Tokenized fund market cap sees one third outside Ethereum and BNB Chain

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.

Why this distribution matters

Stellar was designed specifically for payments and asset issuance, and its low transaction costs make it attractive for fund products that require frequent settlement or redemption cycles. Asset management giants including BlackRock and Franklin Templeton have begun launching tokenized products on established networks like Ethereum and Stellar.

Solana’s high throughput and low fees have attracted retail and institutional flows alike, and its growing ecosystem of financial applications has made it a credible venue for tokenized products targeting a broader investor base.

Avalanche’s $1.5 billion stake connects to its subnet architecture, which allows institutions to deploy customized, permissioned environments while retaining interoperability with the broader network. Several major financial institutions have used Avalanche subnets for exactly this purpose, creating isolated chains with their own compliance rules.

Injective’s $1.1 billion reflects a blockchain built specifically for financial applications, with native order-book infrastructure and cross-chain capabilities that appeal to derivatives and fund products.

The broader context

The data snapshot from early August 2026 captures a market that has grown substantially through 2025 and into 2026, driven largely by institutional interest in tokenized money market funds and government securities. Traditional asset managers have moved from pilot programs to live products, and the volumes reflect that shift.

Ethereum faces ongoing fee optimization through Layer 2 solutions, and zkSync Era’s $3.2 billion share reflects that dynamic directly. zkSync Era is an Ethereum Layer 2, meaning Ethereum’s dominance is actually larger than the 51.2% headline figure when you count the extended ecosystem.