Tokenised Treasuries, private credit and a long tail. Concentration means the market behaves like duration and credit.
Key takeaways
Split the market by product before drawing conclusions.
Read the yield as a credit or duration signal.
Check whether the token is redeemable at all.
Verified October 27, 20261 min read
The composition matters more than the total
A single number invites a single conclusion. Split by product and the picture is narrower: two categories carry most of the value, and the long tail is small enough that a single issuer can move the aggregate.
Category
On-chain value
Share
Tokenised Treasuries
~$14.6–14.9B
Largest
Private credit
~$8B
Second
Commodities
Over $5B
Third
Tokenised stocks
~$3.3B
Small
Real estate
~$226M
Under 1%
What that means in practice
If the largest component is short-duration government debt, the market’s returns track the cash rate and its risks track custody and redemption. That is a very different exposure from the one implied by “tokenisation”, and it should be described that way.
Every offer is re-checked against the official terms page, the bonus amount and the expiry date before it is published, and again whenever a campaign changes.
Stablecoin supply of $292.40 billion in October 2026 is a stock, and a stock held by a few desks behaves like inventory.…
Chain188·4m
Frequently asked questions
Why is real estate such a small share?
Because transferring a property claim on-chain runs into registry, tax and securities rules that vary by jurisdiction. Tokenising a fund unit is easier than tokenising a title.
What does the concentration mean for risk?
That a change in Treasury yields or credit spreads moves the whole market, regardless of how many products are listed.
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