Just checked the market data and tokenized assets by market cap hit a new ATH of $24.6B back in January - pretty wild to see this segment growing so fast. The breakdown is interesting too: treasuries were doing the heavy lifting at 39% of the total, while commodities jumped 22.8% that month on the back of gold hitting all-time highs.

Stablecoins remain the backbone of all this liquidity. The total stablecoin market cap was sitting around $308B by late January, though interestingly USDT saw its first real pullback in almost two and a half years. USDC also took a hit that month, dropping to $71.5B. But the real story was World Liberty Financial's USD1 - that thing surged 48.2% and actually cracked the top 5 stablecoins, which was unexpected to see.

What's catching my eye now is how tokenized assets by market cap continue to evolve. Commodities especially - we saw tokenized gold products like Tether Gold and Paxos Gold both hit record highs when spot gold broke above $5,000. That's the kind of real-world price action that's driving actual adoption of these on-chain versions. Trading volumes on CEXs were pushing $1.07T that month for stablecoin pairs, so there's definitely real money moving through these assets by market cap channels.