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Tokenized capital, measured onchain

$109.4B of tokenized capital is onchain. $2.6B of it moved since Oct 24.

Stablecoins and tokenized real-world assets on 48 chains, measured to one standard and rated daily.

Latest onchain read Nov 4, 2026

Updated daily

Capital measured

$109.4B

Outstanding supply, all asset classes. This total excludes 330 instruments whose capital we do not yet measure. Each is added once its capital is measured.

Moved · since Oct 24

$2.6B

Sum of each chain's net change, unsigned

Instruments rated

49

Across 4 asset classes

Issuers rated

37

Sponsors of rated instruments

Asset classes rated

4

Each on its own rubric

Chains measured

48

Each carrying measured supply

LATEST RESEARCHAll research →

NEWNOV 08·TOKENIZED TREASURIES

BlackRock's BUIDL Shrank 35% in 90 Days. A Holder of a Quarter of the Fund Left Entirely.

BUIDL, BlackRock's tokenized Treasury fund, is the asset most often cited as proof that institutions are moving onchain.

  1. NOV 02The Making of a Market: Asia's Onchain DollarSTABLECOINS
  2. OCT 31An Estimated US$6.3 Billion Stolen, US$2.8 Billion Frozen: Why the Binance Hacker Still Holds US$1.2 Billion in EtherSTABLECOINS
  3. OCT 30Four Hours, 20 Freezes, One Attacker: Inside the Race to Freeze the Binance Hack, Second by SecondSTABLECOINS
  4. OCT 27Two in Three Addresses Holding Solana's Largest Tokenized-Stock Line Hold Less Than a DollarTOKENIZED EQUITIES
  5. OCT 20Spiko's Euro T-Bill Fund Is 30% Smaller. The Accounts Behind Most of Its Arbitrum Redemptions Now Hold Spiko's Amundi Fund.TOKENIZED TREASURIES

OnChain Benchmark · Market composition

Supply by asset class · Real-world assets

Fig 1

Outstanding supply of tokenized real-world assets by class.

Window
Series
ONCHAIN
BENCHMARK
Source: OnChain Benchmark · onchain supply reads · onchainbenchmark.comRecomputed daily · Nov 4, 2026
Asset classSupply▼ShareChange · since Oct 24Measured
Stablecoins$86.7B79.3%-$1.3B29
Tokenized treasuries$11.4B10.4%-$471.2M24
Commodities$5.8B5.3%+$181.4M14
Tokenized equities$3.0B2.7%—426
Private credit$2.0B1.9%-$37.8M6
Equity ETFs$418.5M0.4%—70
Bond ETFs$46.1M<0.1%—13
Watchlist funds$25.1M<0.1%—2
Commodity ETFs$17.6M<0.1%—6

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Indexes

6 published indexes

A daily level for each slice of the market, built from the same measured data.

As of As of the Nov 7 close

IndexScoreChangeTrend

  • OnChain Benchmark RWA Quality Index

    Tokenized real-world assets

    68.8

    —

  • OnChain Benchmark Stablecoin Quality Index

    Stablecoins

    66.0

    —

  • OnChain Benchmark Tokenized Gold Coverage Index

    Tokenized real-world assets

    77.5

    +1.1

  • OnChain Benchmark US-Regulated Stablecoin Index

    Stablecoins

    83.9

    —

  • OnChain Benchmark European Regulated Stablecoin Index

    Stablecoins

    83.7

    —

  • OnChain Benchmark Asia Dollar Stablecoin Index

    Stablecoins

    62.3

    -2.2

Change in index points · since Oct 24All indexes →

Fund flows · since Oct 24

Net change in fund supply, by chain

Start and end of the window and the fund behind each move. Only funds measured at both ends count, so new coverage never reads as inflow.

