Tokenized funds have reached a record high as DeFi protocols and institutional asset managers push more traditional financial products onto blockchain rails.
The sector’s market cap climbed to about $34.3 billion, according to Token Terminal data, extending a rapid expansion led by yield bearing stablecoins, tokenized Treasuries, money market products, and structured credit strategies.
SkyEcosystem, the protocol formerly known as MakerDAO, has become one of the largest players in the category. Its sUSDS product leads Token Terminal’s tokenized funds dashboard, while its broader RWA vaults hold more than $2 billion across tokenized Treasuries, money market funds, and structured credit.
The shift marks a major change for a protocol that was once defined mainly by crypto native collateral. Real world asset strategies now account for more than 60% of Sky’s protocol revenue, linking its economics more directly to tokenized versions of traditional credit and cash management products.
Sky’s Agent Network is central to that pivot. The system lets allocators deploy USDS into yield generating strategies through structured vaults, giving different managers a shared infrastructure layer to compete for capital.
