Tokenized asset classes

Funds holding short-duration US government debt, issued as onchain tokens. The largest category of tokenized real-world assets, and the one institutions allocate to first.

Tokens designed to hold a fixed value — most against the US dollar, some against the euro or dirham. Measured here by the reserves and redemption paths behind them, not just their size.

Tokens backed by a physical commodity held in custody, almost all of it gold. One token, one claim on real metal.

Tokenized exposure to individual listed company shares. Early, small, and concentrated in a handful of issuers — the same share is often available from more than one issuer under a different regulatory regime.

Tokenized private lending — loans and credit pools issued onchain rather than through a bank.

Instruments measured onchain, not yet rated.