Dinari research

Tokenized ETF
Market Intelligence

An overview of market structure and ETF adoption across tokenization platforms.

Section 00 · Market overview

How large is the tokenized asset market, and where do ETFs sit inside it?

The tokenized asset market stands at $346.27B, of which 86.54% is stablecoins. Real-world assets — tokenized funds, stocks, ETFs and commodities — total $46.61B, up 43% over twelve months. Tokenized ETFs account for $1.14B (+390% year on year).

As of 22 Oct 2026

Total tokenized market

$346.27B

Stablecoins included

Stablecoins

$299.66B

86.5% of market

Real-world assets

$46.61B

Funds, stocks, ETFs, commodities

Tokenized ETFs

$1.14B

2.44% of real-world assets

1.1

Tokenized asset market by category

Month-end market value across mutually exclusive categories: stablecoins, tokenized funds, tokenized stocks excluding ETFs, tokenized ETFs and tokenized commodities.

Tokenized asset market by category

Latest values with twelve-month change

$346.27B

Stablecoins

$299.66B+0.5%

Tokenized funds

$34.16B+17.4%

Tokenized commodities

$7.99B+160.7%

Tokenized stocks

$3.32B+1215.6%

Tokenized ETFs

$1.14B+389.9%

Bar widths use a square-root scale so smaller categories stay legible next to stablecoins. Each category is mutually exclusive; tokenized stocks exclude the ETF amount.

Market composition over time

Stablecoins against the real-world-asset segment, monthly

Source: Token Terminal · Latest values, twelve-month change and monthly market capitalization since January 2024

Token Terminal — tt-catalog.metrics_assets.market_cap_circulating_native_daily (month-end snapshots)As of 22 Oct 2026 UTC

Section 01 · Real-world assets

How material is the tokenized ETF opportunity inside real-world assets?

Excluding stablecoins, the tokenized real-world-asset market is $46.61B, up 43% year on year. Tokenized funds is the biggest segment at $34.16B, while tokenized ETFs hold 2.44% of the segment and tokenized stocks is growing fastest at 1216% year on year.

Real-world asset market

$46.61B

Funds, stocks, commodities

Tokenized ETF market value

$1.14B

Aggregated market value

ETF share of segment

2.44%

Excluding stablecoins

Largest segment

Tokenized funds

$34.16B

1.1

Tokenized asset market by category

Month-end market value across mutually exclusive categories: stablecoins, tokenized funds, tokenized stocks excluding ETFs, tokenized ETFs and tokenized commodities.

Real-world asset market by category

Monthly market value; switch scale to compare absolute size or growth paths

Source: Token Terminal · Market capitalization, monthly since January 2025

Tokenized ETF market value and share of real-world assets

ETF market value (bars) against its share of the segment (line)

Source: Token Terminal · ETF market capitalization and share of real-world assets, monthly

Segment composition

Latest market value and twelve-month change, stablecoins excluded

$46.61B

Tokenized funds

$34.16B+17%

Tokenized commodities

$7.99B+161%

Tokenized stocks

$3.32B+1216%

Tokenized ETFs

$1.14B+390%

Source: Token Terminal · Market capitalization, latest observation. Categories are mutually exclusive; tokenized stocks exclude ETFs.

Token Terminal — tt-catalog.metrics_assets.market_cap_circulating_native_daily (month-end snapshots)As of 22 Oct 2026 UTC

Section 02 · ETF adoption

Which underlying ETFs are attracting tokenized capital and users?

The ETF category also includes onchain index products

SHV leads AUM at $301.3M, while QQQ records the broadest holder base at 412,405. The top three ETFs account for 55.45% of tracked ETF value, indicating a still-concentrated adoption curve.

Tracked ETF AUM

$1.14B

625 underlying ETFs

AUM leader

SHV

$301.3M

Aggregate holders

1,008,440

Across tracked products

Top-three concentration

55.45%

SHV +37.14% MoM

2.1

Tokenized ETF AUM by underlying ETF

Month-end tokenized AUM per underlying ETF, aggregated across every tokenization platform, so SPY or QQQ appears as one number rather than several. All underlying ETFs, including onchain index products that carry no listed ticker (shown by their token symbol).

AUM by underlying ETF

Top ten products by latest aggregated AUM

AUM ranking

Top 100 by latest observation · change vs prior month · scroll for full list

Rank	ETF	AUM	MoM
01	SHV	$301.3M	37.14%
02	QQQ	$177.4M	30.83%
03	SPY	$151.3M	2.27%
04	IVV	$61.1M	13.09%
05	SOXL	$52.3M	315.87%
06	TQQQ	$30.0M	130.21%
07	DRAM	$23.6M	4.32%
08	IBIT	$22.4M	21.38%
09	KORU	$21.2M	521.73%
10	TLT	$19.0M	2.74%
11	IEFA	$17.0M	1.07%
12	MUU	$14.7M	679.44%
13	EWY	$14.5M	28.94%
14	AGG	$14.2M	0.88%
15	ITOT	$12.6M	1.25%
16	SGOV	$11.8M	5.85%
17	TIP	$11.1M	2.14%
18	EFA	$11.0M	2.75%
19	IEMG	$9.7M	6.02%
20	SNXX	$8.2M	124.71%
21	EEM	$7.2M	5.92%
22	SOXS	$7.0M	0.69%
23	CMC20	$6.3M	6.94%
24	MAG7XON	$6.2M	363.30%
25	BLKGRWON	$5.7M	647.24%
26	IWN	$5.2M	0.60%
27	LCAP	$5.0M	6.96%
28	BLKHION	$3.9M	196.39%
29	IWM	$3.9M	1.32%
30	BLKDIGON	$3.7M	506.39%
31	BRAINON	$3.5M	352.30%
32	INTW	$3.4M	46.17%
33	USFR	$3.1M	44.27%
34	IJH	$3.0M	1.08%
35	YLD5ON	$2.9M	392.48%
36	SMH	$2.9M	0.38%
37	VOO	$2.8M	25.53%
38	FXI	$2.6M	7.24%
39	VTI	$2.5M	9.23%
40	DYNF	$2.4M	590.22%
41	JAAA	$2.3M	15.74%
42	PHOTON	$2.2M	4.18%
43	CORO	$2.1M	600.52%
44	WSPYX	$2.1M	24.64%
45	SPXA	$2.0M	0.63%
46	COPX	$1.9M	4.59%
47	DESPXA	$1.9M	0.55%
48	SOXX	$1.9M	25.04%
49	NEOCLOUD	$1.9M	18.15%
50	POWER	$1.7M	2.19%
51	BUILDOUT	$1.6M	7.13%
52	SATA	$1.5M	22.69%
53	ROBOTS	$1.4M	1.88%
54	INRO	$1.4M	596.71%
55	BLCR	$1.3M	604.75%
56	HIMZ	$1.3M	7.91%
57	HYG	$1.2M	21.29%
58	SQQQ	$1.2M	18.28%
59	BRTR	$1.1M	321.81%
60	FLQL	$1.0M	0.13%
61	INCE	$1.0M	3.42%
62	BAI	$943.2K	498.16%
63	CRCA	$897.9K	314.12%
64	GDX	$897.6K	0.75%
65	SPXL	$848.9K	2.56%
66	MSTY	$839.0K	0.28%
67	XLE	$838.0K	78.43%
68	MVLL	$830.7K	19.15%
69	EWZ	$777.1K	932.66%
70	YLD8ON	$765.3K	1.83%
71	IGEB	$709.1K	198.62%
72	HYDB	$700.8K	195.10%
73	URA	$697.2K	4.27%
74	SPXS	$640.9K	3.46%
75	TSLL	$639.9K	55.90%
76	MSTU	$622.4K	3.82%
77	QLTA	$605.1K	229.16%
78	BINC	$590.2K	195.47%
79	TSLS	$510.1K	8.46%
80	FFOG	$503.4K	3.84%
81	BOT	$492.8K	26.50%
82	FLHY	$487.9K	2.01%
83	VT	$483.3K	3.73%
84	USHY	$479.1K	184.51%
85	MSTZ	$461.1K	72.55%
86	QYLD	$460.3K	112.98%
87	TBLL	$415.1K	4.65%
88	QQQI	$413.1K	14.91%
89	XYLD	$410.4K	90.04%
90	IALT	$388.0K	468.59%
91	RAM	$382.4K	10.23%
92	BIL	$375.6K	14.62%
93	SHY	$363.7K	0.55%
94	ETHA	$359.6K	220.56%
95	SECU	$354.4K	194.62%
96	BOTZ	$343.7K	30.05%
97	BITX	$313.3K	17.66%
98	VXUS	$298.3K	7.80%
99	SCHD	$294.7K	47.61%
100	IEF	$260.3K	58.30%

