Tag: Real World Assets

Stellar Activates Protocol 28 as Network Hits Record Throughput, RWA Value Surges
Key Highlights
- Stellar activated Protocol 28 on Sept. 17 following a scheduled mainnet upgrade vote, introducing CAP-85 and CAP-86 to streamline smart contract management and data migration for Soroban developers.
- The network recorded a sustained throughput of over 211 transactions per second across 100 consecutive blocks — its highest on record — though Chainspect analysis indicates this milestone reflects prior infrastructure work rather than Protocol 28 itself.
- Economic activity continues to expand: stablecoin supply nears $884 million, DeFi total value locked stands at roughly $294 million, and tokenized real-world assets reach approximately $3.3 billion in market capitalization, ranking Stellar third among blockchains for RWAs.
Protocol 28 Activation and Technical Upgrades

Stellar’s mainnet transitioned to Protocol 28 on Sept. 17, one day after validators approved the upgrade through a scheduled governance vote. The release delivers two major Capability Improvement Proposals — CAP-85 and CAP-86 — designed to address operational friction that emerges as Soroban smart contract applications scale in complexity and value. Both features are opt-in, requiring developers to explicitly adopt the new architectures within existing or future contracts.

Smart Contract Management Improvements

CAP-85 targets protocols that operate multiple instances of the same smart contract. Previously, updating code across dozens or hundreds of contract instances required individual migrations, creating windows where some contracts ran patched logic while others remained on vulnerable or outdated versions. Under the new model, developers can configure contracts to reference an externally managed executable. Updating that single shared reference moves every participating contract to new code in a single atomic operation, dramatically narrowing the risk surface during security patches or version upgrades.

CAP-86 addresses a parallel challenge: evolving the structure of data already stored by live contracts. As applications mature, schema changes become inevitable — adding fields, deprecating others, or restructuring records. The new sparse-map functions allow contracts to read and write data with missing or additional fields, enabling progressive migration rather than forcing an immediate, all-at-once conformance to a new schema. This reduces downtime risk and complexity for applications managing significant asset volumes.

Consensus Changes and Performance Milestone

Protocol 28 also introduces consensus-layer improvements through CAP-83. The design permits validators to advance through consensus phases without waiting for complete transaction sets to arrive, while providing a mechanism to discard late or invalid sets. This lays groundwork for parallel transaction-set downloading, a feature Stellar is enabling gradually across the network.

The upgrade coincided with a notable performance milestone. Blockchain analysis firm Chainspect reported that Stellar averaged more than 211 transactions per second across 100 consecutive blocks — the highest sustained throughput recorded for the network. However, Stellar’s core development teams have clarified that this peak should not be attributed to Protocol 28 itself. The parallel downloading capability remains in phased rollout, meaning the 211-TPS figure reflects existing infrastructure capacity rather than the newly activated consensus changes. Protocol 28 builds the foundation; the performance gains will materialize as the feature set fully activates.

Growing Financial Activity Raises Operational Stakes

The technical upgrades arrive against a backdrop of accelerating on-chain economic activity. Data from DeFiLlama shows stablecoin supply on Stellar has climbed to nearly $884 million over the past year, positioning the network among the larger chains for dollar-denominated assets. DeFi total value locked followed a similar upward trajectory, peaking at roughly $319 million in August before settling near $294 million.

Tokenized real-world assets represent an even larger footprint. Token Terminal ranks Stellar as the third-largest blockchain by RWA market capitalization at approximately $3.3 billion, a figure that grew by $149.4 million in the preceding 30 days alone. This concentration of value amplifies the practical importance of CAP-85 and CAP-86: applications controlling billions in tokenized assets face significantly higher operational stakes when patching code or migrating data structures, turning these technical features into commercial necessities.

Native token XLM rose roughly 4% in the 24 hours surrounding the activation, reaching $0.1863 before retreating toward $0.18. While the price movement coincided with the upgrade, no causal link has been established between Protocol 28 and the short-term price action.

Why This Matters

Stellar’s trajectory increasingly centers on institutional-grade asset tokenization and stablecoin infrastructure, with major issuers and financial institutions leveraging the network for real-world asset deployment. As the volume and diversity of tokenized assets grow — spanning treasury bills, money market funds, credit instruments, and commodity-backed tokens — the ability to upgrade contract logic and data schemas without service disruption becomes a competitive differentiator. Protocol 28’s opt-in adoption model means the network’s resilience will be tested not by the code’s existence, but by how swiftly major issuers, DeFi protocols, and RWA platforms integrate these capabilities. The coming months will reveal whether Stellar’s developer ecosystem treats these tools as optional enhancements or as foundational infrastructure for the next phase of on-chain finance.

Frequently Asked Questions

What are CAP-85 and CAP-86 in Stellar Protocol 28?

