Stablecoin market capitalization rose 1.29% to $313B in September, its second consecutive monthly gain, while stablecoin dominance slipped to 10.5% from 11.3% as the broader digital asset market grew 8.46%. Trading recovered faster than supply: stablecoin-pair volumes on centralised exchanges climbed 24.8% to $1.01T, the first month above $1T since March. Tether held 58.7% of supply at $184B, USDC rose 0.70% to $74.6B as Circle launched its Arc mainnet on September 16, and Ethena's USDe gained 20.2% to $4.90B, the largest increase among the ten largest stablecoins. Circle's USYC recorded the largest decline in the group, falling 13.4% to $2.40B.
Tokenized RWA market capitalization was broadly stable, but the mix shifted. Tokenized bond and money market funds fell 8.1% to $17.3B, cutting their share to 50.5% from 54.3%, while private credit rose 7.15% to $5.62B and tokenized commodities gained 2.13% to $6.43B, with Tether Gold leading at $3.46B. Tokenized stocks and equities grew 13.7% to a record $4.87B, lifting their share to 14.2% from 12.4%. Securitize led tokenized equity AUM at $1.62B, followed by Ondo at $1.00B and xStocks at $874M.
On-chain tokenized equity trading volume rose 16.4% to a record $15.6B, surpassing July's previous record of $15.4B. Robinhood became the largest venue, with volume up 407% to $6.57B and a 42.0% share, from 9.7% in August. bStocks fell to second as volume declined 45.5% to $5.42B, a 34.7% share, followed by xStocks at $2.11B and Coinbase at $804M.
Download the full September 2026 Stablecoins and Tokenized Assets Report for more insights, including: stablecoin rankings, USDC and USDe chain breakdowns, and tokenized bond, commodity and equity data.
