RWA Holder & Educator #RWA | Not financial advice | DM Always Open
Joined February 2025
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🌍 Stablecoin holder addresses just crossed 300M. The count is now 310M.
Share of holder addresses:
→ Tether: 71%
→ USDC: 20%
→ Other: 7%
→ DAI: 2%
That’s roughly 220M addresses holding USDT and about 62M holding USDC.
The growth curve is the real story. It took years to reach the first 100M, and the last stretch has been far steeper, with the count nearly tripling in under three years.
Tether also looks even more dominant by holders than by anything else. The majority of the world’s stablecoin wallets are USDT wallets.
📍 Source: CryptoRank, Blockworks
📱 Samsung Wallet has officially launched Stablecoin Account for eligible U.S. Galaxy users (Nov 5, 2026).
Users can buy, hold, and transfer USDC on Solana directly in the app, with no separate crypto wallet to install and no private keys to manage.
Key details:
→ About 82 million U.S. Galaxy devices are compatible
→ Send USDC to another Samsung Wallet user or a compatible external wallet with no Samsung transfer fee
→ Send money to bank accounts in 60+ countries, where recipients may receive local currency (fees vary by destination)
→ Custody: Bastion runs the accounts and transfer infrastructure, while Coinbase holds the USDC as sub-custodian via Coinbase Prime Vault
→ Samsung says it will explore online and in-store stablecoin payments and expansion to more markets, subject to local regulation
Requirements: 18+, a Samsung Account, and a device running Android 13 or later. New York residents are excluded.
Solana Foundation President Lily Liu: “For a decade, stablecoins have proved the technology works. What they lacked was a way to reach the mainstream.”
One thing to keep in mind: 82 million is the number of compatible devices, not users. Actual adoption is what’s worth watching.
📍 Source: The Block (Nov 5, 2026)
Another 200-year-old industry giant joins the tokenization race
Schroders, a UK-based asset management firm with $1.15 trillion in client assets, has partnered with Centrifuge to bring an emerging market bond fund onto the Solana blockchain.
• The underlying assets consist of government and corporate bonds from emerging economies, providing exposure to markets beyond the US and the EU.
• Investors hold tokens representing an intermediary fund, which in turn allocates capital into a Schroders bond fund; investors do not own the bonds directly.
• Returns - whether gains or losses - depend on the debt-repayment capacity, exchange rates, and economic conditions of the invested countries. This risk profile differs significantly from that of the short-term US government bonds currently popular in the market.
The RWA ecosystem is now big enough to need a map.
500 companies across 10 sectors: stablecoins, tokenization, blockchains, institutions, lending, trading, custody, exchanges, oracles and perps.
And that’s the curated view. The full directory lists 1,000+.
What stands out is the mix. Institutions, custody and exchanges sit next to lending and perps, so tokenization is turning into a full stack, not a single product category.
The RWA ecosystem.
500 companies across 10 sectors. Stablecoins, tokenization, blockchains, institutions, lending, trading, custody, exchanges, oracles and perps.
Full directory of 1,000+ at rwaf.xyz
Tagging the biggest names in each sector ⬇️
📉 Tokenized Stocks DEX Volume Falls 32% in October
Monthly DEX volume:
Jun: $1.64B
Jul: $2.42B
Aug: $6.51B
Sep: $15.9B (peak)
Oct: $10.9B
October’s drop is a pullback from an exceptional September, not a return to where things started. Volume is still about 6.6x higher than in June.
Top tokenized stocks by DEX volume in October ($10.85B total):
→ NVDA: $2.1B (20%)
→ SPCX: $1.9B (17%)
→ BNC: $808M (7.4%)
→ AAPL: $575M (5.3%)
→ MSTR: $569M (5.2%)
→ META: $540M (5%)
→ TSLA: $466M (4.3%)
→ Other: $3.9B (36%)
The top two names alone account for 37% of the volume, and NVDA leads for the month.
📍 Source: CryptoRank, Token Terminal
📊 Tokenized Stocks Reach New Highs in October
DeFi TVL by network (as of Nov 2, 2026):
🥇 Solana: $97.3M
🥈 Robinhood Chain: $68.9M
🥉 Ethereum: $53.0M
BNB Chain: $42.0M
Base: $25.5M
X Layer: $12.8M
Total across these six networks: roughly $300M.
Two things stand out:
→ Solana leads with about 32% of the total
→ Robinhood Chain is already #2, ahead of Ethereum, with Solana and Robinhood Chain together holding more than half
The chains where tokenized stocks are actually being used in DeFi look very different from the chains with the most overall DeFi TVL.
📊 bStocks trading volume by venue
Binance’s tokenized stocks have now done roughly $36B in cumulative trading volume.
The split is the interesting part:
→ Onchain: ~$24-25B (about two-thirds)
→ Binance: ~$11-12B (about one-third)
Most of the growth came in a short window. Volume jumped from ~$7B to ~$22B between late July and early August, then kept climbing at a slower pace.
A tokenized stock product from a centralized exchange is doing most of its volume onchain, not on the exchange itself.
📍 Source: Binance, The Block
Tokenized stocks are starting to work in DeFi, not just sit in wallets.