Source: Token Terminal · Aggregated across tokenization platforms

Source: Token Terminal · Monthly market capitalization; current month may be partial

Token Terminal — tt-catalog.metrics_assets.market_cap_circulating_daily (month-end snapshots)As of 22 Oct 2026 UTC

2.2

Tokenized ETF holders by underlying ETF

Onchain holder count per underlying ETF, aggregated across every tokenization platform and chain. All underlying ETFs, including onchain index products that carry no listed ticker (shown by their token symbol).

Holder base by underlying ETF

Top ten products by latest holder count

Holder ranking

Top 100 by latest observation · change vs prior month · scroll for full list

Rank	ETF	Holders	MoM
01	QQQ	412,405	3.37%
02	SPY	305,458	1.08%
03	FXI	125,141	15.22%
04	CMC20	41,108	0.63%
05	LCAP	19,622	0.30%
06	SGOV	18,484	1.94%
07	ABX	9,832	0.15%
08	SOXL	8,558	1.12%
09	BGCI	5,981	0.10%
10	EWY	5,051	335.06%
11	SOXS	3,937	4.40%
12	NEOCLOUD	3,218	0.03%
13	WSPYX	3,093	7.96%
14	TQQQ	3,062	7.25%
15	CLX	2,792	0.07%
16	MVTT10F	2,524	0.12%
17	PHOTON	2,437	—
18	SOXX	1,867	4.77%
19	VTI	1,779	3.49%
20	BLKHION	1,760	11.46%
21	DRAM	1,725	8.35%
22	BLKGRWON	1,588	0.38%
23	BRAINON	1,563	0.64%
24	ROBOTS	1,304	0.08%
25	SPYM	1,304	2.76%
26	INDA	1,284	3.17%
27	POWER	1,147	0.26%
28	BUILDOUT	1,090	0.18%
29	COPX	1,060	2.22%
30	IVV	876	4.91%
31	SQQQ	860	12.57%
32	DESPXA	854	3.26%
33	KORU	845	298.58%
34	QQQM	820	4.33%
35	TLT	594	24.27%
36	TSLL	569	4.21%
37	VOO	454	20.11%
38	SNXX	410	30.57%
39	IWM	385	12.90%
40	URA	347	10.16%
41	EEM	326	10.14%
42	IEMG	314	7.90%
43	SMH	294	23.01%
44	VTV	294	4.26%
45	IBIT	276	11.29%
46	IEFA	248	11.71%
47	SPXL	232	0.85%
48	MUU	224	28.74%
49	VT	217	3.33%
50	ETHA	180	16.13%
51	SPMO	169	2.42%
52	OPEN	165	2.48%
53	AGG	164	10.81%
54	TSLS	158	0.63%
55	MVLL	148	24.37%
56	ITOT	144	2.13%
57	SPXS	144	2.13%
58	INTW	142	35.24%
59	EWJ	140	26.13%
60	USFR	139	6.92%
61	ITA	136	4.62%
62	HYG	130	6.56%
63	EWZ	129	32.99%
64	EFA	128	9.40%
65	KWEB	124	3.33%
66	SCHD	117	30.00%
67	XLK	115	11.65%
68	XLE	115	40.24%
69	TIP	112	14.29%
70	BIL	111	18.09%
71	BOT	110	7.84%
72	BOTZ	110	11.11%
73	IJH	106	2.91%
74	VNQ	105	20.69%
75	JAAA	104	19.54%
76	TBLL	102	13.33%
77	QYLD	98	20.99%
78	IWN	94	6.82%
79	CIBR	91	5.81%
80	SHY	87	24.29%
81	DFX	84	2.44%
82	PSQ	81	1.25%
83	DGI	81	5.19%
84	IEF	80	31.15%
85	EWT	77	37.50%
86	XOP	75	27.12%
87	QTUM	72	33.33%
88	IBTA.L	72	4.35%
89	BWET	71	29.09%
90	URNM	69	46.81%
91	GDX	68	19.30%
92	BED	68	1.49%
93	MAG7XON	60	160.87%
94	OIH	58	13.73%
95	SOXQ	56	9.80%
96	SHLD	54	74.19%
97	IJR	53	15.22%
98	BITX	53	20.45%
99	DGRW	51	8.51%
100	AIQ	51	34.21%

Source: Token Terminal · Aggregated across tokenization platforms

Source: Token Terminal · Holder counts, latest observation

Token Terminal — tt-catalog.metrics_assets.holders_native_daily (month-end snapshots)As of 22 Oct 2026 UTC

2.3

Number of tokenized ETFs over time

Count of distinct underlying ETFs with live tokenized supply at each month end, alongside the number of individual tokenized products. The current month reflects the latest available observation.

Tokenized ETFs outstanding

Distinct underlying ETFs with live tokenized supply at each month end

Monthly additions

Newly tokenized underlying ETFs per month · scroll for full history

Month	ETFs	Net added	Products
Oct 26	625	+29	1,035
Sept 26	596	+16	943
Aug 26	580	+12	892
Jul 26	568	+10	862
Jun 26	558	+61	819
May 26	497	+20	661
Apr 26	477	+4	606
Mar 26	473	+32	596
Feb 26	441	+37	536
Jan 26	404	+83	491
Dec 25	321	+106	389
Nov 25	215	+4	266
Oct 25	211	+52	257
Sept 25	159	+42	197
Aug 25	117	+3	143
Jul 25	114	+52	135
Jun 25	62	+12	67
May 25	50	+2	50
Apr 25	48	+1	48
Mar 25	47	+2	47
Feb 25	45	+9	45
Jan 25	36	—	36

Source: Token Terminal · Aggregated across tokenization platforms

Source: Token Terminal · Distinct underlying ETFs with live tokenized supply; current month shows the latest observation

Token Terminal — tt-catalog.metrics_assets.market_cap_circulating_daily (month-end snapshots)As of 22 Oct 2026 UTC

Section 03 · Issuer exposure

Which fund issuers already have tokenized exposure, and who is compounding it?

Tokenized ETF exposure is concentrated in a short list of established issuers: BlackRock (iShares) accounts for $560.3M of tokenized AUM, and the three largest issuers together hold 79% of the segment. 68 issuer families are already represented onchain, with Direxion growing fastest at 71.2x year on year.

As of 22 Oct 2026

Issuer families onchain

Identified from fund names

Largest issuer

BlackRock (iShares)

$560.3M tokenized

Top three concentration

79%

Share of tokenized ETF AUM

Fastest growing

Direxion

71.2x year on year

3.1

Tokenized ETF exposure by fund issuer

Month-end tokenized AUM grouped by the issuer of the underlying ETF, aggregated across every tokenization platform. Issuer is derived from the fund name; products without an identifiable issuer brand are grouped as other / index products.

