Ethereum’s dominance in tokenization is solidifying, hosting $201 billion in assets. This figure represents nearly two-thirds of the $314 billion global total. Analysts and data from the Token Terminal platform suggest this strong fundamental base indicates that ETH is undervalued.
The expansion goes beyond stablecoins. Tokenized fund assets under management (AUM) on Ethereum have surged an impressive 2,000% since January 2024. This growth has been driven by institutional giants. BlackRock and Fidelity are bringing traditional investment products onto the blockchain.
Real-world assets (RWAs) have become Ethereum’s fastest-growing category. Currently, tokenized funds, Treasuries, and credit instruments on the network total $12 billion. This is 34% of the $35.6B global RWA market. Protocols like Ondo and Centrifuge lead this area. Furthermore, stablecoins have processed $18 trillion in volume over 12 months, surpassing Visa’s annual throughput.
Is the market underestimating Ethereum’s real economy?
On the other hand, the ETH supply on exchanges points to a bullish setup. Data from CryptoQuant reveals that ETH supply on exchanges has fallen sharply since mid-2025. This metric reached its lowest level since May 2024. This persistent outflow of coins suggests strong accumulation. Investors are moving ETH into cold storage or long-term wallets.
This reduced supply on exchange platforms tends to alleviate selling pressure. It coincides with ETH’s price consolidation around $3,500, following recent highs. If investor risk appetite improves, this supply shortage could lay the groundwork for a renewed upside. Ethereum’s dominance in tokenization anchors its market cap to tangible on-chain utility.
