Dune finds tokenized assets exceed $34 billion as investors adopt new strategies

Dune reports that the total supply of tokenized real-world assets exceeded $34 billion in 2026 amid rapid institutional adoption. Dune found that major categories, including cash equivalents and commodities, more than doubled over the past year. Tokenized stocks grew more than 2,000%, and their active holders exceeded one million, according to Dune. On-chain investors are concentrating on individual stocks, trading equities around the clock and using private credit tokens in decentralized lending. Dune CEO Frederik Haga said blockchain trading venues have a different architecture that creates different trading behavior. Asset managers including Franklin Templeton and BlackRock have created tokenized government money-market and Treasury funds. Robinhood and Ondo Finance have brought on-chain stocks and exchange-traded funds to investors outside the United States. Nasdaq announced a $100 investment in Kraken's parent company, Payward, earlier this month to continue developing tokenized stocks. The Securities and Exchange Commission has opened a limited path for compliant U.S. venues to test blockchain-based equity trading. More than 6,000 U.S.-listed exchange-traded funds now outnumber individual stocks. However, Dune estimates that individual stocks account for 81% of tokenized equities held in spot markets. The value of those individual-stock holdings grew ninefold over the past year, outpacing tokenized funds and exchange-traded funds. Haga said blockchain traders favor expressing their views through individual stocks over passive investment in packaged products. U.S. Treasuries are standard collateral for loans in traditional finance because they are considered safe and easy to value. However, investors on crypto lending platforms more often deposit tokenized private credit, which consists of business loans that can offer higher returns. Dune found that credit assets account for about three-quarters of all real-world assets deposited in decentralized lending. Dune found that only a tiny fraction of tokenized Treasuries is used in decentralized lending. Haga said tokenized private credit can let investors earn interest while using the same assets as collateral to borrow and fund other trades.