The Ethereum network has consolidated a $201 billion economy in tokenized assets as of November 11. This fundamental milestone, coupled with a decline in exchange supply, supports analyses suggesting ETH is undervalued. The tokenized asset base on Ethereum represents nearly two-thirds of the global total.
According to data from the analytics platform Token Terminal, the global market for tokenized assets stands at $314 billion. Ethereum dominates this space with $201 billion. This growth is not limited to stablecoins, which remain the network’s backbone. The AUM (assets under management) of tokenized funds on Ethereum has surged by nearly 2,000% since January 2024. This boom is driven by the entry of institutional giants like BlackRock and Fidelity.
The expansion of the tokenized asset base on Ethereum is accelerating thanks to RWAs (Real-World Assets). This has emerged as the network’s fastest-growing segment. Tokenized treasuries, funds, and credit instruments on Ethereum now total $12 billion. This represents 34% of the $35.6 billion global RWA market. Protocols like Ondo and Centrifuge are fueling this trend. They offer yields of 4-6% on US Treasury products.
Analysis from Fidelity Digital Assets highlights the significance of this development. The firm noted that stablecoins have processed $18 trillion in volume over the past 12 months. This figure surpasses Visa’s annual throughput ($15.4T). Likewise, Token Terminal noted that the market cap of these assets “has set the floor for ETH’s market cap”.
Is RWA growth establishing a new floor for ETH’s price?
Parallel to this on-chain growth, data from the CryptoQuant platform shows a bullish signal. The supply of ETH on exchanges has declined sharply since mid-2025. It has reached its lowest level since May 2024. This persistent outflow suggests that coins are being moved into cold storage. Such behavior is typical of accumulation phases by long-term investors.
The reduction in available supply on trading platforms tends to alleviate selling pressure. This could set the stage for price stabilization or renewed upside. Although ETH retraced to $3,500 from its $5,000 peaks in August, the fundamentals are solid. The strength of the tokenized asset base on Ethereum and investor accumulation anchor the blockchain’s valuation to tangible utility in 2025.
