Beyond Dollar Stablecoins: Three Emerging Categories of Tokenized Assets Each week in The Snapshot, we share data-driven insights, highlight new listings, and showcase the latest product updates. Read on for the latest edition, authored by @f9s216 👇

1) Tokenized money market funds Tokenized U.S. T-Bill funds continue to scale fast. The market cap of tokenized money market funds has grown to $8.4B, up 60x since early 2024, with BlackRock’s BUIDL leading in adoption. Investors move onchain to access a better version of Treasuries. Onchain versions of T-Bills offer risk-free yield, instant settlement, 24/7 access, daily yield, and lower costs, supported by growing regulatory clarity. Tokenized Treasuries are on track to become a core onchain asset. Like money market funds in the 1970s, today’s small but fast-growing market suggests tokenized T-Bills could come to represent the risk-free baseline yield for the onchain economy.

2) Tokenized commodities Tokenized gold continues to grow, led by two dominant issuers. The tokenized gold market has reached $3.6B in market cap, up 50x since 2021, with Tether's XAUT and Paxos' PAXG making up most of the market. Tokenized gold brings a battle-tested inflation hedge onchain. Users, especially in emerging markets, can gain access to gold’s inflation protection in a tokenized format. These products give gold the exact same features that widely adopted stablecoins, like USDT, already possess. Gold is the first major tokenized commodity, with most of the supply yet to be tokenized. The current $3.6B market cap represents only a small fraction of the $28.7T physical gold market. For perspective, should 1% of the global gold supply be tokenized, it would mean approximately 80x growth from current levels.

3) Tokenized euro Tokenization of the euro is scaling quickly, albeit from a small base. The aggregate market cap of tokenized euros has reached $750M, up 7x since early 2023, led by Spiko's EUTBL and Circle's EURC. These products are market-based alternatives to ECB’s upcoming digital euro. The current issuers of tokenized euros are building complementary euro-backed products, ahead ECB’s planned launch of a digital euro or CBDC in 2029. A multi-currency onchain economy is emerging. The growing adoption of tokenized euros coincides with the launch of other tokenized non-USD currencies, such as the recent deployment of the Japanese yen (JPYC) on Ethereum, Avalanche, and Polygon.

New standardized listings (full listing with up to 15 metrics) Stellar, an L1 blockchain for enterprises and institutions, offering secure smart contracts, fast payments, and asset tokenization at scale. Flow EVM, an L1 blockchain that allows EVM applications to tap into the Flow ecosystem, which supports consumer-scale decentralized applications, NFTs, DeFi, DAOs, PFP projects, and more.

Expanded coverage Custom metrics related to ORCA value accrual are now available: ORCA buybacks, ORCA staked, ORCA/xORCA rate, and xORCA supply. Curator, vault, and asset-level breakdowns are now available for Morpho's TVL, Active loans, Fees, and Revenue metrics. These can be accessed via Queries on Studio, allowing analysts to get a clear picture of the key drivers behind each metric.