Tokenized AUM by fund issuer

Month-end AUM per issuer family; switch scale to compare size or growth path

Source: Token Terminal · Tokenized ETF AUM by fund issuer, monthly

ETF Issuer league table

Tokenized AUM at 2026-10-21

Source: Token Terminal · Latest month-end AUM per issuer family

ETF Issuer exposure detail

Latest tokenized AUM, share of segment and twelve-month change

Fund issuer	Latest	Share	Change
BlackRock (iShares)	$560.3M	49.33%	342.9%
Invesco	$178.1M	15.68%	507.2%
State Street (SPDR)	$155.3M	13.67%	288.5%
Direxion	$97.9M	8.62%	71x
Other / index products	$35.8M	3.15%	130.5%
ProShares	$32.6M	2.87%	26x
Roundhill	$24.5M	2.15%	554x
Tradr	$8.6M	0.76%	7996x
Vanguard	$7.1M	0.62%	469.1%
Janus Henderson	$6.3M	0.55%	22.7%
GraniteShares	$4.7M	0.41%	166x
Global X	$4.4M	0.38%	220x
VanEck	$3.9M	0.35%	92x
Franklin (Templeton)	$3.7M	0.32%	9890x
WisdomTree	$3.1M	0.27%	64.6%
YieldMax	$1.8M	0.16%	50.3%
Defiance	$1.7M	0.15%	606.0%
Strive	$1.5M	0.13%	—
T-Rex	$1.2M	0.10%	66.7%
NEOS	$697.5K	0.06%	195x
Volatility Shares	$540.1K	0.05%	21x
Charles Schwab	$522.8K	0.05%	513.4%
SP Funds	$361.5K	0.03%	244.5%
Leverage Shares	$275.4K	0.02%	2655x
JPMorgan	$177.7K	0.02%	14x
KraneShares	$173.8K	0.02%	856.1%
Fidelity	$151.3K	0.01%	21x
REX Shares	$114.4K	0.01%	—
Sprott	$113.5K	0.01%	—
Teucrium	$93.1K	0.01%	25x
First Trust	$58.0K	0.01%	—
ARK	$49.1K	0.00%	47.8%
Amplify	$38.1K	0.00%	59.2%
Grayscale	$37.4K	0.00%	766.4%
Tema	$28.3K	0.00%	—
Breakwave	$28.1K	0.00%	—
CoinShares	$27.4K	0.00%	780.6%
Goldman Sachs	$22.8K	0.00%	—
Wahed	$14.5K	0.00%	—
Fundrise	$13.3K	0.00%	—
MicroSectors	$9.0K	0.00%	14x
Virtus	$6.6K	0.00%	—
Avantis	$5.5K	0.00%	—
Fundstrat	$5.2K	0.00%	—
MAX	$4.3K	0.00%	19x
Unusual Whales	$4.2K	0.00%	—
21Shares	$3.8K	0.00%	20.6%
PIMCO	$3.5K	0.00%	—
Bitwise	$2.5K	0.00%	38.9%
Procure	$2.4K	0.00%	191.8%
Motley Fool	$1.9K	0.00%	—
TappAlpha	$1.7K	0.00%	—
Xtrackers	$660	0.00%	5.1%
U.S. Global	$575	0.00%	—
AB (AllianceBernstein)	$548	0.00%	—
AdvisorShares	$455	0.00%	—
iPath (Barclays)	$398	0.00%	51.1%
Simplify	$304	0.00%	—
Alpha Architect	$270	0.00%	90.8%
VistaShares	$135	0.00%	—
Saba	$84	0.00%	—
Alerian	$69	0.00%	—
Capital Group	$49	0.00%	—
Eldridge	$17	0.00%	—
Hashdex	$0	0.00%	100.0%
Return Stacked	$0	0.00%	—
Kurv	$0	0.00%	—
F/m Investments	$0	0.00%	—
AGF	$0	0.00%	—

Source: Token Terminal · Issuer derived from the underlying fund name; products without an identifiable issuer brand are grouped as other / index products

Token Terminal — tt-catalog.metrics_assets.market_cap_circulating_daily (month-end snapshots)As of 22 Oct 2026 UTC

3.2

Tokenized ETF holders by fund issuer

Month-end onchain holder count grouped by the issuer of the underlying ETF, aggregated across every tokenization platform and chain.

Onchain holders by fund issuer

Distinct holder wallets holding each issuer's tokenized funds

Source: Token Terminal · Holder counts at the latest month-end

Holder base by issuer

Latest holder count, share of holders and change vs prior month

Fund issuer	Latest	Share	Change
Invesco	413,610	41.01%	3.4%
State Street (SPDR)	310,399	30.78%	1.2%
BlackRock (iShares)	160,862	15.95%	15.6%
Other / index products	93,432	9.27%	0.5%
Direxion	14,716	1.46%	7.0%
ProShares	4,088	0.41%	8.5%
Vanguard	3,142	0.31%	7.0%
Global X	1,984	0.20%	9.2%
Roundhill	1,809	0.18%	10.0%
Janus Henderson	961	0.10%	4.8%
VanEck	594	0.06%	19.0%
Tradr	434	0.04%	29.9%
GraniteShares	340	0.03%	24.1%
Franklin (Templeton)	321	0.03%	21.1%
WisdomTree	198	0.02%	7.0%
Charles Schwab	177	0.02%	24.6%
KraneShares	128	0.01%	2.4%
SP Funds	104	0.01%	11.8%
Defiance	103	0.01%	33.8%
First Trust	91	0.01%	5.8%
Fidelity	90	0.01%	16.9%
T-Rex	80	0.01%	15.9%
Sprott	75	0.01%	38.9%
Volatility Shares	74	0.01%	15.6%
Breakwave	72	0.01%	28.6%
ARK	64	0.01%	4.9%
Grayscale	62	0.01%	3.3%
CoinShares	58	0.01%	—
YieldMax	47	0.00%	2.1%
Leverage Shares	39	0.00%	129.4%
PIMCO	36	0.00%	20.0%
JPMorgan	33	0.00%	10.0%
Bitwise	28	0.00%	12.0%
iPath (Barclays)	27	0.00%	—
Fundrise	27	0.00%	12.5%
AB (AllianceBernstein)	15	0.00%	25.0%
21Shares	15	0.00%	7.1%
Amplify	13	0.00%	8.3%
NEOS	13	0.00%	30.0%
Procure	13	0.00%	—
Alpha Architect	9	0.00%	12.5%
Wahed	8	0.00%	14.3%
Strive	6	0.00%	20.0%
MicroSectors	5	0.00%	66.7%
Avantis	5	0.00%	66.7%
VistaShares	4	0.00%	33.3%
Tema	4	0.00%	20.0%
Simplify	3	0.00%	—
REX Shares	3	0.00%	50.0%
AdvisorShares	2	0.00%	—
U.S. Global	2	0.00%	100.0%
Goldman Sachs	2	0.00%	—
Xtrackers	2	0.00%	—
Virtus	1	0.00%	—
Unusual Whales	1	0.00%	—
Motley Fool	1	0.00%	—
Saba	1	0.00%	—
MAX	1	0.00%	—
Capital Group	1	0.00%	—
Fundstrat	1	0.00%	—
Eldridge	1	0.00%	—
TappAlpha	1	0.00%	—
Alerian	1	0.00%	—
Teucrium	1	0.00%	—
Return Stacked	0	0.00%	—
AGF	0	0.00%	—
Kurv	0	0.00%	—
Hashdex	0	0.00%	—
F/m Investments	0	0.00%	100.0%

Source: Token Terminal · Holders are counted per token contract and summed across platforms and chains

Token Terminal — tt-catalog.metrics_assets.holders_native_daily (month-end snapshots)As of 22 Oct 2026 UTC

Section 04 · Platforms & chains

Who tokenized it, and where does the token actually live?

Tokenization supply is intermediated by a handful of platforms: Ondo Finance carries $650.8M (57% of tokenized ETF value), ahead of Binance bStocks at $245.5M, and the three largest platforms hold 91% of the market. Distribution is equally concentrated at the network layer: Solana settles 35% of tokenized ETF value across 16 live chains. For an issuer, platform choice and chain choice are two separate distribution decisions.

