On-Chain Data: Tokenized Equities on Ethereum Grow 40x Faster Than Treasuries, Now Dwarfed by a $20.1B Credit Token
Ethereum equity tokens hit $1.85B with 87% transfer growth, but a single Provenance HELOC token at $20.1B now outsizes the entire tokenized Treasury market.
The largest single asset in on-chain tokenization right now isn’t a Treasury fund or an equity wrapper — it’s a home-equity line of credit token. Figure Technologies’ HELOC instrument on the Provenance blockchain hit roughly $20.1 billion on July 7, adding $730 million in three weeks alone, per on-chain data.
One credit token now outweighs the entire Treasury category
At $20.1 billion, that single HELOC token exceeds the combined $15.16 billion sitting across all tokenized U.S. Treasury products, including BUIDL and BENJI. It’s also more than ten times the size of the entire tokenized equity market, meaning the tokenization sector’s current all-time-high in value is being driven by loan collateral, not cash-equivalent paper.
That’s a structural shift for a category that spent the last two years defined almost entirely by Treasury-fund headlines. Private credit has quietly become the dominant collateral type on-chain, even as equity tokens generate the louder growth signal.
Equity tokens growing 40x faster than Treasuries
Tokenized equities on Ethereum climbed 28.6% over the past 30 days to $1.85 billion, a growth rate roughly 40 times that of tokenized Treasuries, which added just 0.74% to reach $15.16 billion. The gap suggests fresh capital entering tokenization is rotating away from cash-equivalent products and into equity exposure.
Activity data supports that read: monthly transfer volume in tokenized equities jumped 87% to $8.76 billion, while the wallet base expanded 24.5% to more than 443,000 addresses. Transaction and address growth outpacing balance growth is a pattern more consistent with active, intermediary-free access demand than with passive yield parking — Treasury tokens look increasingly like a maturing cash product with demand near saturation, while equity tokens still look like a climbing access product.
Stablecoin rails shifting quietly beneath flat totals
Beneath these flows, stablecoins — the settlement layer for most tokenization activity — are showing a redistribution across networks and issuers rather than simple aggregate growth. Fiat-backed and algorithmic stablecoins are behaving differently under this repositioning, and the shift is occurring without the volatility usually attached to stablecoin-related headlines, pointing to infrastructure maturing quietly rather than a demand spike or shock.
Methodologically, these figures count distributed on-chain value once per asset and track 30-day change, so the trend lines reflect native issuance rather than duplicated wrapper counts across chains.
Macro backdrop
Wider market conditions at the time of this data: the Fear and Greed Index sat at 26/100, Bitcoin dominance was 69.7%, and total crypto market cap stood near $1.84 trillion. ETH itself traded between $1,790 and $1,797, with RSI(14) near 56.6 and perpetual positioning roughly split evenly between longs and shorts.
Read more: ETH’s $1800 Reclaim Level Collides With 220K-Token Exchange Inflow, ETF Outflows