The total onchain market capitalization of tokenized funds has reached $32.4 billion, with Ethereum capturing 59.6% of the market share. That’s not a typo, and it’s not some speculative DeFi token. We’re talking about real investment funds, many of them backed by US Treasuries and money market instruments, living natively on public blockchains.
Here’s the thing: this number was roughly $30 billion as recently as late April 2025. The acceleration tells you something about where institutional money is headed, and it’s headed onchain.
Wall Street’s blockchain migration picks up speed
The names behind this growth aren’t crypto-native startups. They’re the biggest asset managers on the planet.
BlackRock’s BUIDL fund, launched in 2024, essentially served as the proof of concept for institutional-grade onchain money market funds. It demonstrated that a firm managing trillions in assets could deploy a product on a public blockchain without the sky falling. That opened the floodgates.
