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RWA Tokenization Hits $28.9B Record as Stablecoin Market Cap Extends Gains to $320B

Tokenized assets hit a record $28.9B in May; their tenth consecutive monthly all-time high. The stablecoin market cap also extended its run to $320B.

By CoinDesk Research|Edited by Jacob Joseph
Updated Jun 9, 2026, 3:34 p.m. Published Jun 9, 2026, 2:00 p.m.
STAR MAY 2026 16x9

What to know:

  • The total stablecoin market cap rose 0.12% to a new all-time high of $320B in May; its fourth consecutive monthly expansion, even as broader digital asset prices trended downward.
  • Stablecoin trading volumes on centralized exchanges fell 4.13% to $883B; the lowest CEX stablecoin activity since November 2023, with USDT maintaining a 73.7% share of total volume.
  • On May 24, attackers exploited a 1-of-3 multisig flaw on StablR's minting contract, minting 8.35M USDR and 4.5M EURR against zero collateral; both tokens lost their pegs, with USDR falling as low as $0.25 on centralized exchanges.
  • Tokenized asset market capitalization reached a new all-time high of $28.9B in May; the tenth consecutive monthly record, with Tokenized Treasuries at $16.1B and Tokenized Stocks surging 20.4% to a new record of $2.41B.
  • RWA perpetual futures volumes on crypto exchanges hit a new all-time high of $211B in May, with equity perps surging 121% to $54.0B as crypto-native platforms emerge as a key venue for 24/7 equity trading.

The total market capitalization of tokenized real-world assets reached a new all-time high of $28.9B in May, its tenth consecutive monthly record. Tokenized Treasuries held their lead at $16.2B (55.9% share), while Tokenized Equities surged 20.4% to a new record of $2.41B; their fourteenth straight monthly gain. BlackRock's BUIDL overtook Circle's USYC as the largest tokenized fund at $2.98B, and BlackRock launched two new tokenized money market funds in May targeting the stablecoin reserve market ahead of GENIUS Act implementation.

The stablecoin market cap rose to $320B in May; its fourth consecutive all-time high, even as broader digital asset prices declined. Within the top 10, the gains were uneven. Ethena's USDe and USDS were the standout performers, rising 18.2% to $4.50B and 12.9% to $8.83B respectively. USDT posted its first market cap decline in three months, slipping 0.69% to $188B. PYUSD saw the largest drop, falling 9.31% to $3.05B.

May also saw a significant security incident. On May 24, attackers exploited a 1-of-3 multisig flaw in StablR's minting contract, issuing 8.35M USDR and 4.5M EURR against zero collateral before dumping them on decentralized exchanges. USDR fell as low as $0.25 and EURR to $0.65. StablR suspended minting and redemptions and acknowledged the circulating supply was no longer backed at the 1:1 ratio required by MiCA.

Download the full May 2026 Stablecoins and Tokenized Assets Report for complete data on the top 10 stablecoin rankings, the USDS spotlight, RWA perps volume breakdown, and tokenized commodity and equity market share.