Real-world assets on Ethereum
CryptoKeyhole counts what is tokenized on Ethereum from our own node: Treasury and money market funds, gold and stocks, and who issues them, where, and who runs them.
Counted on Ethereum, 9 Nov 2026, 16:09 UTC
$8.65B
Tokenized gold
$5.21B
1.27M troy ounces at $4,093 an ounce, PAXG and XAUt
60.2%
Treasury and money market funds
$3.08B
Government debt and cash, held through tokenized funds
35.5%
Tokenized stocks
$372.9M
Ondo tokens Kraken also prices, valued at that price
4.3%
Who issues it, where, and who runs it
The same assets, cut three ways. An issuer creates the token, a platform is where it is issued and its register kept, a manager runs the fund behind it; for some funds all three are one firm, for others they are separate.
By issuer
- 1TG Commodities (Tether)$3.39B
- 2Paxos$1.82B
- 3Ondo$1.79B
- 4WisdomTree$650.4M
- 5Superstate$438.9M
- 6BlackRock$316.7M
- 7Franklin Templeton$199.4M
- 8Circle$35.5M
- 9OpenEden$20.0M
Who created the token
By platform
- 1TG Commodities (Tether)$3.39B
- 2Paxos$1.82B
- 3Ondo$1.79B
- 4WisdomTree Prime$650.4M
- 5Superstate$438.9M
- 6Securitize$316.7M
- 7Benji$199.4M
- 8Circle (Hashnote)$35.5M
- 9OpenEden$20.0M
Where it is issued and recorded
By manager
- 1Ondo$1.41B
- 2WisdomTree$650.4M
- 3Superstate$438.9M
- 4BlackRock$316.7M
- 5Franklin Templeton$199.4M
- 6Circle$35.5M
- 7OpenEden$20.0M
Who runs the fund (funds only)
Treasury and money market funds
Short-term US government debt and cash, held through funds that issue their shares as tokens. Value is what the issuer says a token is worth, on chain; a 30-day net above zero is new money subscribing.
| Fund | Manager | Value | 30-day net |
|---|---|---|---|
| USDYU.S. Dollar Yield | Ondo | $1.28B | +$55.8M |
| WTGXXTreasury Money Market Digital Fund | WisdomTree | $650.4M | −$561.7M |
| USTBShort Duration US Government Securities Fund | Superstate | $438.9M | −$152.5M |
| iBENJIOnChain Institutional Liquidity Fund | Franklin Templeton | $183.4M | −$1.4M |
| BUIDLUSD Institutional Digital Liquidity Fund | BlackRock | $172.6M | −$23.1M |
| BUIDL-IUSD Institutional Digital Liquidity Fund, I class | BlackRock | $144.0M | −$96.0M |
| OUSGShort-Term U.S. Government Bond Fund | Ondo | $131.4M | −$3.4M |
| USYCUS Yield Coin | Circle | $35.5M | −$3.8M |
| TBILLT-Bills fund | OpenEden | $20.0M | −$679K |
| BENJIOnChain U.S. Government Money Fund | Franklin Templeton | $16.1M | −$32.2M |
Value is each fund's tokens times the price the issuer publishes on chain; net is tokens minted less redeemed over 30 days. Each fund over time is in the Studio on Plus.
Gold
One token, one troy ounce of allocated gold. The bars of each issuer sit in a vault; these tokens are the claim that moves.
XAUt Tether Gold
$3.39B
827.4K troy ounces, 63,990 addresses hold it
PAXG PAX Gold
$1.82B
444.4K troy ounces, 86,844 addresses hold it
Gold is valued at our gold-market price, the median of the gold-token markets we read every hour. Supply over time is in the Studio.
Tokenized stocks
Tokens that track one share each, minted when someone buys and burned when they sell. Here: Ondo's stock tokens, as listed by Ondo and read from our own node, for every company it issues.
$372.9M in tokenized stocks on Ethereum across the 110 Ondo tokens that Kraken also trades, held by 29,587 distinct addresses across all its tokens.
| Stock | Value | Units |
|---|
Units are the tokens in existence on our own node. Values use the tokenised-stock price on Kraken (an xStock of the same company), not the exchange close; tokens Kraken does not list show no value. The total over time is in the Studio on Plus.
