From $700 million to nearly $40 billion. A new report from AFME, representing Europe's leading banks, features Ondo and shows how rapidly the tokenized asset market has grown: → $0.7B in 2021 → $25.5B in 2025 → $38.8B in 2026 YTD Growth extends beyond Treasuries. Tokenized equities surged 357%, while private equity and venture capital exposure more than tripled. AFME notes that “the technology is becoming an increasingly important component of the market landscape.” The report also highlights Ondo's USDY and Ondo Stocks among the leading tokenized products in their respective categories. Five years ago, tokenization was largely experimental. Today, billions in assets are onchain across an expanding range of markets. And the pace of adoption is only accelerating.