$304.7M across 20 venues, up 2,290% in a year.
Uniswap leads at $88.7M, ahead of Pendle ($51.4M) and Kamino ($46.6M). Those three hold about 61% of the total.
The mix is the interesting part: DEX liquidity, yield trading and lending all sit in the top 5. The full DeFi stack is forming around equities.
And it’s still early. That’s only ~6-7% of the ~$4.6B tokenized stock market.
.@Uniswap currently leads tokenized stock DeFi TVL with $88.7M.
$304.7M now sits across 20 venues, up 2,290% in a year.
Data via @tokenterminal
📈 RWA share of on-chain perps volume hit a new monthly high.
RWA perpetuals made up 28.4% of total on-chain perps trading volume in October, up from 20.5% in September.
Monthly share:
Jul: 27.5%
Aug: 22.2%
Sep: 20.5%
Oct: 28.4%
The jump came from two things at once: RWA trading activity growing, while volumes in other perps markets declined.
That second part matters. This isn’t RWA perps just riding a bigger market. Their share rose because the rest of the market shrank, so RWA is holding up better than crypto-native perps.
📍 Source: CryptoRank, DefiLlama
🏛️ RWA utilization in DeFi just hit a record.
Active TVL in the RWA sector rose 14.5% to $4.35B in October, even as total DeFi TVL fell 7% over the same month.
Monthly RWA DeFi active TVL:
Jun: $3.26B
Jul: $3.77B
Aug: $3.73B
Sep: $3.8B
Oct: $4.35B
Top protocols:
🥇 Maple: $1.42B (nearly 33% of the total)
🥈 Hastra
🥉 Centrifuge
Together, the top three represent 54% of RWA DeFi active TVL.
The divergence is the story. While the broader DeFi market shrank, RWA-related capital kept flowing in, which suggests it isn’t moving with the same crypto-native cycle.
📍 Source: CryptoRank, DefiLlama
📈 Tokenized stocks are where stablecoins were in 2020.
Tokenized stocks have reached $4.63B in market cap, the same level stablecoins passed in March 2020.
Since then, stablecoins have grown 64x to $297B.
Three issuers account for 81.4% of the tokenized stock market today:
→ Binance bStocks: $1.39B
→ Ondo: $1.32B
→ xStocks: $1.06B
The comparison is an analogy, not a forecast. Stablecoins had a very specific growth driver (crypto trading and dollar demand outside the US), and tokenized stocks may not follow the same path. But it’s a useful reminder of how early this market is, and how concentrated it already is.
📍 Source: Token Terminal
DTCC Joins the Tokenization Race – Ondo Loses Market Share
- The wave of asset tokenization continues to gain momentum with the official entry of the DTCC (Depository Trust & Clearing Corporation). However, while this expands the market, it also brings intensifying competition.
- A prime example is Ondo, which held over 61% of the tokenized equity market share in May 2024, but saw that figure drop to 28.4% by September.
- The arrival of the DTCC may accelerate the growth of the entire industry, yet it simultaneously challenges the competitive advantages currently held by existing projects.
➡️ Now is the time for investors to re-evaluate the true strengths of the RWA (Real-World Asset) projects they hold.
So, who stands to benefit, and who will face pressure from this race?
+ Chainlink: Well-positioned to expand its role in providing data, connectivity, and automation between traditional financial systems and blockchain.
+ Canton, Stellar: Benefit from being selected or integrated by the DTCC, opening doors to attract asset inflows and on-chain trading activity.
+ Aave, Morpho: Poised to expand their lending markets as tokenized equities and other assets are increasingly used as collateral.
+ Robinhood, Kraken, Binance: Have the opportunity to attract more users by leveraging their capacity to distribute and provide 24/7 trading services for tokenized assets.
Ondo, bStocks, xStocks: Face mounting competitive pressure regarding market share, liquidity, user base, and product distribution capabilities.
📈 6.4 million RWA holders.
Not market cap. People.
Jun: 1.4M
Jul: 1.6M
Aug: 2.7M
Sep: 5.0M
Oct: 6.4M (and the month isn’t over)
That’s 4.6x in four months.
Robinhood and Binance bStocks lead the named issuers, with xStocks and Ondo Finance behind them. These are products people can already reach inside apps they use every day.
Tokenization is getting distribution, not just assets.
📍 Source: CryptoRank, Token Terminal
🏆 Top 10 Chains by RWA Active Market Cap (Oct 27, 2026)
🥇 Ethereum: $15.9B
🥈 BNB Chain: $6.26B
🥉 Solana: $4.87B
Stellar: $3.76B
Avalanche: $1.58B
Liquid Network: $1.52B
ZKsync Era: $941M
Arbitrum: $833M
XRP Ledger: $642M
Polygon: $489M
Ethereum still holds about 43% of the top-10 total, more than 2.5x BNB Chain in second place. The top four chains account for roughly 84% of the combined ~$36.8B.
Two names stand out: Stellar sits ahead of Avalanche by more than 2x, and Liquid Network (a Bitcoin sidechain) lands at #6, ahead of ZKsync Era, Arbitrum and XRP Ledger.
