Tokenization Shift: Stocks Surge, Treasuries Stall, HELOCs Dominate $20B
Forget tokenized Treasuries. Tokenized stocks are exploding, growing 40x faster. Meanwhile, a single $20 billion home-equity token from Figure Technologies is now the largest tokenized asset, dwarfing all US Treasuries combined. Stablecoins are also churning, with capital rotating from synthetic yields to regulated bank-issued dollars.
Tokenized stocks are on fire, up 28.6% last month and growing nearly 40x faster than tokenized US Treasuries. This surge in equity tokens, now worth $1.85 billion, signals a major shift from the once-dominant Treasury market, which saw only 0.74% growth. The real heavyweight, however, is a $20 billion home-equity token from Figure Technologies, now the largest tokenized asset on-chain. This massive HELOC token alone eclipses the entire tokenized US Treasury market. The broader private credit market, including these HELOCs, now tops $31 billion. Stablecoins appear flat at $321 billion, but billions are rotating. Capital is fleeing synthetic dollars like USDe, down 16%, and flowing into regulated options like USDGO, up 54%. This rotation highlights a market driven by capital reallocation, not fresh inflows, posing liquidity risks.