CAP-85 allows multiple instances of the same Soroban smart contract to reference a single externally managed executable, enabling atomic code upgrades across all instances. CAP-86 introduces sparse-map functions that let contracts handle data with missing or extra fields, supporting progressive schema migrations without requiring immediate full conformance.

Did Protocol 28 cause Stellar’s 211 TPS record?

No. Chainspect recorded the sustained throughput milestone around the time of activation, but Stellar developers confirm the 211 TPS figure reflects pre-existing network capacity. Protocol 28’s consensus changes (CAP-83) enable parallel transaction-set downloading, which is rolling out gradually and not yet fully active.

How large is Stellar’s tokenized real-world asset market?

As of the reporting period, Token Terminal ranks Stellar third among blockchains by RWA market capitalization at approximately $3.3 billion, with $149.4 million in growth over the prior 30 days.
09/17/2026
Derive (DRV) Surges 40% Following v3 Upgrade Plan; Can It Maintain All-Time High?
Derive ($DRV) surged more than 40% over the last 24 hours while major assets such as Bitcoin (BTC) and Ethereum (ETH) traded in the red. Daily trading volume for the altcoin jumped over 463%, crossing $25 million at press time.

Price Action and Key Technical Levels

The token had been recovering from a 52% correction that followed its previous all-time high (ATH) of $0.19. An initial rally driven by the Upbit listing gave way to a bear phase lasting more than two months before the recent breakout.

Market bulls have now pushed $DRV back toward the $0.19–$0.20 supply zone — the fourth test of this resistance area. The current leg up began on August 19, lifting the price from $0.09 to $0.20, and at one point printed a new ATH of $0.28 before settling around $0.24 at press time.

Technical Indicators Favor Bulls on the 4-Hour Chart
- Moving Averages: Price is trading above both the 100 and 200 EMAs, a classic bullish structure.
- Bull Bear Power (BBP): The oscillator flipped green over the past three sessions, signaling strengthening buying pressure.
However, a break below the $0.13 support zone could trigger a return to the correction phase. In that scenario, bullish reactions may be anticipated at $0.11 and $0.09.

Fundamental Catalysts: V3 Upgrade, Buybacks, and Staking

Investor enthusiasm has been sustained by a series of protocol-level developments:

V3 Upgrade and OP Stack Wind-Down

Derive posted its V3 plan on the project forum, triggering a 20% sentiment-driven rally. The upgrade will migrate custody to Ethereum mainnet and split risk books, enabling faster listings for real-world assets (RWAs) and additional altcoins. The existing OP Stack chain is being wound down as part of this transition.

Fee-Fueled Buyback Program

Protocol fees continue to feed $DRV buybacks, with 35% of fees allocated to repurchases. The 84th weekly buyback event acquired 199,760 $DRV at an average price of $0.14, bringing the cumulative total to 27.645 million tokens.

Source: Derive Explorer

Staking Locks Up Majority of Supply

Over 67.63% of the circulating supply is currently held in the staked address, keeping available liquidity tight and supporting price stability during rallies.

Outlook

$DRV’s ability to sustain its breakout past the $0.19–$0.20 zone will depend on the interplay between these fundamentals — ongoing buybacks, high staking participation, and the V3 mainnet migration — and the technical structure on lower timeframes. A successful flip of the $0.19–$0.20 resistance into support could open the path toward further price discovery, while a rejection would likely see the altcoin retest the $0.13–$0.11 demand area.
09/17/2026
Aave Plans RWA Hub on Avalanche with USA₮ Support
Aave Launches Dedicated RWA Credit Market on Avalanche via V4 RWA Hub

Aave is preparing to launch a dedicated real-world asset (RWA) credit market on Avalanche through its upcoming Aave V4 RWA Hub. The new infrastructure will enable institutions to borrow against tokenized assets without liquidating their underlying positions, marking a significant step in bridging traditional finance with decentralized lending protocols.

USA₮ Stablecoin to Serve as Initial Borrowing Asset

The RWA Hub will debut with support for USA₮, Tether’s dollar-backed stablecoin issued by Anchorage Digital Bank. This integration provides institutions with access to on-chain dollar liquidity while using tokenized assets as collateral. USA₮ offers a federally regulated digital dollar option for borrowing and settlement within the new market structure.

Built on Aave V4’s Hub and Spoke Architecture

Leveraging Aave V4’s existing Avalanche deployment, the RWA Hub employs a Hub and Spoke architecture that creates specialized credit markets with independent collateral rules and risk parameters. These individual markets remain connected to Aave’s broader liquidity network, allowing risk isolation while drawing from shared liquidity pools.

Aave indicated the structure could support a diverse range of tokenized assets, including:
- Tokenized Treasuries
- Money market funds
- Private credit
- Real estate
- Corporate bonds
Rapid Growth in Tokenized RWA Market

The launch coincides with substantial growth in the tokenized real-world asset sector, which has expanded approximately 40% this year to exceed $51 billion in total value. Avalanche currently hosts more than $3.4 billion in tokenized assets, positioning the network as a key infrastructure layer for institutional adoption.

