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MiCA's transitional period ended July 1, triggering USDT delistings across EU exchanges, while tokenized equity volumes surged 288% to a record $11.3B.

MiCA's transitional period expired July 1, triggering USDT delistings across EU-based centralised exchanges; MiCA-authorised EMT market cap rose 0.52% to $77.7B, representing 25.2% of the total stablecoin market. USDG was the standout beneficiary, surging 14.2% to a record $3.26B; its twelfth consecutive monthly all-time high, driven by Robinhood Chain's launch, which contributed $312.6M in new USDG supply.

Total stablecoin market cap fell 1.02% to $308B in July, its second consecutive monthly decline and $14.5B below May's all-time high. Outflows were led by Tether (-$5.8B) and USDC (-$3.4B), while yield-sensitive issuers Sky Dollar and Ethena shed a combined ~$3.4B as on-chain savings rates compressed.

Tokenized real-world assets surged 11.5% to a record $32.1B in July, with Tokenized Treasuries expanding 10.6% to $19.2B (58.3% of total) and Public Equities rising 50.3% to a record $2.26B. Private Credit grew 22.3% to $3.80B, its fastest monthly expansion in several months.

On-chain tokenized equity trading volumes surged 288% to a record $11.3B, nearly quadrupling the prior month's record. Binance bStocks captured 83.3% of volume ($9.41B), driven almost entirely by tokenized QQQ, which alone recorded $9.27B in trades.

Tokenized commodities rose 5.8% to $5.63B, ending four consecutive months of decline, with gold retaining 95.5% dominance. Silver emerged as a meaningful new category at 4.4% share, led by Kinesis Silver's $217M debut in the dataset; Tether Gold (XAUT) also received formal ADGM recognition on July 20.

Total stablecoin market capitalization fell 1.02% to $308B in July, its second consecutive monthly decline and $14.5B below the all-time high recorded in May. Outflows were led by Tether (-$5.8B) and USDC (-$3.4B), while yield-sensitive issuers Sky Dollar and Ethena shed a combined ~$3.4B as on-chain savings rates compressed. Stablecoin market dominance fell to 13.6% from 14.7% in June. On centralized exchanges, stablecoin trading volumes reached $617B through July 28; on pace for the lowest monthly total since November 2023, reflecting the broader pullback in digital asset activity.

July's most structurally significant development was the expiry of MiCA's 18-month transitional period on July 1, which prompted EU-based centralised exchanges to complete the delisting of USDT. MiCA-authorised EMT market cap rose 0.52% to $77.7B (25.2% of the total stablecoin market), with USDC accounting for 94.9% of compliant supply. The clearest beneficiary was Global Dollar's USDG; its market cap surged 14.2% to a record $3.26B, its twelfth consecutive monthly high. Growth was driven primarily by Robinhood Chain's public mainnet launch on July 1, which contributed $312.6M in new USDG supply; accounting for 75% of the $417.5M total monthly increase, as USDG became the chain's sole native stablecoin and default lending asset in Robinhood Earn at an estimated 7% APY.

Against the stablecoin pullback, tokenized real-world assets continued their structural expansion. Total tokenized asset market capitalization surged 11.5% to a record $32.1B; Tokenized Treasuries reached $19.2B (58.3% of the market), tokenized Public Equities hit a record $2.26B (+50.3%), and on-chain trading volumes for tokenized equities exploded 288% to $11.3B; nearly quadrupling June's record. Binance bStocks drove 83.3% of that volume ($9.41B), with tokenized QQQ alone accounting for $9.27B.

Download the full July 2026 STAR report for complete coverage of sector-by-sector market cap data, the MiCA stablecoin landscape, the complete USDG chain-level breakdown, and the full tokenized equity issuer rankings.