Securitize's share therefore cannot be added to Ethereum's share as though the categories were separate. A tokenized product can involve an asset manager, a tokenization platform and a settlement network at the same time.

Token Terminal's latest breakdown by asset type put tokenized U.S. Treasury bills at $13.8 billion and yield strategies at $10.8 billion. Credit funds accounted for $6.2 billion, gold for $5.1 billion and tokenized stocks for $2.8 billion. This composition matters because a rise in the aggregate can come mainly from one segment rather than from uniform growth across products. The outstanding value of an existing product can also change with its underlying valuation or with net issuance and redemption, which are different drivers. Assessing Ethereum's lead requires tracking which categories expand on its network and whether those same categories expand faster elsewhere.

The measured market stood at $44.7 billion on August 26, 2026, in the earlier comparison cited by The Crypto Times, before reaching $46 billion on September 24. The roughly $1.3 billion difference does not reveal how much came from new issuance rather than changes in the value of existing products. Funds accounted for $34.1 billion, or 76.4%, of the August reading, while commodities stood at $7.7 billion and tokenized stocks at $2.8 billion. Comparing the mix across dates requires the same category definitions and measurement method, since a different classification can shift reported shares. The comparison establishes a larger measured market, but not its cause or Ethereum's precise contribution to the increase.

For SECZ investors, Securitize's operating figures offer a more direct test than Ethereum's network share alone. The company reported $4.3 billion in tokenized assets under management at June 30, 2026, quarterly revenue of $14.4 million, down 5% from a year earlier, and a $21.7 million net loss. Its $4.2 billion position in the September 24 issuer ranking comes from a different market classification on a later date. The gap should not be treated as an operating increase or decrease without matching the definitions and coverage. SECZ closed at $16.53 on September 24, versus $14.36 in the previous session, according to EL7 data; that is the stock's performance, not a direct return on assets the company tokenizes.

The next test of Ethereum's lead will come from tokenized-asset updates after September 24: whether its share rises with the market or new issuance concentrates on competing chains. For SECZ, Securitize's later disclosures on assets, revenue and profitability will better show whether a larger market translates into company income. ETH investors also need transaction activity and fees alongside the value of assets recorded on Ethereum, because those measures need not move together. Issuance and redemption figures can help distinguish new demand from changes in asset valuations. Together, these indicators offer a clearer test of how growth in tokenization may translate into economic value for either the network or the listed company.