Tokenized Funds Reach $32.4B Onchain, With Ethereum Holding 59.6% Share
Onchain market capitalization of tokenized funds has reached $32.4 billion, according to Crypto Briefing, with Ethereum accounting for 59.6% of that total. CoinDesk separately reports that Spiko's Amundi-linked money market fund held $2.39 billion in assets under management, making it one of the largest single products in the category.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Market Size and Chain Share
The onchain market capitalization of tokenized funds stands at $32.4 billion, with Ethereum hosting 59.6% of that total, according to Crypto Briefing. That figure was roughly $30 billion in late April 2025, implying modest growth over the intervening period, though the source does not provide a precise month-by-month series to confirm the pace.
The remaining roughly 40% is distributed across other networks. Crypto Briefing names Stellar, Avalanche and Solana as chains pursuing institutional tokenization, though it does not give their individual shares.
Institutional Products Driving Growth
Crypto Briefing attributes much of the expansion to large traditional asset managers. BlackRock's BUIDL fund, launched in 2024, is described as an early proof of concept for institutional onchain money market funds. JPMorgan launched its MONY fund in late 2025 and filed for a product called JLTXX in May 2026, according to the same source.
Circle's USYC tokenized money market fund surpassed $3 billion in assets under management, and Crypto Briefing reports growth exceeding 700% over a 30-day period in late 2025.
A Second Data Point on Fund Scale
CoinDesk profiles Spiko, a European firm whose flagship Spiko Amundi Overnight Swap Fund (SAFO) held $2.39 billion in assets under management as of late last month. CoinDesk describes the fund as the largest tokenized fund in the world, a claim that sits uneasily with the $3 billion USYC figure cited by Crypto Briefing. The two sources do not reconcile the comparison, and the difference likely reflects different measurement dates, fund definitions or how AUM is counted. Readers should treat the 'largest' designation as contested rather than settled.
Why Institutions Are Choosing Public Chains
Crypto Briefing lists 24/7 settlement, lower operational overhead and composability with DeFi protocols as the main attractions. It argues that Ethereum's lead rests less on speed or fees, where other chains compete, than on network effects, a track record of security and institutional-grade tooling. The source frames this as a self-reinforcing cycle in which more assets draw more liquidity and more builders. That interpretation is the outlet's own analysis rather than a reported finding.
Why It Matters
For Traders
Tokenized treasury and money market products settling onchain may shift short-term liquidity flows, but the sources give no price-linked data to measure any effect.
For Investors
Sustained growth in tokenized fund assets, led by major asset managers, points to institutional demand for onchain settlement that could persist beyond a single market cycle.
For Builders
Growing institutional fund issuance on Ethereum raises demand for compliant, composable RWA infrastructure, so tooling for custody, permissions and yield integration becomes more valuable.
This article is for information only and is not financial advice. Read the full disclaimer.
