Tokenized funds are quietly becoming one of the most important layers in RWA.


The category has reached $35.6B in market cap, with @SkyMoney leading at the issuer level and sUSDS leading at the asset level.
By asset, sUSDS is now the largest tokenized fund with $5.6B in market cap and a 15.8% market share.
By issuer, Sky ranks #1 with $5.8B and a 16.2% share, ahead of Securitize, Circle, Ondo Finance, Franklin Templeton, Maple, Ethena and Superstate.
That says a lot about where tokenized funds are heading.
The early RWA narrative focused on bringing Treasuries, money market funds and institutional products onchain.
Sky is taking a more DeFi-native route: turning stablecoin liquidity into a composable yield-bearing dollar through USDS and sUSDS.
sUSDS is simple to understand, liquid, yield-generating, and designed to move across DeFi as collateral, savings, or a capital base.
And Sky is becoming one of the clearest examples of that shift.
RWA-2.69%
SKY-2.75%
CRCLX-5.35%
ONDO3.64%
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