Platforms live

Tokenizing ETF exposure

Largest platform

Ondo Finance

$650.8M tokenized

Chains live

Carrying ETF tokens

Leading chain

Solana

35% of AUM

US issuers only

US platforms live

With a US legal entity

US issuer AUM

$11.8M

1% of tokenized ETF AUM

Largest US platform

Dinari

$7.9M tokenized

US AUM vs prior month

-14.8%

Month-end change

4.1

Tokenized ETF AUM by tokenization platform

Month-end tokenized AUM grouped by the platform that issued the token onchain (the tokenizer), not the fund issuer.

Tokenized ETF AUM by platform

Month-end AUM per tokenization platform

Source: Token Terminal · Tokenized ETF AUM by platform, monthly since January 2025

Platform league table

Tokenized AUM at 2026-10-21

Source: Token Terminal · Latest month-end AUM per platform

Platform detail

Latest tokenized AUM, share of segment and change vs prior month

Tokenization platform	Latest	Share	Change
Ondo Finance	$650.8M	57.29%	18.0%
Binance bStocks	$245.5M	21.61%	99.0%
xStocks	$140.5M	12.37%	15.2%
Robinhood	$39.4M	3.47%	8.1%
Reserve	$21.1M	1.86%	6.7%
Reality	$19.8M	1.74%	22.4%
Dinari	$7.9M	0.69%	20.9%
Shift	$6.1M	0.53%	12.4%
Centrifuge	$4.0M	0.35%	0.6%
Anchored	$346.6K	0.03%	0.6%
st0x	$298.0K	0.03%	51.8%
Backed Finance	$187.9K	0.02%	1.3%
Swarm Markets	$60.7K	0.01%	0.3%
StableStock	$533	0.00%	6.7%

Source: Token Terminal · US issuers are platforms with a US-domiciled legal entity in tt-catalog.dimensions.asset_disclosures · Platform is the project that issued the token onchain, not the issuer of the underlying fund

Token Terminal — tt-catalog.metrics_assets.market_cap_circulating_daily (month-end snapshots)As of 22 Oct 2026 UTC

4.2

Tokenized ETF AUM by chain

Month-end tokenized AUM of ETF tokens grouped by the chain the token lives on, using token-level balances.

Tokenized ETF AUM by chain

Month-end AUM of ETF tokens per network

Source: Token Terminal · Token-level AUM grouped by chain, monthly since January 2025

Chain distribution

AUM settled per network at 2026-10-21

Source: Token Terminal · Latest month-end AUM per chain

Chain detail

Latest AUM settled, share of segment and change vs prior month

Chain	Latest	Share	Change
Solana	$395.3M	34.80%	27.0%
Ethereum	$321.7M	28.32%	1.5%
BNB Chain	$297.8M	26.22%	82.6%
Arbitrum One	$36.2M	3.19%	3.8%
X Layer	$34.1M	3.00%	66.2%
Robinhood Chain	$28.4M	2.50%	10.7%
Base	$10.9M	0.96%	6.1%
Ink	$9.8M	0.86%	41.7%
HyperEVM	$1.4M	0.12%	26.7%
Monad	$345.5K	0.03%	0.6%
Polygon	$45.5K	0.00%	23.7%
Avalanche	$11.4K	0.00%	0.3%
Gnosis	$1.8K	0.00%	24.3%
OP Mainnet	$45	0.00%	—
Tron	$12	0.00%	3.2%
Blast	$1	0.00%	1.5%

Source: Token Terminal · Chains with no live ETF token balance at the latest month-end are excluded

Token Terminal — tt-catalog.metrics_asset_tokens.market_cap_circulating_daily (month-end snapshots)As of 22 Oct 2026 UTC

Section 05 · Single-issuer view

What does the tokenized market look like by ETF Issuer?

BlackRock (iShares) has $560.3M of tokenized value across 185 live tokenized products, representing 49% of the tokenized ETF market and 160,860 onchain holders. Tokenization is concentrated with Ondo Finance, which carries 96% of the issuer's onchain value, and SHV is the flagship exposure at $301.3M. Every product listed here was tokenized by a third party — the issuer holds the brand, the platform holds the distribution.

Tokenized AUM

$560.3M

49% of tokenized ETF market

Onchain holders

160,860

Across all products

Live products

185

98 underlying funds

Platforms tokenizing

Led by Ondo Finance

Fund issuer

5.1

Tokenized product detail by fund issuer and platform

Latest tokenized AUM and holder count for every live tokenized ETF product, with the fund issuer of the underlying ETF and the platform that tokenized it.

Where the issuer's funds are tokenized

Tokenized AUM by platform for the selected issuer

Source: Token Terminal · Latest observation · as of 2026-10-21

Which of the issuer's funds carry the exposure

Tokenized AUM by underlying fund, aggregated across platforms

Source: Token Terminal · Underlying fund ticker; several platforms may tokenize the same fund

