Tokenised assets go from $21B to $29B in one quarter

The figures

The total value of tokenised assets on public blockchains rose from $21 billion in early January 2026 to $29 billion by April — a 30% increase in a single quarter.

Growth came mainly from two categories: fractional real estate and fixed income, notably tokenised US Treasuries.

What the figure leaves out

Market capitalisation is not trading volume. A large share of these assets barely trades after issuance. The value recorded on the ledger measures what was issued, not what could be sold.

Concentration is high. A handful of institutional issuers account for most of the outstanding value. The promise of a market open to retail investors remains, by volume, marginal.

Thirty percent in one quarter is not a trend. Three months are not enough to tell durable adoption from an announcement effect.