What this chart tells me is that tokenization is no longer a side experiment. Crossing the $30 billion mark feels like a real turning point, and the fact that U.S. Treasurys are still leading makes perfect sense to me. If you want the market to trust tokenized assets, it usually starts with something familiar, liquid, and easy to value. Treasurys fit that role better than almost anything else.
My own view is that this milestone matters because it shows where serious capital is first choosing to move on-chain. It is not chasing the loudest narrative. It is going toward the cleanest, most practical product. That is why I think tokenized Treasurys are becoming the foundation of this whole category.
What I also find interesting is how broad the stack is getting now. Commodities, credit, stocks, private equity, and real estate are all starting to appear in the mix. That tells me this is not just about one asset class anymore. It looks more like the early shape of a new financial layer, built one category at a time.
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