Product-level detail

Every live tokenized product for the selected issuer · scroll for the full list

Fund	Tokenized by	AUM	Share	Holders
SHVOndo iShares Short Treasury Bond ETF	Ondo Finance	$301.3M	53.77%	1
IVVOndo iShares Core S&P 500 ETF	Ondo Finance	$61.0M	10.89%	874
IBITOndo iShares Bitcoin Trust ETF	Ondo Finance	$22.3M	3.98%	207
TLTOndo iShares 20+ Year Treasury Bond ETF	Ondo Finance	$18.9M	3.37%	575
IEFAOndo iShares Core MSCI EAFE ETF	Ondo Finance	$17.0M	3.03%	245
AGGOndo iShares Core U.S. Aggregate Bond ETF	Ondo Finance	$14.2M	2.53%	161
ITOTOndo iShares Core S&P Total U.S. Stock Market ETF	Ondo Finance	$12.6M	2.26%	142
TIPOndo iShares TIPS Bond ETF	Ondo Finance	$11.1M	1.97%	111
EFAOndo iShares MSCI EAFE ETF	Ondo Finance	$11.0M	1.96%	126
SGOVOndo iShares 0-3 Month Treasury Bond ETF	Ondo Finance	$9.5M	1.70%	2,695
EWYiShares MSCI South Korea ETF (bStocks Tokenized Stock)	Binance bStocks	$9.4M	1.68%	4,355
IEMGOndo iShares Core MSCI Emerging Markets ETF	Ondo Finance	$9.4M	1.68%	218
EEMOndo iShares MSCI Emerging Markets ETF	Ondo Finance	$7.2M	1.28%	298
BLKGRWONOndo High Growth Powered by BlackRock	Ondo Finance	$5.7M	1.02%	1,588
IWNOndo iShares Russell 2000 Value ETF	Ondo Finance	$5.2M	0.93%	93
BLKHIONOndo High Income Powered by BlackRock	Ondo Finance	$3.9M	0.70%	1,760
BLKDIGONOndo Diversified Growth Powered by BlackRock	Ondo Finance	$3.7M	0.65%	45
EWYiShares MSCI South Korea ETF xStock	xStocks	$3.6M	0.64%	79
IWMOndo iShares Russell 2000 ETF	Ondo Finance	$3.2M	0.57%	184
IJHOndo iShares Core S&P Mid-Cap ETF	Ondo Finance	$3.0M	0.53%	104
FXIOndo iShares China Large-Cap ETF	Ondo Finance	$2.6M	0.46%	125,139
DYNFOndo iShares US Equity Factor Rotation Active ETF	Ondo Finance	$2.4M	0.43%	15
COROOndo iShares International Country Rotation Active ETF	Ondo Finance	$2.1M	0.37%	14
SGOViShares 0-3 Month Treasury Bond ETF (Robinhood Stock Token)	Robinhood	$1.9M	0.34%	12,797
INROOndo iShares US Industry Rotation Active ETF	Ondo Finance	$1.4M	0.24%	15
BLCROndo iShares Large Cap Core Active ETF	Ondo Finance	$1.3M	0.23%	12
HYGOndo iShares iBoxx $ High Yield Corporate Bond ETF	Ondo Finance	$1.2M	0.22%	128
BRTROndo iShares Total Return Active ETF	Ondo Finance	$1.1M	0.20%	12
BAIOndo iShares A.I. Innovation and Tech Active ETF	Ondo Finance	$943.2K	0.17%	38
SOXXOndo iShares Semiconductor ETF	Ondo Finance	$887.5K	0.16%	464
EWYOndo iShares MSCI South Korea ETF	Ondo Finance	$772.8K	0.14%	292
SOXXiShares Semiconductor ETF (Reality Tokenized)	Reality	$741.4K	0.13%	4
IGEBOndo iShares Investment Grade Systematic Bond ETF	Ondo Finance	$709.1K	0.13%	15
HYDBOndo iShares High Yield Systematic Bond ETF	Ondo Finance	$700.8K	0.13%	18
EWZiShares MSCI Brazil ETF (Reality Tokenized)	Reality	$644.3K	0.11%	3
EWYiShares MSCI South Korea ETF (Reality Tokenized)	Reality	$633.8K	0.11%	2
IWMiShares Russell 2000 ETF xStock	xStocks	$621.6K	0.11%	186
QLTAOndo iShares Aaa - A Rated Corporate Bond ETF	Ondo Finance	$605.1K	0.11%	21
BINCOndo iShares Flexible Income Active ETF	Ondo Finance	$590.2K	0.11%	39
USHYOndo iShares Broad USD High Yield Corporate Bond ETF	Ondo Finance	$469.5K	0.08%	17
IALTOndo iShares Systematic Alternatives Active ETF	Ondo Finance	$388.0K	0.07%	25
SHYOndo iShares 1-3 Year Treasury Bond ETF	Ondo Finance	$355.5K	0.06%	41
SECUOndo iShares Securitized Income Active ETF	Ondo Finance	$354.4K	0.06%	17
ETHAOndo iShares Ethereum Trust ETF	Ondo Finance	$315.0K	0.06%	169
SGOViShares 0-3 Month Treasury Bond ETF xStock	xStocks	$274.6K	0.05%	27
IEMGiShares Core MSCI Emerging Markets ETF xStock	xStocks	$246.6K	0.04%	94
IEFOndo iShares 7-10 Year Treasury Bond ETF	Ondo Finance	$246.5K	0.04%	77
NEAROndo iShares Short Duration Bond Active ETF	Ondo Finance	$209.2K	0.04%	20
SYSBOndo iShares Systematic Bond ETF	Ondo Finance	$197.5K	0.04%	18
SOXXiShares Semiconductor ETF xStock	xStocks	$142.3K	0.03%	48
INDAiShares MSCI India ETF (Robinhood Stock Token)	Robinhood	$118.5K	0.02%	1,224
IGVOndo iShares Expanded Tech-Software ETF	Ondo Finance	$118.4K	0.02%	35
ITAiShares U.S. Aerospace & Defense ETF xStock	xStocks	$116.1K	0.02%	32
EWYiShares MSCI South Korea ETF (Robinhood Stock Token)	Robinhood	$110.0K	0.02%	305
TLTiShares 20+ Year Treasury (Reality Tokenized)	Reality	$105.3K	0.02%	3
EWQiShares MSCI France ETF xStock	xStocks	$99.2K	0.02%	29
SGOViShares 0-3 Month Treasury Bond ETF (Reality Tokenized)	Reality	$96.3K	0.02%	2
EWGiShares MSCI Germany ETF xStock	xStocks	$95.2K	0.02%	28
EWUiShares MSCI United Kingdom ETF xStock	xStocks	$91.7K	0.02%	28
EWJiShares MSCI Japan ETF xStock	xStocks	$88.9K	0.02%	26
EWTiShares MSCI Taiwan ETF xStock	xStocks	$87.1K	0.02%	24
SOXXiShares Semiconductor ETF (Robinhood Stock Token)	Robinhood	$72.7K	0.01%	1,305
EWZiShares MSCI Brazil ETF xStock	xStocks	$71.7K	0.01%	27
IJRiShares Core S&P Small-Cap ETF xStock	xStocks	$68.8K	0.01%	52
IBBiShares Biotechnology ETF (Robinhood Classic Stock Token)	Robinhood	$67.5K	0.01%	1
EWJOndo iShares MSCI Japan ETF	Ondo Finance	$62.6K	0.01%	112
EWZOndo iShares MSCI Brazil ETF	Ondo Finance	$57.0K	0.01%	98
IBITiShares Bitcoin Trust ETF (Robinhood Classic Stock Token)	Robinhood	$51.8K	0.01%	1
SOXXiShares Semiconductor ETF (Robinhood Classic Stock Token)	Robinhood	$51.2K	0.01%	1
IVViShares Core S&P 500 ETF (Robinhood Classic Stock Token)	Robinhood	$40.6K	0.01%	1
IB01.LSwarm iShares $ Treasury Bond 0-1yr UCITS ETF	Swarm Markets	$36.8K	0.01%	47
IEIOndo iShares 3-7 Year Treasury Bond ETF	Ondo Finance	$34.0K	0.01%	17
ETHAiShares Ethereum Trust ETF (Robinhood Classic Stock Token)	Robinhood	$26.8K	0.00%	1
INDAOndo iShares MSCI India ETF	Ondo Finance	$24.1K	0.00%	58
IBTA.LSwarm iShares $ Treasury Bond 1-3yr UCITS ETF	Swarm Markets	$23.9K	0.00%	72
EWYiShares MSCI South Korea ETF (Robinhood Classic Stock Token)	Robinhood	$22.0K	0.00%	1
SGOVst0x Wrapped iShares 0-3 Month Treasury Bond ETF	st0x	$21.7K	0.00%	2,962
TLTiShares 20+ Year Treasury Bond ETF (Robinhood Classic Stock Token)	Robinhood	$20.3K	0.00%	1
IEMGiShares Core MSCI Emerging Markets ETF (Robinhood Classic Stock Token)	Robinhood	$18.2K	0.00%	1
IBITDinari iShares Bitcoin Trust ETF	Dinari	$17.9K	0.00%	66
ETHAiShares Ethereum Trust ETF (Reality Tokenized)	Reality	$17.1K	0.00%	2
SOXXDinari iShares Semiconductor ETF	Dinari	$15.7K	0.00%	45
IGViShares Expanded Tech-Software Sector ETF (Reality Tokenized)	Reality	$14.8K	0.00%	1
EEMDinari iShares MSCI Emerging Markets ETF	Dinari	$14.4K	0.00%	24
IVViShares Core S&P 500 ETF (Reality Tokenized)	Reality	$14.0K	0.00%	1
TLTWiShares 20+ Year Treasury Bond Buywrite Strategy ETF (Robinhood Classic Stock Token)	Robinhood	$13.9K	0.00%	1
IEFiShares 7-10 Year Treasury Bond ETF (Reality Tokenized)	Reality	$13.4K	0.00%	2
IWMiShares Russell 2000 ETF (Reality Tokenized)	Reality	$12.2K	0.00%	2
IGViShares Expanded Tech-Software Sector ETF (Robinhood Classic Stock Token)	Robinhood	$11.2K	0.00%	1
EWJiShares MSCI Japan ETF (Reality Tokenized)	Reality	$10.2K	0.00%	1
HYGWOndo iShares High Yield Corporate Bond BuyWrite Strategy ETF	Ondo Finance	$10.2K	0.00%	21
USHYDinari iShares Broad USD High Yield Corporate Bond ETF	Dinari	$9.6K	0.00%	13
EWTiShares MSCI Taiwan ETF (Robinhood Stock Token)	Robinhood	$9.3K	0.00%	52
IWMDinari iShares Russell 2000 ETF	Dinari	$9.2K	0.00%	12
ITAOndo iShares U.S. Aerospace & Defense ETF	Ondo Finance	$8.5K	0.00%	86
IWMiShares Russell 2000 ETF (Robinhood Classic Stock Token)	Robinhood	$8.5K	0.00%	1
