Key Points:

Ethereum currently hosts $201 billion in tokenized assets, accounting for nearly two-thirds of the global total of $314 billion.

Institutional growth led by BlackRock and Fidelity has driven a 2000% increase in on-chain fund assets under management (AUM) since 2024.

ETH exchange supply has hit an annual low, suggesting that investors are accumulating and forming a stronger market bottom.

Ethereum's growing dominance in the tokenized asset space is reshaping how investors value its network fundamentals and its native token, ETH. As of Tuesday, the total amount of tokenized assets across all blockchains is approximately $314 billion, with Ethereum accounting for $201 billion, close to two-thirds of the market. This data highlights its leading position as the most widely used settlement layer in the cryptocurrency space by 2025.

Stablecoins continue to be the backbone of the Ethereum network economy, representing the vast majority of transaction activity. The joint issuance of USDT and USDC on Ethereum has maintained deep liquidity pools for DeFi, cross-border payments, and exchanges, helping the network maintain one of the highest transaction throughput rates in the industry.

This expansion goes far beyond the stablecoin sector. Since January 2024, the AUM of tokenized fund assets on Ethereum has surged nearly 2000%, primarily driven by institutions like BlackRock and Fidelity entering the space, bringing traditional investment products into the on-chain environment.

Fidelity Digital Assets noted, "Some of the most noteworthy developments in the digital asset space, aside from Bitcoin and Ethereum, are occurring in the stablecoin and tokenized real-world assets (RWAs) sectors."

The company emphasized that stablecoins have become a global medium of exchange, processing $18 trillion in transaction volume over the past 12 months, even surpassing Visa's $15.4 trillion annual transaction volume.

Meanwhile, RWAs have become the fastest-growing asset class on Ethereum. The total amount of tokenized government bonds, funds, and credit instruments on Ethereum has now reached $12 billion, accounting for 34% of the $35.6 billion global RWA market. Protocols like Ondo, Centrifuge, and Maple are driving this rapid growth by offering tokenized U.S. Treasury exposure yields of 4%-6% and secured loan products.

Analysis platform Token Terminal pointed out that this expansion effectively anchors Ethereum's $430 billion market cap to substantial on-chain utility, stating, "The market cap of tokenized assets on Ethereum sets a bottom support for ETH's market cap."

According to CryptoQuant data, the largest ETH trading platform Binance indicates that ETH exchange supply has significantly decreased since mid-2025, now reaching its lowest level since May 2024. The data reflects that supply peaked in early summer and has continued to decline until November, dropping to around 0.0327.

This persistent outflow of funds suggests that a large amount of ETH is being transferred to cold wallets or long-term holding wallets, a behavior typically seen as characteristic of a market accumulation phase. Notably, this trend of declining exchange balances coincides with the period when ETH prices surged to near $4500 to $5000 in August and September, followed by a price correction to the current level of around $3500.

Analysts point out that a reduction in exchange supply can effectively alleviate market selling pressure, and if investor risk appetite improves, this trend may create favorable conditions for price stabilization or a resumption of upward momentum.

Related: Ether holders return to profit, ETH price poised to challenge the $4000 mark.

This article does not constitute any investment advice or recommendation. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.

Original: “Ethereum's $200 Billion Tokenized Asset Base Backs Analysts' Calls for Higher ETH Price”

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