New on Ethereum
- 14 Oct 2026HTZHertz Global Holdings15.53 units
- 1 Oct 2026WENWendy's8.16 units, $67
- 30 Sep 2026RXRXRecursion Pharmaceuticals982 units
- 18 Sep 2026BLKGRWOndo High Growth Powered by BlackRock3.47M units
- 18 Sep 2026BLKDIGOndo Diversified Growth Powered by BlackRock1.65M units
- 17 Sep 2026BRAINOndo AI Leaders Portfolio1.74M units
- 17 Sep 2026BLKHIOndo High Income Powered by BlackRock949.0K units
- 17 Sep 2026YLD5Ondo 5 Targeted Income TR Portfolio808.4K units
Newest first, by the day the first token was minted on Ethereum.
In DeFi
Real-world tokens lent out in the lending markets we read.
| Protocol | Token | Supplied |
|---|---|---|
| Aave v3 | XAUt | $55.0M |
| Morpho Blue | XAUt | $6.7M |
| Compound v3 | XAUt | $321K |
What the lending markets we read hold of these tokens, at their latest final hour: $62.0M in all.
Largest transfers, last week
| What | Token | Value | When |
|---|---|---|---|
| Minted | USYC | $85.7M | 6 Nov 2026, 12:35 UTC |
| Redeemed | USYC | $85.7M | 6 Nov 2026, 12:35 UTC |
| Redeemed | BUIDL-I | $85.1M | 6 Nov 2026, 20:01 UTC |
| Moved | XAUt | $81.9M | 3 Nov 2026, 13:02 UTC |
| Moved | XAUt | $58.9M | 2 Nov 2026, 11:51 UTC |
| Minted | USYC | $57.1M | 5 Nov 2026, 08:52 UTC |
| Redeemed | USYC | $57.1M | 5 Nov 2026, 08:52 UTC |
| Moved | BUIDL-I | $50.0M | 6 Nov 2026, 18:16 UTC |
| Moved | XAUt | $44.0M | 4 Nov 2026, 07:18 UTC |
| Moved | XAUt | $41.1M | 5 Nov 2026, 14:02 UTC |
The largest transfers of the last week, from the event logs of the tracked tokens on our node. Minted and redeemed transfers are the fund or issuer issuing and retiring tokens; moved means tokens passing between two holders. Addresses are not stored or shown.
What is counted
Tokens. Every contract here is the address its issuer publishes for Ethereum (funds and gold from the issuers' own pages; stocks from Ondo's list of its tokens), checked on our own archive node.
Funds. Value is total supply times the issuer's own on-chain price (or $1.00 for the funds that publish none and target it). Net subscriptions are tokens minted less tokens redeemed, valued at that hour's price.
Not counted here. xStocks and other issuers' tokenized stocks, private credit, real-estate tokens and everything on other networks. Ondo's list of stock tokens covers 457 names; 110 of them trade on Kraken and carry a price here.
The figures are free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page.
Questions
How much real-world value is tokenized on Ethereum?
The figure at the top of this page adds the tokenized Treasury and money market funds, gold and stocks we can count, valued as their issuers and markets price them. It is a count of what we read, not every tokenized asset that exists: private credit, real estate and tokens on other networks are not in it.
What are tokenized Treasury funds?
Funds that hold short-term US government debt and cash and issue their shares as tokens. A token pays the fund's yield and moves on the chain like any other token, but funds generally limit who may hold them. BlackRock's BUIDL, Franklin Templeton's BENJI, Superstate's USTB and Ondo's USDY are examples; the table above ranks them by what is on Ethereum.
What are tokenized stocks?
Tokens that track a share of a company, minted when someone buys and burned when they sell. Ondo's Global Markets tokens are the ones counted here, read token by token from our own node. A token is a claim set by its issuer, which is not the same as holding the share itself.
How are the values calculated?
A fund token is worth what its issuer publishes on chain, or one dollar for the funds that target a dollar and publish no price. A gold token is one troy ounce, at the median price of the gold-token markets we read every hour. A stock token is valued at the tokenised-stock price of the same company on Kraken, a market price that is not the stock's exchange close.
Who issues the most?
The league tables rank it three ways, each from the same totals: by the firm that created the token, by the platform where it is issued and recorded, and by the manager that runs the fund behind it.
Where do the numbers come from?
From CryptoKeyhole's own Ethereum archive node and the addresses the issuers publish for their contracts. Fund and gold figures use storage history and event logs, checked hour by hour against the contracts. Stock figures use every transfer of each token, checked against its total supply.