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Stablecoin supply stalled at $305.5B as tokenized RWAs climbed to $34.5B, led by private credit, even as on-chain equity trading fell 39.3%.

Stablecoin market capitalization edged up 0.10% to $305.5B in October, its second consecutive monthly gain, but remained 3.67% below May's record. Dominance rose to 10.6% from 10.5%, while average daily CEX stablecoin-pair volume fell 2.54% to $31.0B.

Tether remained the largest stablecoin at $183B, down 0.17%, with its market share easing to 59.9% from 60.1%. USDC fell 2.80% to $72.3B, shedding $2.08B, with Ethereum accounting for roughly $1.91B of the decline. Meanwhile, USDC supply on Arc rose 19.5% to $742M.

Ethena's USDe fell 3.48% to $4.67B, slipping to fifth place as DAI reclaimed fourth at $4.73B. Sky Dollar (USDS) recorded the largest percentage gain among the ten largest stablecoins, rising 3.50% to $6.74B, while PYUSD and RLUSD grew 2.96% and 1.00%, respectively.

Total on-chain RWA value rose 2.92% to $34.5B, after reaching a record $34.9B on October 16. Tokenized bonds and money market funds fell 2.80% to $16.97B, pushing their market share below 50% to 48.4% for the first time since March. Private credit was the strongest major category, rising 11.8% to $5.27B.

Tokenized stocks and equities grew 4.81% to $4.89B, although average daily on-chain trading volume fell 39.3% to $317M. bStocks reclaimed the top spot with a 37.3% share and $118M in daily volume, while Robinhood-issued tokens fell 56.2% to $96.0M, reducing their share to 30.3% from 42.0%.

Stablecoin market capitalization edged up 0.10% to $305.5B in October, its second consecutive monthly gain, while stablecoin dominance rose to 10.6% from 10.5% as the broader digital asset market declined 0.63%. Trading activity softened: average daily stablecoin-pair volumes on centralised exchanges fell 2.54% to $31.0B, with $619B traded through October 20. Tether remained the largest stablecoin at $183B, holding 59.9% of supply, while USDC fell 2.80% to $72.3B, shedding $2.08B. USDC supply on Arc rose 19.5% to $742M, while Ethena's USDe declined 3.48% to $4.67B, slipping to fifth place as DAI reclaimed fourth.

Tokenized RWA market capitalization rose 2.92% to $34.5B, after reaching an all-time high of $34.9B on October 16. Tokenized bond and money market funds fell 3.31% to $16.7B, pushing their share below 50% to 48.4% for the first time since March. Private credit was the strongest major category, rising 11.8% to $5.27B, while tokenized precious metals gained 6.15% to $6.46B, led by Tether Gold at $3.42B. Tokenized stocks and equities grew 4.81% to $4.89B, just below their October 16 record of $4.95B. Securitize remained the largest issuer at $1.36B, followed by Ondo at $981M and xStocks at $947M.

On-chain tokenized equity trading slowed in October, with average daily volume falling 39.3% to $317M from $521M in September. bStocks reclaimed the top spot despite a 34.8% decline in daily volume to $118M, lifting its market share to 37.3% from 34.7%. Robinhood-issued tokens fell to second as daily volume declined 56.2% to $96.0M, reducing their share to 30.3% from 42.0%. xStocks remained third at $44.8M per day, followed by Coinbase at $26.8M, while smaller platforms such as Backpack and Ondo recorded gains.

Download the full October 2026 Stablecoins and Tokenized Assets Report for more insights, including stablecoin rankings, USDC and USDe chain breakdowns, and tokenized bond, commodity and equity data.