A breakdown of the crypto sectors with the largest market-cap changes between June 2025 and June 2026.The past 12 months were difficult for the crypto market, and specifically in terms of prices – the market bled heavily. But losses weren't spread evenly, as some sectors gave back most of their last-cycle gains, while one moved in the opposite direction entirely. This is a look at where market caps ended up, and what the reasons were behind growing sectors.

Tokenized Assets grew 267%, and it is the only sector to gain ground while the rest of the market fell. The growth came from issuance rather than price. Gold price increased by nearly 20% over the year, while the amount of tokenized representations held on-chain roughly doubled, from 524k to over 1 million ounces.

But the largest addition was tokenized equities. Stocks and ETFs went from zero to 23% of the sector in twelve months, as shares of major companies were tokenized through platforms like Ondo, bStocks, gStocks and xStock. Treasuries, private credit, and a small allocation to crypto ETFs make up the remainder.

Other sectors of the crypto market have declined, with the steepest drops in memecoins, DePIN, and infrastructure. Memecoins stand out most, as they were the largest speculative sector on the board a year earlier, and by June 2026 they were among the biggest losers.

The capitalization of other sectors declined less significantly. None of these come close to the collapses in memecoins or DePINs, they simply drifted

Reasons For Tokenized Assets Growth

The explosive growth of tokenized assets was primarily caused by two asset classes: gold and equities. For most of this period, the sector was effectively one asset class: gold. Tether Gold (XAUT) and PAX Gold (PAXG) accounted for the majority of its market cap. A year ago, precious metals made up nearly 100% of all openly traded tokenized assets. By June 2026, that share had fallen to 68%.

The move into tokenized equities is concentrated among a few issuers. By number of tokens, rStocks and Ondo account for nearly two-thirds of all tokenized stocks, with rStocks alone issuing 568 tokens and Ondo over 400, spanning single-name equities like NVIDIA and Apple as well as index products such as the S&P 500.

The newest entrants are the exchanges themselves: Binance launched bStocks in June 2026 and Gate followed with gStocks in July, reaching 46 and 63 tokens within weeks of launch.

Conclusion

Tokenized assets had a strong twelve months: new products launched, issuers expanded their catalogs, and the category pushed onto exchanges. All of this is reinforced by the fact that tokenized assets were the most-listed category on CEXs in H1 2026. What started as a way to hold gold on-chain now includes a growing share of equities, issued by the exchanges themselves. That's what makes the category worth watching through the rest of 2026.

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