ECHIshares Inc Msci Chile Capped Etf (Reality Tokenized)	Reality	$8.3K	0.00%	1
SHYiShares 1-3 Year Treasury Bond ETF (Robinhood Stock Token)	Robinhood	$8.2K	0.00%	44
IBBiShares Biotechnology ETF (Reality Tokenized)	Reality	$7.8K	0.00%	4
SGOViShares 0-3 Month Treasury Bond ETF (Robinhood Classic Stock Token)	Robinhood	$7.0K	0.00%	1
DGROiShares Core Dividend Growth ETF (Robinhood Classic Stock Token)	Robinhood	$6.3K	0.00%	1
EEMiShares MSCI Emerging Markets ETF (Robinhood Classic Stock Token)	Robinhood	$6.3K	0.00%	1
IJSOndo iShares S&P Small-Cap 600 Value ETF	Ondo Finance	$6.0K	0.00%	17
IBITiShares Bitcoin Trust (Reality Tokenized)	Reality	$5.9K	0.00%	2
FXIiShares China Large-Cap ETF (Reality Tokenized)	Reality	$4.7K	0.00%	1
TLTDinari iShares 20+ Year Treasury Bond ETF	Dinari	$4.7K	0.00%	11
INDAiShares MSCI India ETF (Robinhood Classic Stock Token)	Robinhood	$4.7K	0.00%	1
MCHIiShares MSCI China ETF (Robinhood Classic Stock Token)	Robinhood	$4.5K	0.00%	1
EUFNiShares MSCI Europe Financials ETF (Robinhood Classic Stock Token)	Robinhood	$4.5K	0.00%	1
EWZiShares MSCI Brazil ETF (Robinhood Classic Stock Token)	Robinhood	$4.1K	0.00%	1
ITOTiShares Core S&P Total US Stock Market ETF (Reality Tokenized)	Reality	$3.7K	0.00%	1
IXUSiShares Core MSCI Total International Stock ETF (Robinhood Classic Stock Token)	Robinhood	$3.7K	0.00%	1
FXIiShares China Large-Cap ETF (Robinhood Classic Stock Token)	Robinhood	$3.6K	0.00%	1
IEFAiShares Core MSCI EAFE ETF (Robinhood Classic Stock Token)	Robinhood	$3.1K	0.00%	1
IVWiShares S&P 500 Growth ETF (Robinhood Classic Stock Token)	Robinhood	$2.4K	0.00%	1
INDAiShares MSCI India Index ETF (Reality Tokenized)	Reality	$2.2K	0.00%	1
ITBiShares U.S. Home Construction ETF (Robinhood Classic Stock Token)	Robinhood	$2.2K	0.00%	1
EEMiShares MSCI Emerging Markets ETF (Reality Tokenized)	Reality	$2.1K	0.00%	3
IHEiShares U.S. Pharmaceuticals ETF (Robinhood Classic Stock Token)	Robinhood	$2.0K	0.00%	1
ITAiShares U.S. Aerospace & Defense ETF (Robinhood Classic Stock Token)	Robinhood	$1.8K	0.00%	1
IJHiShares Core S&P Mid-Cap ETF (Reality Tokenized)	Reality	$1.6K	0.00%	1
IEFAIshares Trust Core Msci Eafe Etf (Reality Tokenized)	Reality	$1.6K	0.00%	2
ICLNiShares Global Clean Energy ETF (Robinhood Classic Stock Token)	Robinhood	$1.5K	0.00%	1
EUHYOndo iShares Euro High Yield Corporate Bond USD Hedged ETF	Ondo Finance	$1.5K	0.00%	17
IYWOndo iShares US Technology ETF	Ondo Finance	$1.4K	0.00%	25
IYWiShares U.S. Technology ETF (Robinhood Classic Stock Token)	Robinhood	$1.4K	0.00%	1
IEMGiShares Core MSCI Emerging Markets ETF (Reality Tokenized)	Reality	$1.3K	0.00%	1
IJHiShares Core S&P Mid-Cap ETF (Robinhood Classic Stock Token)	Robinhood	$1.2K	0.00%	1
ITAiShares US Aerospace & Defense ETF (Reality Tokenized)	Reality	$1.2K	0.00%	1
EMXCIshares Msci Emerging Markets Ex China Etf (Reality Tokenized)	Reality	$1.1K	0.00%	1
CLOAOndo iShares AAA CLO Active ETF	Ondo Finance	$1.0K	0.00%	39
EFAiShares MSCI EAFE ETF (Robinhood Classic Stock Token)	Robinhood	$988	0.00%	1
ECHOndo iShares MSCI Chile ETF	Ondo Finance	$984	0.00%	34
EFVOndo iShares MSCI EAFE Value ETF	Ondo Finance	$934	0.00%	15
EWJiShares MSCI Japan ETF (Robinhood Classic Stock Token)	Robinhood	$826	0.00%	1
EWYiShares MSCI South Korea aStock	Anchored	$725	0.00%	17
ETHADinari iShares Ethereum Trust ETF	Dinari	$688	0.00%	8
IWFIshares Russell 1000 Growth ETF (IWF) (Reality Tokenized)	Reality	$566	0.00%	1
ICLNiShares Global Clean Energy ETF (Reality Tokenized)	Reality	$544	0.00%	1
IEFiShares 7-10 Year Treasury Bond ETF (Robinhood Classic Stock Token)	Robinhood	$499	0.00%	1
DVYiShares Select Dividend ETF (Robinhood Classic Stock Token)	Robinhood	$429	0.00%	1
EWGiShares MSCI Germany ETF (Robinhood Classic Stock Token)	Robinhood	$404	0.00%	1
BRHYOndo iShares High Yield Active ETF	Ondo Finance	$391	0.00%	19
TURiShares MSCI Turkey ETF (Robinhood Classic Stock Token)	Robinhood	$373	0.00%	1
AGGiShares Core US Aggregate Bond ETF (Reality Tokenized)	Reality	$354	0.00%	2
ITADinari iShares U.S. Aerospace & Defense ETF	Dinari	$338	0.00%	16
GOVTiShares U.S. Treasury Bond ETF (Robinhood Classic Stock Token)	Robinhood	$338	0.00%	1
AGGiShares Core U.S. Aggregate Bond ETF (Robinhood Classic Stock Token)	Robinhood	$307	0.00%	1
IDEFOndo iShares Defense Industrials Active ETF	Ondo Finance	$271	0.00%	13
EWTiShares MSCI Taiwan ETF (Robinhood Classic Stock Token)	Robinhood	$251	0.00%	1
IJRiShares Core S&P Small-Cap ETF (Robinhood Classic Stock Token)	Robinhood	$239	0.00%	1
HDViShares Core High Dividend ETF (Robinhood Classic Stock Token)	Robinhood	$218	0.00%	1
EWAiShares MSCI Australia ETF (Robinhood Classic Stock Token)	Robinhood	$199	0.00%	1
TLTiShares 20+ Year Treasury Bond aStock	Anchored	$189	0.00%	4
BRLNOndo iShares Floating Rate Loan Active ETF	Ondo Finance	$187	0.00%	12
GGOVOndo iShares Global Government Bond USD Hedged Active ETF	Ondo Finance	$185	0.00%	12
LEMBOndo iShares J.P. Morgan EM Local Currency Bond ETF	Ondo Finance	$181	0.00%	11
IWNIshares Russell 2000 Value ETF (Reality Tokenized)	Reality	$158	0.00%	1
SMINiShares MSCI India Small-Cap ETF (Robinhood Classic Stock Token)	Robinhood	$125	0.00%	1
HYGiShares iBoxx $ High Yield Corporate Bond ETF (Robinhood Classic Stock Token)	Robinhood	$120	0.00%	1
PFFiShares Preferred and Income Securities ETF (Robinhood Classic Stock Token)	Robinhood	$115	0.00%	1
IYRiShares US Real Estate ETF (Reality Tokenized)	Reality	$115	0.00%	1
IGOViShares International Treasury Bond ETF (Robinhood Classic Stock Token)	Robinhood	$104	0.00%	1
GOVTiShares U.S. Treasury Bond ETF (Reality Tokenized)	Reality	$102	0.00%	1
IYWiShares US Technology ETF (Reality Tokenized)	Reality	$101	0.00%	1
IWRRussell Midcap Index Ishares (Reality Tokenized)	Reality	$99	0.00%	1
AAXJiShares MSCI All Country Asia ex Japan ETF (Reality Tokenized)	Reality	$91	0.00%	1
USHYiShares Broad USD High Yield Corporate Bond ETF (Robinhood Classic Stock Token)	Robinhood	$83	0.00%	1
EFAiShares MSCI EAFE ETF (Reality Tokenized)	Reality	$83	0.00%	1
HDVIshares Trust Ishares Core High Dividend (Reality Tokenized)	Reality	$80	0.00%	2
SHYiShares 1-3 Year Treasury Bond ETF (Reality Tokenized)	Reality	$79	0.00%	2
MTUMiShares MSCI USA Momentum Factor ETF (Robinhood Classic Stock Token)	Robinhood	$75	0.00%	1
IGMiShares Expanded Tech Sector ETF (Robinhood Classic Stock Token)	Robinhood	$56	0.00%	1
WOODDinari iShares Global Timber & Forestry ETF	Dinari	$55	0.00%	12
HYGIshares Iboxx $ High Yield Corporate Bond Etf (Reality Tokenized)	Reality	$35	0.00%	1
MUBS&P National Amt-Free Muni Bd Ishares (Reality Tokenized)	Reality	$32	0.00%	1
STIPiShares 0-5 Year TIPS Bond ETF (Robinhood Classic Stock Token)	Robinhood	$22	0.00%	1
ICLNStableStock iShares Global Clean Energy ETF	StableStock	$17	0.00%	1
TOPTiShares Top 20 U.S. Stocks ETF (Robinhood Classic Stock Token)	Robinhood	$12	0.00%	1
ILFiShares Latin America 40 ETF (Reality Tokenized)	Reality	$10	0.00%	1
QUALiShares MSCI USA Quality Factor ETF (Robinhood Classic Stock Token)	Robinhood	$7	0.00%	1
USMViShares MSCI USA Min Vol Factor ETF (Robinhood Classic Stock Token)	Robinhood	$1	0.00%	1
EWHiShares MSCI Hong Kong ETF (Robinhood Classic Stock Token)	Robinhood	$1	0.00%	1
ITOTiShares Core S&P Total U.S. Stock Market ETF (Robinhood Classic Stock Token)	Robinhood	$0	0.00%	1
TIPiShares TIPS Bond ETF (Reality Tokenized)	Reality	$0	0.00%	1

