Castle Labs: On-chain Tokenized Assets Exceed $38 Billion

Research firm Castle Labs reported that over $38 billion in assets have been tokenized on-chain. The breakdown includes $15.9 billion in U.S. Treasuries, $4.9 billion in commodities, $3.6 billion in active strategies, $2.56 billion in asset-backed credit, and $2.52 billion in equities. Using the Ethereum Layer 2 network Mantle as a case study, the report noted that its ecosystem hosts over $225 million in assets, with 96% of RWA value held in yield-bearing assets. Castle Labs emphasized that the next phase of tokenization will focus on utility, liquidity, and composability rather than just the ability to bring assets on-chain.