Ethereum still runs the tokenized fund market, but it no longer runs it alone. According to Token Terminal data, the total market cap of tokenized funds has reached approximately $34.7 billion, with nearly a third of that value sitting on chains outside the three dominant platforms.
Where the money actually sits
Ethereum leads with $17.7 billion, representing about 51.2% of the total tokenized fund market. BNB Chain follows at $4.8 billion, or 13.9%, and zkSync Era accounts for $3.2 billion at 9.2%.
Those three chains together capture roughly 74% of the market. The remaining 27%, approximately $9 billion, is distributed across a set of chains that would not have featured in this conversation two years ago.
Stellar holds $2.2 billion of tokenized fund value. Solana sits at $1.9 billion. Avalanche accounts for $1.5 billion, and Injective holds $1.1 billion.