Source: Token Terminal · Fund issuer derived from the product name; AUM and holders are the latest daily observation

Token Terminal — tt-catalog.metrics_assets.market_cap_circulating_daily and holders_native_daily (latest observation)As of 22 Oct 2026 UTC

5.2

Tokenized ETF exposure by fund issuer

Tokenized AUM trajectory

Month-end tokenized AUM for BlackRock (iShares)

Source: Token Terminal · Monthly tokenized AUM for the selected issuer since January 2025

Peer comparison

Tokenized AUM of the ten largest issuers at the latest month-end

Source: Token Terminal · Selected issuer highlighted against the peer set

Twelve-month change for BlackRock (iShares): 342.9%

Token Terminal — tt-catalog.metrics_assets.market_cap_circulating_daily (month-end snapshots)As of 22 Oct 2026 UTC

5.3

Onchain usage of the issuer's tokenized products

Monthly value of the issuer's tokenized ETFs held inside onchain applications, and monthly decentralized-exchange trading volume of the same products. The application history and each calendar month of trading volume are queried separately and combined.

Held in onchain applications

Month-end AUM of BlackRock (iShares)'s products inside applications, by application

Source: Token Terminal · Month-end AUM held inside onchain applications since January 2025

Traded on decentralized exchanges

Monthly trading volume of BlackRock (iShares)'s products, by exchange

Source: Token Terminal · Monthly DEX trading volume since January 2025; the final bar is the month to date

Token Terminal — tt-catalog.metrics_assets_by_app.app_tvl_daily and tt-catalog.facts_dex_pools.trades, aggregated as tt-catalog.metrics_dex_pools_by_token.trading_volume_dailyAs of 22 Oct 2026 UTC

Section 06 · Onchain usage

Are tokenized ETFs actually being traded, created and used as collateral?

Tokenized ETFs are being used, not just held: $19.17B of transfer volume moved in Sept 26 across 56,722,886 transfers, at an average size of $338 — retail-scale tickets rather than block trades. 717,153 wallets were active (+72% month on month), and primary activity was net creation of $196.2M. Secondary trading is concentrated onchain: $7.01B of tokenized ETFs changed hands on decentralized exchanges in Sept 26, led by Uniswap V4. Onchain applications currently hold $51.6M of tokenized ETFs, led by Uniswap V4 — the collateral use case is still early and is where ETF issuers have the most headroom.

Monthly transfer volume

$19.17B

56,722,886 transfers in Sept 26

DEX trading volume

$7.01B

-7% vs prior month · Sept 26

Active wallets

717,153

+72% vs prior month · Sept 26

Net creation

+$196.2M

Mints less redemptions in Sept 26

Tokenized ETFs in applications

$51.6M

Latest value 21 Oct 2026 · led by Uniswap V4

6.1

Tokenized ETF onchain activity

Monthly transfer volume and transfer count for tokenized ETFs and crypto-native index products, with the month-end count of monthly active wallets.

Transfer volume and active wallets

Monthly transfer volume with month-end active wallet count

Source: Token Terminal · Monthly transfer volume and month-end active wallets since January 2025

Transfer count and average ticket size

Monthly transfers with the average value per transfer

Source: Token Terminal · Average ticket is monthly transfer volume divided by transfer count

Token Terminal — tt-catalog.metrics_assets transfer_volume_daily, transfer_count_daily, monthly_active_users_dailyAs of 22 Oct 2026 UTC

6.2

Tokenized ETF issuance and redemption flows

Monthly mints and redemptions in USD for tokenized ETFs and crypto-native index products — the onchain equivalent of primary-market creations and redemptions.

Creations and redemptions

Monthly mints and redemptions in USD

Source: Token Terminal · Monthly primary-market activity onchain since January 2025

Net creation and cumulative issuance

Monthly net flow with the cumulative onchain issuance path

Source: Token Terminal · Net flow is mints less redemptions; cumulative issuance sums net flow from January 2025

Token Terminal — tt-catalog.metrics_assets.mints_daily and redemptions_dailyAs of 22 Oct 2026 UTC

6.3

Tokenized ETFs held in onchain applications

Value of tokenized ETFs and crypto-native index products held inside lending markets, exchanges and other onchain applications, by application. Latest available value, with month-end history.