As of Nov 4, 2026

Sum of chain net changes, unsigned $2.6B

ChainStartEndNet change▼Driver
Arc$916.5M$1.2B+$289.9MUSDC+$289.1M
Sui$340.7M$403.9M+$63.2MUSDC+$63.2M
Aptos$235.7M$283.7M+$48.0MUSDC+$48.1M
Base$4.4B$4.5B+$41.1MUSDC+$39.6M
Polygon$659.0M$672.7M+$13.7MUSDC+$13.6M
Algorand$98.1M$111.5M+$13.4MUSDC+$13.4M
Kinesis (KAU)$350.7M$357.9M+$7.2MKAU+$7.2M
Ink$105.8M$112.9M+$7.1MUSDC+$6.6M
XDC$59.0M$63.3M+$4.4MUSDC+$4.3M
Plume$9.1M$13.1M+$4.0MUSDC+$5.7M
Unichain$17.1M$19.2M+$2.2MUSDC+$2.2M
Celo$13.6M$14.8M+$1.2MUSDC+$1.2M
Injective$11.3M$11.7M+$424.9KUSDC+$424.9K
Linea$23.9M$24.2M+$327.4KUSDC+$323.9K
XRP Ledger$33.1M$33.2M+$96.7KEURCV+$74.0K
Etherlink$6.1M$6.1M+$17.1KEUTBL+$12.5K
AB Core$18.6M$18.6M+<$1USD1+<$1
ZKsync Era$10.6M$10.6M$0USDC+$0
Mantle$3.2M$3.2M-$2.4KUSDY−$2.4K
NEAR$76.0M$75.9M-$82.8KUSDC−$82.8K
Cronos$8.9M$8.7M-$128.7KUSDC−$68.4K
Morph$22.9M$22.6M-$254.1KUSDC−$254.1K
Plasma$2.8M$2.4M-$441.6KUSDC−$449.2K
Codex$4.3M$3.7M-$536.5KUSDC−$536.5K
World Chain$17.5M$16.4M-$1.1MUSDC−$1.1M
Gnosis$17.7M$16.0M-$1.6MEURe−$1.6M
Optimism$134.6M$132.4M-$2.2MUSDC−$2.2M
Hyperliquid$6.4B$6.4B-$2.3MUSDC−$2.3M
Sei$297.3M$291.7M-$5.6MUSDC−$5.8M
Kinesis (KAG)$197.9M$192.2M-$5.6MKAG−$5.6M
Robinhood Chain$680.2M$672.0M-$8.2MUSDG−$8.2M
Pharos$33.7M$19.6M-$14.2MUSDC−$16.3M
Sonic$102.7M$86.2M-$16.5MUSDC−$16.5M
Monad$225.9M$204.1M-$21.8MUSDC−$21.8M
Stellar$868.3M$836.8M-$31.6MEUTBL−$33.8M
BNB Chain$6.7B$6.6B-$98.7MUSYC−$128.7M
Avalanche$409.4M$281.9M-$127.5MUSDC−$126.1M
X Layer$1.4B$1.2B-$131.8MUSDG−$139.1M
Tron$1.4B$1.2B-$178.1MUSDD−$178.0M
Solana$2.4B$2.2B-$228.5MUSDG−$136.4M
Arbitrum$3.0B$2.8B-$267.3MUSDC−$264.8M
Ethereum$70.8B$69.8B-$1.0BUSDC−$925.1M
Window Oct 24 → Nov 4, 2026All flows →

Ratings

Ratings by asset class

Each asset class is rated on its own rubric, so grades are read within a class. Institutional-grade is 70 and above; Verified is 85 and above.

As of Nov 4, 2026

Asset classRated▼70+85+Top in class
Tokenized treasuries2461BENJI88.0
Stablecoins1871USDC85.3
Commodities621PAXG92.0
Bond ETFs100TBLLx51.0
49 rated across 4 asset classesAll ratings →

Largest moves · since Oct 24

Instruments with the largest change in supply

Net change in outstanding supply since Oct 24, all chains combined. Only instruments measured at both ends of the window are ranked.

As of Nov 4, 2026

InstrumentNameStartEndChange% change
USDCUSD Coin$64.4B$63.6B-$888.5M−1.4%
USDGGlobal Dollar$3.1B$2.8B-$333.3M−10.6%
USD1World Liberty Financial USD$4.0B$3.7B-$238.8M−6.0%
JTRSYJanus Henderson Anemoy Treasury Fund$338.0M$112.3M-$225.7M−66.8%
DAIDai$4.5B$4.7B+$192.5M+4.3%
USYCHashnote US Yield Coin$2.4B$2.2B-$132.7M−5.6%
XAUtTether Gold$3.0B$3.1B+$130.3M+4.4%
USTBInvesco Short Duration US Government Securities Fund$527.0M$428.6M-$98.4M−18.7%
USDDUSDD$1.6B$1.5B-$77.9M−5.0%
syrupUSDCMaple syrupUSDC$985.9M$927.3M-$58.5M−5.9%
Window Oct 24 → Nov 4, 2026 · ranked by absolute changeAll flows →

Data products

5 published data series

The measured data underneath the ratings and indexes, published daily.

  • RWA Tracked Capital

    The full OnChain Benchmark-tracked tokenized RWA universe — outstanding supply by issuer, asset class, and chain.

    →

  • Home-Chain Distribution

    Where each multi-chain fund's supply actually lives — issuance chain versus off-home, per fund.

    →

  • Tokenized Private Credit

    The distributed, onchain-reconcilable private-credit pools we measure end-to-end, and the issuer concentration behind the headline.

    →
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    Important disclosures

    Nothing on this site or in the OnChain Benchmark service is investment, financial, legal, tax, or accounting advice, an offer or solicitation to buy or sell any security, token, or other instrument, or a recommendation, endorsement, or rating of suitability regarding any instrument, issuer, or transaction. Quality ratings, dimension scores, and index values are independent analytical opinions based on the data available to us at the time of computation; they are not statements of fact, guarantees of quality or safety, and not endorsements. Outputs are produced from public sources and third-party data and infrastructure outside our control — including RPC and node providers, indexers, oracle feeds, issuer attestations, auditor reports, and public regulatory filings — any of which may be delayed, unavailable, incomplete, incorrect, manipulated, or revised after the fact. Scores are computed periodically and may not reflect events occurring after the most recent computation. OnChain Benchmark does not warrant that any score, index, or evidence item is accurate, complete, reliable, current, or suitable for any purpose. You are solely responsible for any decision you make using the service, you should not rely on it as the sole basis for any investment, trading, custody, or counterparty decision, and you should conduct your own independent diligence and consult your own qualified professional advisors. To the maximum extent permitted by law, you assume all risk arising from your use of, or reliance on, the service. See our Terms of Service for the complete terms governing your use of the service.

    Ownership Concentration

    The share of each tokenized asset's free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets) held by its ten largest wallets.

    →

  • Tokenized Precious Metals

    How much tokenized gold and silver exists onchain (platinum and palladium are not yet measured) and how good it is — every metal normalized to a single troy-ounce basis so supply can be compared and summed.

    →
    • Updated dailyAll data →