[Tokenized Funds per $100 Stablecoins Rise to $11.39, Nearly Quadrupling in Two Years] According to a report by Crypto Briefing on September 28, the ratio of tokenized funds to stablecoin market capitalization has risen from $2.99 per $100 two years ago to $11.39, nearly quadrupling, reflecting the pursuit of yield for on-chain capital. The current total stablecoin market capitalization is approximately $300 billion, with tokenized physical assets accounting for about 10% to 17% of this. Circle's USYC is valued at approximately $2.5 billion to $3 billion, BlackRock's BUIDL at around $2.2 billion to $2.7 billion, and Ondo's USDY at about $2.1 billion to $2.3 billion. Tokenized treasury bonds and money market funds collectively amount to $15 billion to $33 billion. JPMorgan estimates that these account for roughly 5% of the stablecoin ecosystem. If issues of transferability and cross-platform interoperability remain unresolved, the proportion is unlikely to exceed 10% to 15%.