Applications holding tokenized ETFs

Tokenized ETF AUM held per application, latest value 21 Oct 2026

Source: Token Terminal · Lending markets, exchanges and structured products holding tokenized ETFs

Tokenized ETF AUM in applications over time

AUM held per application, monthly — top applications shown individually

Source: Token Terminal · Month-end history; the latest point is the latest available value

Application detail

AUM of tokenized ETFs held, share of total and change vs prior month

Application	Latest	Share	Change
Uniswap V4	$11.6M	22.40%	20.5%
Kamino Lend	$11.4M	22.14%	31.7%
Jupiter Lend	$8.4M	16.29%	25.5%
Uniswap V3	$6.5M	12.52%	15.4%
PancakeSwap V2	$6.3M	12.26%	2.0%
PancakeSwap V3	$4.1M	7.90%	19.0%
Raydium CLMM	$2.2M	4.20%	30.7%
Aerodrome Slipstream	$347.1K	0.67%	46.4%
Aerodrome Volatile Pools	$304.2K	0.59%	3.3%
Whirlpools	$281.6K	0.55%	33.3%
Morpho Blue	$107.0K	0.21%	14.3%
Uniswap V2	$62.1K	0.12%	45.0%
Meteora Liquidity Pools	$34.9K	0.07%	0.8%
Meteora Launchpad	$27.4K	0.05%	6.7%
Pendle Yield Tokenization	$11.0K	0.02%	18.2%
Raydium CPMM	$225	0.00%	4.0%

Source: Token Terminal · AUM held inside onchain applications, latest value 21 Oct 2026

Token Terminal — tt-catalog.metrics_assets_by_app.app_tvl_daily (latest daily value; month-end history)As of 22 Oct 2026 UTC

6.4

Tokenized ETF trading volume on decentralized exchanges

Monthly DEX trading volume for tokenized ETFs and crypto-native index products, split by exchange and by product. Aggregated from the pool-level trade log; each calendar month is queried separately and the months are combined.

DEX trading volume by exchange

Monthly tokenized ETF volume, largest exchanges shown individually

Source: Token Terminal · Monthly DEX trading volume since January 2025; the final bar is the month to date

Most traded tokenized ETFs

Top ten products by DEX volume in Sept 26

Source: Token Terminal · Trading volume across every decentralized exchange pool holding the product

Product detail

DEX volume in Sept 26, share of total and change vs prior month · scroll for full list

Product	Sept 26	Share	Change
QQQ	$4.36B	62.25%	30.5%
SPY	$2.04B	29.18%	68.0%
FXI	$233.1M	3.33%	200x
SGOV	$194.0M	2.77%	61x
CMC20	$68.8M	0.98%	75.3%
INDA	$22.0M	0.31%	39627x
SOXL	$18.1M	0.26%	337x
SPYM	$11.5M	0.16%	522x
EWY	$11.5M	0.16%	5283x
SOXS	$7.9M	0.11%	5488x
DESPXA	$7.2M	0.10%	22.5%
SOXX	$4.8M	0.07%	2273x
NEOCLOUD	$3.3M	0.05%	16.8%
LCAP	$3.2M	0.05%	22.0%
PHOTON	$3.2M	0.05%	36.4%
TQQQ	$2.6M	0.04%	157x
POWER	$1.9M	0.03%	409.8%
SNXX	$1.4M	0.02%	674x
BUILDOUT	$1.4M	0.02%	23.1%
SQQQ	$804.4K	0.01%	530.3%
OPEN	$514.5K	0.01%	42.4%
ABX	$466.0K	0.01%	147.8%
DFX	$372.5K	0.01%	49.3%
DGI	$302.2K	0.00%	7.5%
SPMO	$260.7K	0.00%	61x
KORU	$258.0K	0.00%	8.8%
SCHD	$229.2K	0.00%	4870x
ROBOTS	$218.6K	0.00%	16.2%
VTI	$201.6K	0.00%	414x
XLK	$183.7K	0.00%	321x
BGCI	$167.9K	0.00%	65.5%
COPX	$164.7K	0.00%	697.5%
TLT	$116.9K	0.00%	20x
DRAM	$115.2K	0.00%	67.8%
CLX	$104.1K	0.00%	8.3%
SMH	$41.9K	0.00%	55x
EWT	$34.9K	0.00%	737x
SHY	$31.3K	0.00%	66x
MVLL	$18.7K	0.00%	7562x
MUU	$14.9K	0.00%	148x
INTW	$12.4K	0.00%	22958x
MVTT10F	$11.5K	0.00%	32.1%
KWEB	$4.4K	0.00%	—
BED	$3.6K	0.00%	79.0%
CSPX.L	$3.4K	0.00%	10.7%
CIBR	$2.7K	0.00%	12422x
SMEL	$2.5K	0.00%	19x
ETHA	$2.4K	0.00%	773.2%
BLKHION	$1.1K	0.00%	—
TIP	$959	0.00%	1410x
IBIT	$486	0.00%	16x
SPYR	$271	0.00%	246x
BLKDIGON	$101	0.00%	—
QQQM	$100	0.00%	95.7%
BRAINON	$91	0.00%	—
URA	$51	0.00%	17x
BLKGRWON	$25	0.00%	—
IVV	$25	0.00%	99.5%
SIL	$12	0.00%	—
HYG	$11	0.00%	—
ITOT	$10	0.00%	51.1%
INCE	$7	0.00%	159.5%
IEMG	$6	0.00%	69.6%
QYLD	$5	0.00%	—
EEM	$3	0.00%	35.7%
IWM	$2	0.00%	—
IWF	$2	0.00%	10x
USPX	$1	0.00%	12x
EWZ	$1	0.00%	62.7%
BKCH	$0	0.00%	—
IGV	$0	0.00%	—
HYGW	$0	0.00%	—
SHLD	$0	0.00%	—
IYW	$0	0.00%	—
JAAA	$0	0.00%	18.8%
BAI	$0	0.00%	—
VT	$0	0.00%	—
ORBX	$0	0.00%	—
XOP	$0	0.00%	—
QTUM	$0	0.00%	98.4%
IJR	$0	0.00%	99.9%
GBTC	$0	0.00%	—
MOO	$0	0.00%	—
IBTA	$0	0.00%	—
BOTZ	$0	0.00%	—

Source: Token Terminal · Completed calendar month; volume is the traded value across all DEX pools

Token Terminal — tt-catalog.facts_dex_pools.trades, aggregated as tt-catalog.metrics_dex_pools_by_token.trading_volume_dailyAs of 22 Oct 2026 UTC

Tokenized ETFMarket Intelligence

How large is the tokenized asset market, and where do ETFs sit inside it?

Tokenized asset market by category

Tokenized asset market by category

Market composition over time

How material is the tokenized ETF opportunity inside real-world assets?

Tokenized asset market by category

Real-world asset market by category

Tokenized ETF market value and share of real-world assets

Segment composition

Which underlying ETFs are attracting tokenized capital and users?

Tokenized ETF AUM by underlying ETF

AUM by underlying ETF

AUM ranking

Tokenized ETF holders by underlying ETF

Holder base by underlying ETF

Holder ranking

Number of tokenized ETFs over time

Tokenized ETFs outstanding

Monthly additions

Which fund issuers already have tokenized exposure, and who is compounding it?

Tokenized ETF exposure by fund issuer

Tokenized AUM by fund issuer

ETF Issuer league table

ETF Issuer exposure detail

Tokenized ETF holders by fund issuer

Onchain holders by fund issuer

Holder base by issuer

Who tokenized it, and where does the token actually live?

Tokenized ETF AUM by tokenization platform

Tokenized ETF AUM by platform

Platform league table

Platform detail

Tokenized ETF AUM by chain

Tokenized ETF AUM by chain

Chain distribution

Chain detail

What does the tokenized market look like by ETF Issuer?

Tokenized product detail by fund issuer and platform

Where the issuer's funds are tokenized

Which of the issuer's funds carry the exposure

Product-level detail

Tokenized ETF exposure by fund issuer

Tokenized AUM trajectory

Peer comparison

Onchain usage of the issuer's tokenized products

Held in onchain applications

Traded on decentralized exchanges

Are tokenized ETFs actually being traded, created and used as collateral?

Tokenized ETF onchain activity

Transfer volume and active wallets

Transfer count and average ticket size

Tokenized ETF issuance and redemption flows

Creations and redemptions

Net creation and cumulative issuance

Tokenized ETFs held in onchain applications

Applications holding tokenized ETFs

Tokenized ETF AUM in applications over time

Application detail

Tokenized ETF trading volume on decentralized exchanges

DEX trading volume by exchange

Most traded tokenized ETFs

Product detail

Tokenized ETF
Market Intelligence