Fund interest

Tokenised vs traditional

Each traditional market next to the tokenised assets of the same kind that we track, matched by classification: by what backs the token (a tracker holding shares counts as equities) or by its legal form where the market is defined that way (funds, deposits). Stablecoins are never counted against the markets their reserves are invested in. The tokenised figures are floors (only assets with a known size, and not balances on ledgers that only mirror a register kept elsewhere), so the true shares are somewhat higher, but the order of magnitude is the point.

For context, not compared: US spot bitcoin ETF assets $111.09bn (United States, 8 Oct 2026). Total net assets of the US spot bitcoin ETFs (IBIT, FBTC, GBTC and others), which hold bitcoin with a custodian. The shares themselves are not tokenised, so this is shown for context only and never compared with tokenised assets.