Tokenized Assets Exceed $38 Billion, Highlighting Usability Challenges

The scale of tokenized assets on the blockchain has exceeded $38 billion. Beyond simply bringing assets on-chain, the actual usability for trading and collateral has been presented as the next challenge. According to a report by Castle Labs, U.S. Treasury bonds account for the largest share of on-chain tokenized assets at $15.9 billion, followed by commodities at $4.9 billion, active strategies at $3.6 billion, asset-backed securities at $2.56 billion, and equities at $2.52 billion. Tokenized assets are traditional financial assets converted into blockchain-based tokens. Castle Labs diagnosed that while the initial phase focused on bringing assets onto the blockchain, the next phase is to make these assets function as actual capital. In the case of Ethereum Layer 2 Mantle, the stored assets exceed $225 million, with over 60% allocated to active RWA strategies. Castle Labs noted that while creating listed assets has become easier, making them valid capital on-chain is more challenging. Tokenized assets must be traded with sufficient liquidity, utilized as collateral for loans, and combinable across various locations and protocols. If these conditions are not met, the liquidity of the assets may become fragmented. Additionally, the on-chain market capitalization of tokenized U.S. Treasury bond products is expected to exceed $15 billion by May 2026, indicating a growing share of bond-type products.

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