Tokenized funds now hold roughly 16 billion dollars in US Treasury assets, signaling that the issuance phase has been resolved. The next challenge is integrating these assets into onchain financial systems by using them as collateral, margin, or components of structured positions. mWIN, launched in August 2026 by Midas with Wellington Management and Northern Trust, exemplifies this approach with a 6.9% yield on investment-grade CLOs and a Morpho lending market accepting PYUSD. Aave Horizon has surpassed 250 million dollars in TVL by enabling stablecoin borrowing against tokenized assets. The value of tokenization will ultimately be measured by what markets can build with these assets rather than by issuance volume alone.
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