US Treasury bills hold about a third of the $46.2bn tokenized asset market

Divide the $15bn Treasury slice by the $46.2bn total and government debt is 32.5% of tokenized real-world assets ^[2][1][1]. About $31.2bn sits in everything else ^[3]. Five assets at roughly 70% of that same total comes to about $32.3bn held in five products, against roughly $13.9bn spread across the entire remainder of the category ^[3][2]. Cryptobriefing does not name the five, so how much of the $15bn Treasury figure sits inside that $32.3bn cannot be worked out from the published numbers ^[15].

The chain split is more lopsided than the asset split. Ethereum's roughly $17.3bn is 37.4% of the total and Stellar's $3.3bn is 7.1% ^[4][5][4][5]. Stellar's $149.4m of 30-day growth came off a starting base of about $3.15bn, which is 4.7% in a month, and twelve of those months compound to about 74% ^[6][6]. BNB Chain and Solana are the other two chains the report counts as carrying meaningful RWA value ^[7].

Now the denominator. The low and high counts are $8.2bn apart, which is 55% of the whole Treasury slice, and the T-bill share moves from 39.5% to 32.5% depending on which total you divide into ^[7][8]. The gap comes down to whether a tracker excludes stablecoin-adjacent products or uses a narrower definition of a tokenized real-world asset ^[9].

The issuers Cryptobriefing names are BlackRock's BUIDL fund, Franklin Templeton's BENJI tokens and Ondo Finance's USDY, all channelling money into onchain Treasuries and money market instruments ^[10]. Stellar's holdings lean toward euro as well as dollar money market products ^[11]. MoneyGram has launched a stablecoin-backed Visa card on the network, and Zebec has built payroll that runs on it ^[12].

In my view the 70% constrains this sector more than the Treasury share flatters it, because a market where five products hold about $32.3bn grows and shrinks with five issuers' subscription books ^[3][2]. The counter, which Cryptobriefing itself makes, is that a small set of large institutional-grade products is what an early regulated sector looks like, and that clearer rules through 2026 have made the compliance burden on issuers more predictable ^[14][13]. Two numbers would separate those readings over the next year. If trackers converge on one total and the Treasury share rises while the top-five share falls, the category is broadening inside government debt and the concentration figure was a snapshot.