Not all tokenized assets are created equal. Asset-backed credit reached a $1 billion market cap in just 185 days, according to Chainalysis data cited in an a16z crypto report. Tokenized venture capital, by comparison, took roughly six years and nine months to hit the same number.
The numbers behind the sprint
The broader tokenized asset market now sits at approximately $34 billion, per a16z’s analysis published in late May 2026. Within that universe, asset-backed credit has emerged as the fastest-growing category tracked by Chainalysis, crossing the billion-dollar threshold by April 2026.
On-chain lending vaults tied to these products are offering yields in the range of 8-15%.
The key platforms driving this growth are Figure, which uses the Provenance blockchain to tokenize home equity lines of credit (HELOCs), and Maple Finance, with its syrupUSDC and syrupUSDT products. Data from RWA aggregator rwa.xyz shows that Figure’s HELOC product alone, listed as FIGR_HELOC, represents over $17 billion in value on the platform.
