Tokenized funds hit $37.8B market cap as T-bill products take the lead

Token Terminal data shows tokenized funds up roughly 941% since late 2023, with US Treasury bill funds now the largest category Tokenized funds have reached a market capitalization of $37.8 billion, according to data from Token Terminal. That figure, recorded as of early November 2026, represents an increase of approximately 941% since late 2023. Back then, the whole sector was worth only around $3 to $4 billion. The category has grown roughly tenfold in about three years. The biggest driver is also the least glamorous. US Treasury bill funds are now the largest fund type in the tokenized market, sitting at $13.5 billion. Token Terminal breaks the tokenized fund market into several categories.

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