The system of record for stablecoins, tokenized assets, & onchain finance. Access standardized & comparable data for asset issuers, DeFi venues, & blockchains.
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Joined December 2019
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Ethereum hosts 54% of all stablecoins
86% of tokenized stocks use a similar issuance model: 1:1 backing, no underlying asset issuer involvement needed
With stocks on Ethereum up 170% YoY to $827M, investors should watch if the stablecoin success repeats for another asset class
Token Terminal 📊 retweeted
.@pendle_fi led tokenized stock DeFi TVL growth over the past 30 days, +$16.0M.
@aave V4 came second with +$9.2M, just ahead of @aeroxyz, @Raydium and @PancakeSwap.
Data via @tokenterminal
Token Terminal 📊 retweeted
Three issuers hold about 85% of the tokenized stock market
@binance bStocks ~32%
@ondo ~29%
@xStocksFi ~24%
US firms and ETFs make up 91.8% of all tokenized stocks, a sliver of a ~$150T equities market.
Data via @tokenterminal
Token Terminal 📊 retweeted
Stablecoin supply has been ~flat over the past year, yet holders are still up and to the right 📈
The biggest gainers by holder count:
• USDT (@tether): +29.6m
• USDC (@circle): +25.4m
• pUSD (@Polymarket): +1.2m
• CASH (@phantom): +0.7m
• USDG (@global_dollar): +0.6m
Token Terminal 📊 retweeted
Foreign investors hold a record $25.18T of U.S. equities, up from $105B in 1984.
Tokenized U.S. equities grew from $15.9M to $4.24B since Jan 2025, and 93.0% of that $4.24B is targeted at non-U.S. investors.
Onchain distribution of U.S. equities strengthens an existing trend.
Token Terminal 📊 retweeted
📊 INSIGHT: Tether generates $16.4M in 24H fee revenue, followed by Tron at $8.1M and Circle at $6.6M, per Token Terminal.
Token Terminal 📊 retweeted
Coinbase-issued tokenized stocks on Base reach $4B in cumulative DEX trading volume
NVDAc leads with $641.4M, followed by METAc ($552.5M) and MSTRc ($513.7M)
Daily trading volume now regularly exceeds $100M
Token Terminal 📊 retweeted
.@FTDA_US led tokenized fund growth over the past 24 hours, +$88.0M.
That's 4x @Spiko_finance in second, with @MidasRWA third on +$18.7M.
Data via @tokenterminal
Token Terminal 📊 retweeted
.@openstandard led Stablecoin market cap growth by issuer over the past 24 hours with + $56.9M.
Via @tokenterminal.
Token Terminal 📊 retweeted
Treasury-backed stablecoins create demand for US debt & can lower government borrowing costs, helping explain US legislative support for stablecoin issuers.
We expect similar support for issuers tokenizing US equities: new investor demand can lower companies’ cost of capital.
Token Terminal 📊 retweeted
"It's following the similar path to what stablecoins followed a few years ago, right? Even more aggressive."
That's @JSeyff, Senior Research Analyst at @BBGIntelligence, on the Token Terminal chart of tokenized stocks.
Token Terminal data shows the market at $4.63B as of Oct 28, 2026, up from under $1B at the start of the year. Stablecoins crossed that same level in March 2020.
Foreign investors hold a record $25.18T of U.S. equities, up from $105B in 1984.
Tokenized U.S. equities grew from $15.9M to $4.24B since Jan 2025, and 93.0% of that $4.24B is targeted at non-U.S. investors.
Onchain distribution of U.S. equities strengthens an existing trend.
RWA market cap is $46.3B, up 947.6% over the past 3 years
Ethereum leads with $20.8B in assets issued on the chain, followed by BNB Chain ($6.2B) and Solana ($3.9B)
RWA market cap is $46.3B, up 947.6% over the past 3 years
U.S. T-bills lead with $12.9B, followed by yield strategies ($11.8B) and credit funds ($5.7B)
Token Terminal 📊 retweeted
$3 billion in tokenized fund value added on @StellarOrg over the past year, the second-largest increase of any blockchain, per @tokenterminal.
Centrifuge funds on Stellar now span Treasuries, AAA CLOs, high-yield bonds and, as of this week, the Nasdaq-100 through $JQQQ.
Token Terminal 📊 retweeted
Alpaca is a custodian for 85.8% of tokenized stocks
While the issuers of tokenized stocks operate from different jurisdictions, most underlying shares are held at one U.S. broker-dealer
