Ethereum Dominates $349B Tokenized Asset and Stablecoin Market

Ethereum continues to assert its dominance in the onchain financial assets market, holding over half of the $349.2 billion tokenized asset and stablecoin market. Data from Token Terminal shows that as of October 5, Ethereum accounted for $185.8 billion, or 53.2%, of the total market value. This substantial share highlights its pivotal role in the blockchain-based financial ecosystem.

The broader market spans 50 blockchain networks, with Tron and Solana following Ethereum in market share. Tron holds $94.2 billion (27.0%), while Solana manages $18.2 billion (5.2%). Other notable networks include BNB Chain with $9.3 billion, HyperEVM at $7 billion, and Base with $5.2 billion. The distribution of assets across these networks indicates a growing diversification in the blockchain financial space.

Despite a decline in decentralized exchange (DEX) trading volumes, other metrics suggest continued growth in onchain finance. DEX volume dropped 58.2% over 30 days and 28.4% over 90 days, yet the number of holders increased to 315.5 million, up 3.3% over 30 days and 11.2% over 90 days. This growth in ownership aligns with a rise in the total value locked (TVL) in decentralized finance (DeFi), which reached $28.7 billion, reflecting a 7.8% increase over 30 days and 26.7% over 90 days.

The expansion of tokenized real-world assets (RWAs) further underscores blockchain adoption. On September 24, RWAs totaled $46 billion across 35 chains, with Ethereum leading at $22.2 billion (48.4%). BNB Chain and Stellar also held significant shares, with $5.5 billion and $3.3 billion, respectively. This trend points to the increasing integration of traditional financial products into blockchain infrastructure.