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What to know:
- The total market cap of tokenized assets reached a new all-time high of $24.6B in January, driven primarily by growth in tokenized treasuries and a surge in tokenized commodities.
- Tokenized treasuries accounted for 39.0% of the total market capitalization, while tokenized commodities rose 22.8% month-on-month as gold prices hit new highs.
- Stablecoins continued to provide the underlying liquidity layer, with total stablecoin market cap rising for a second consecutive month to $308B and centralized exchange volumes reaching $1.07T month-to-date.
The stablecoin market expanded for a second consecutive month, rising 0.14% to $308 billion as of January 26. However, stablecoin market dominance fell to 9.91% from 10.1% in December, driven by the increase in direction flow to digital assets away from stablecoins.
Tether’s USDT recorded its first decline in 29 months, with market capitalization falling 0.49% to $186 billion. USDT’s market dominance also slipped to 60.4% from 60.8%. Meanwhile, USD Coin (USDC) saw its market capitalization fall 5.88% to $71.5 billion, while Ethena’s USDe continued to expand, rising 4.85% to $6.60 billion.
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World Liberty Financial’s USD1 was the month’s standout performer, surging 48.2% to $4.98 billion as of January 26 and entering the top five stablecoins by market capitalization. The stablecoin overtook both DAI and PayPal USD from last month, supported by rising demand across both on-chain venues and centralized exchanges.
On centralized exchanges, trading volume in stablecoin pairs reached $1.07 trillion month-to-date as of January 27. However, overall activity was on track to finish lower in January compared to December, extending the broader downtrend in monthly stablecoin trading volumes. USDT remained dominant, accounting for 74.8% of total stablecoin trading volume, followed by USDC at 15.7% and FDUSD at 7.91%.
Beyond stablecoins, the market cap of tokenized assets reached a new all-time high of $24.6 billion in January as of the 26th. Tokenized treasuries remained the primary driver, accounting for 39.0% of the total market capitalization, while tokenized commodities secured a significant secondary position at 21.3%, supported by the surge in commodity prices.
The total market capitalization of tokenized commodities rose 22.8% to $5.21 billion, driven primarily by gold’s price action, which reached a new all-time high above $5,000 for the first time. This momentum was reflected in the market capitalizations of both Tether Gold and Paxos Gold, which increased 15.7% and 28.0% to new record highs of $2.63 billion and $2.05 billion, respectively.
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