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Stablecoin market cap rises to $311B for its first monthly gain in three months; tokenized RWA hits a record $34.7B; euro stablecoins reach an all-time high of $776M.

The stablecoin market cap rose 1.19% to $311B in August, its first monthly increase in three months. The gain coincided with a broad-based digital asset rally; stablecoin market dominance fell to 11.2% from 13.6% as the wider market outperformed.

Total on-chain tokenized RWA market cap rose 4.1% to a record $34.7B, the highest end-of-month value ever recorded. Tokenized stocks and equities led the gains, rising 11.3% to an all-time high of $4.45B on August 26 and becoming the third-largest tokenized asset category at 12.8% of the market.

Euro stablecoin market cap rose 6.0% to a new all-time high of $776M, up 68.2% year-on-year. Revolut launched EURR, its first euro-backed stablecoin issued by Stripe-owned Bridge, as MiCA continues to drive regulated euro stablecoin supply expansion.

On-chain tokenized equity DEX volume reached $9.62B as of August 28, putting the market on track for roughly $10.6B for the full month; a 14% decline from July's record $12.3B, but more than three times June's $2.8B. xStocks was the standout, surging 385% in volume to $1.67B and raising its market share to 17.4%.

Ethena's USDe rose 4.54% to $4.04B, partially reversing July's decline, while Ethena proposed activating an ENA fee switch that would direct protocol revenue to ENA buybacks once USDe supply reaches $7.5B. Ethena's Risk Committee estimates the mechanism could support roughly $52.7M in annualized buybacks while active.

August's stablecoin and tokenized assets markets were defined by a broad-based recovery and a wave of new records. The stablecoin sector posted its first monthly market cap gain in three months, rising 1.19% to $311B, as renewed investor risk appetite drove capital back into digital assets.

Tokenized real-world assets broke above prior highs, with total on-chain RWA market capitalization reaching $34.7B, the highest end-of-month figure ever recorded. Tokenized equities and euro stablecoins each reached all-time highs, while a series of institutional milestones, including Tether's completion of a Big Four audit, Standard Chartered distributing Hong Kong's first licensed dollar stablecoin, and Franklin Templeton's grBENJI going live on HashKey Exchange, underlined how quickly the regulated infrastructure layer is building out.

The stablecoin market's August rebound snapped a three-month losing streak. USDT remained broadly flat at $183B, ending three consecutive months of decline, while USDC gained 2.61% to $73.9B. USDT's market dominance fell slightly to 59.0% from 59.7% as the broader stablecoin sector expanded around it. On centralized exchanges, stablecoin pair trading volume reached $668B as of August 26, on pace to exceed July's total, with USDT accounting for 71.7% of CEX stablecoin volume, followed by USDC at 23.0% and World Liberty Financial's USD1 at 2.08%.

Euro stablecoins reached a new all-time high in August, with total market capitalization rising 6.0% to $776M, a gain of 68.2% year-on-year. Circle's EURC surpassed €400M in circulation for the first time, having more than doubled its supply over the past year; Circle attributed the growth to expanding use across exchanges, payments, and institutional workflows, supported by EURC's MiCA-compliant structure. Revolut added to the momentum by launching EURR, its first euro-backed stablecoin issued by Stripe-owned Bridge. CEX trading volume for euro-denominated stablecoins reached $745M as of August 26, up 12.3% from the comparable July period.

Tokenized stocks and equities were August's standout story, with market capitalization rising 11.3% to an all-time high of $4.45B on August 26. The category is now the third-largest segment of the tokenized asset market at 12.8%. Securitize remained the market leader at $1.40B (31.5% share, +8.0%), while xStocks was the month's fastest mover, surging 60.4% to $930M and closing the gap with second-placed Ondo ($960M). Several mid-tier platforms also expanded rapidly: Figure rose 321.7% to $89M, Republic gained 23.7% to $130M, and Robinhood climbed 56.0% to $44M. Coinbase entered the on-chain equity trading market during August, contributing $107M in DEX volume and capturing a 1.1% market share. On-chain trading volumes reached $9.62B as of August 28, putting the market on course for roughly $10.6B for the full month; that would represent a moderation from July's record $12.3B but remains more than three times higher than June's $2.8B.

The full August 2026 Stablecoins & Tokenized Assets Report includes data on the top 10 stablecoins, USDe market cap by chain, tokenized bonds and money market funds, tokenized commodities, and a complete breakdown of on-chain equity trading volumes by issuer. Download the report for the complete dataset.