Key takeaways:
Ethereum currently hosts $201 billion in tokenized assets, which is nearly two-thirds of the global total of $314 billion.
Institutional growth led by BlackRock and Fidelity has driven a 2,000% surge in onchain fund AUM since 2024.
ETH exchange supply hit a yearly low, hinting at investor accumulation and a stronger market floor.
Ethereum's growing dominance in the tokenized asset landscape is reshaping how investors value its network fundamentals and its native token, Ether (ETH). As of Nov. 11, tokenized assets across all blockchains amount to roughly $314 billion, with Ethereum accounting for $201 billion, nearly two-thirds of the market. This underscored its leading role as the most utilized settlement layer in crypto in 2025.
Stablecoins continue to form the backbone of Ethereum’s network economy, representing the vast majority of transaction activity. Combined USDT and USDC issuance on Ethereum has sustained deep liquidity pools across DeFi, cross-border payments, and exchanges, helping the network maintain one of the highest transaction throughputs in the industry.
The expansion extends beyond stablecoins. Tokenized fund asset under management (AUM) on Ethereum has surged by nearly 2,000% since January 2024, driven by institutional entrants like BlackRock and Fidelity bringing traditional investment products onchain.
Fidelity Digital Assets noted that, “beyond Bitcoin and Ethereum, some of the most noteworthy developments in digital assets are happening in stablecoins and tokenized real-world assets (RWAs).”
The firm highlighted that stablecoins have become a global medium of exchange, processing $18 trillion in volume over the past 12 months, even surpassing Visa’s annual throughput of $15.4 trillion.
Meanwhile, RWAs have emerged as Ethereum’s fastest-growing category. Tokenized treasuries, funds, and credit instruments on Ethereum now total $12 billion, representing 34% of the $35.6 billion global RWA market. Protocols such as Ondo, Centrifuge, and Maple are fueling the surge by offering yields of 4–6% on tokenized US Treasury exposure and secured lending products.
Analytics platform Token Terminal noted that this expansion effectively anchors Ethereum’s $430 billion market capitalization to tangible onchain utility, noting that, “the market cap of tokenized assets on Ethereum has set the floor for ETH’s market cap.”
Related: BitMine snapped up 34% more ETH last week as prices dipped
ETH exchange supply points to a bullish setup
Data from CryptoQuant pointed out that Binance, the largest Ether trading venue by volume, indicated that ETH exchange supply has declined sharply since mid-2025, hitting its lowest level since May 2024. After peaking in early summer, supply fell continuously through November, reaching around the 0.0327 level.
This persistent outflow signals coins moving into cold storage or long-term wallets, a behavior typically associated with accumulation phases. Interestingly, this decline in exchange balances coincided with Ether’s price peaking near $4,500 to $5,000 in August and September before retracing to around $3,500 currently.
Analysts noted that a reduced supply on exchanges tends to alleviate sell pressure, potentially setting the stage for price stabilization or renewed upside if investor risk appetite improves.
Related: Ethereum holders back in profit as ETH price gears up for $4K breakout
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.