Tokenized assets scale unevenly as asset-backed credit hits $1B in just 185 days

Not all tokenized assets are created equal. Asset-backed credit reached a $1 billion market cap in just 185 days, according to Chainalysis data cited in an a16z crypto report. Tokenized venture capital, by comparison, took roughly six years and nine months to hit the same number.

The numbers behind the sprint

The broader tokenized asset market now sits at approximately $34 billion, per a16z’s analysis published in late May 2026. Within that universe, asset-backed credit has emerged as the fastest-growing category tracked by Chainalysis, crossing the billion-dollar threshold by April 2026.

On-chain lending vaults tied to these products are offering yields in the range of 8-15%.

The key platforms driving this growth are Figure, which uses the Provenance blockchain to tokenize home equity lines of credit (HELOCs), and Maple Finance, with its syrupUSDC and syrupUSDT products. Data from RWA aggregator rwa.xyz shows that Figure’s HELOC product alone, listed as FIGR_HELOC, represents over $17 billion in value on the platform.

Why credit moved faster than everything else

The acceleration in growth has been particularly sharp since 2024, driven by two converging forces. First, US stablecoin regulations have matured significantly, giving institutional participants clearer rules of engagement. Second, the infrastructure for issuing, managing, and settling these instruments on-chain has reached a level of sophistication that institutional treasuries actually trust.

What this means for investors

Asset-backed credit’s rapid ascent suggests a structural shift in how lending capital gets allocated. On-chain credit products offering 8-15% yields with real collateral backing are a competitive threat to conventional lending channels, particularly in areas like home equity where the origination process has been notoriously slow and expensive.

Risks remain, of course. Regulatory clarity on stablecoins has improved, but the broader framework for tokenized securities is still a work in progress. Smart contract risk hasn’t disappeared just because institutions are involved. And yield products in the 8-15% range always warrant scrutiny about where exactly that yield is coming from and what happens under stress scenarios.

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