Token Terminal's September 2026 RWA report tracks $301.4B in stablecoins across five sectors. Ethena's USDe led growth over USDC and USDT. Tokenized funds grew $707M via WisdomTree and Spiko, while credit and commodities saw mixed results. Capital concentrated with established issuers.
Token Terminal's September 2026 Monthly RWA Activity report charts the tokenized assets market across five sectors: stablecoins, funds, credit, commodities, and stocks. Stablecoin market cap reached $301.4B, with Ethena's USDe adding $823M—outpacing USDC ($592.7M) and USDT ($512.4M). Tokenized funds grew with $707M across top issuers, led by WisdomTree and Spiko. Tokenized credit contracted overall, though USDai and 3Jane grew. Tether's gold token drove commodities growth. Tokenized stocks saw broad growth across Securitize, Binance bStocks, and xStocks. The data reveals a split: capital concentrated among established issuers, while new holders concentrated on Solana, BNB Chain, and Robinhood Chain rather than established networks like Ethereum or Arbitrum.