Moving Beyond Issuance to Active Utility

Aave founder Stani Kulechov stated the new market is intended to move tokenized assets beyond issuance and allow institutions to use them directly as collateral in credit markets. This approach helps institutions access capital without having to sell tokenized holdings, preserving long-term positions while unlocking immediate liquidity.

Part of Broader Aave V4 Rollout

The RWA Hub launch extends Aave’s existing presence on Avalanche and forms part of the broader rollout of Aave V4, which is designed to support specialized lending markets for different asset classes. The upgrade introduces modular architecture that enables customized risk parameters and collateral configurations for specific institutional use cases.
09/16/2026
Kamino appoints Michael Weisz CEO as RWA strategy pivots to credit

On Tuesday, Kamino appointed Michael Weisz as chief executive and announced the formation of an institutional team in New York City. The move signals a strategic shift toward unlocking lending demand for the approximately $4 billion in real‑world assets (RWAs) now residing on Solana, rather than simply tokenizing them.

Solana’s RWA Milestone and Kamino’s Next Step

Solana has already proven that RWAs can be tokenized at scale. In August, the total value of RWAs on the network surpassed $4 billion across more than 350,000 wallets. As the largest borrowing protocol on Solana, Kamino views the next phase as converting that tokenized value into continuous, productive credit demand.

Why a Yieldstreet Veteran Is Leading a Solana Protocol

Weisz co‑founded Yieldstreet (operating as Willow Wealth), where he helped expand distribution for private‑market investments. Announcing his move on LinkedIn, he stressed that tokenization is only the starting point — functioning markets also require liquidity, credit, distribution, and infrastructure. Kamino echoed the appointment on its X account:

We are thrilled to announce Michael Weisz (@WeiszM) as the new CEO of Kamino After more than a two decades in fintech & private markets, Michael joins Kamino to lead us into our next chapter of institutional growth, and expand Kamino to the US market A letter from Michael below https://t.co/FjxtkN1dvn
— Kamino (@kamino) September 15, 2026

Kamino’s institutional framework rests on four pillars: distribution, legal and compliance, asset‑manager operations, and credit and liquidity. The new Manhattan‑based team will recruit professionals from finance, law, product, compliance, and business development to sit closer to the asset managers, financial platforms, and capital providers Kamino aims to serve.

Market Size Does Not Equal Market Utility

Despite Solana’s impressive RWA headcount, trading activity and credit availability remain limited. For the one‑year period ending August 18, Solana accounted for 32% of on‑chain RWA spot trading and 47% of all RWA transactions, yet held only 12% of total RWA market capitalization. In dollar terms, Solana processed $14.7 billion of the $46 billion total volume. The median RWA trade on Solana was $29 versus $70 on other chains, and BlackRock’s $741 million BUIDL fund executed zero trades on the network.

A July FinTech journal study on Ethereum‑based RWAs reached a similar conclusion: tokenization alone does not create liquidity, and higher asset values do not guarantee greater trading activity. Because that research focused on Ethereum, the comparison with Solana is directional rather than direct.

Galaxy Research framed the disconnect succinctly:

“Capability now runs ahead of adoption, and H2 2026 will test whether that gap closes.” — Galaxy Research

According to Galaxy, much of Solana’s tokenized value remains idle, and lending markets have yet to transform the growing asset pool into sustainable loan demand.

The Figure Test Case and Kamino’s Own Data

The clearest early example is PRIME, a liquid‑staking product linked to an on‑chain lending framework used by Figure. In December 2025, Figure launched an RWA consortium on Solana with Kamino as its exclusive on‑chain credit and lending partner. Figure claims to have issued over $19 billion in on‑chain loans and to control 70% of the RWA private‑credit market. PRIME generates yield from pools that include Figure’s home‑equity loans, tying returns directly to real borrower cash flows.

Yet Kamino’s August figures reveal how far credit utilization has to go. RWAs made up 17.2% ($426.1 million) of Kamino Lend supply, while total RWA and liquid‑staking‑token debt stayed below $3 million. PRIME also recorded $13.6 million in net outflows, and ONyc surpassed it as the top RWA asset by supplied value.

Chart: Solana RWA Activity vs Credit Use – Kamino Supply, Debt and PRIME Outflows

A Capacity Upgrade Underneath the Pitch

Solana’s infrastructure is evolving to support more complex institutional workflows. On Tuesday, the network activated Transaction V1 on mainnet, increasing the maximum transaction size from 1,232 to 4,096 bytes — roughly 3.3 times more capacity, according to Cryptopolitan. This extra room allows complex instructions, larger multisig operations, and proof‑heavy workloads to fit into a single atomic transaction instead of being split across multiple transactions.

Greater capacity alone does not guarantee adoption. Kamino’s real test is whether asset managers, lenders, and borrowers begin routing meaningful credit through Solana. Closing that gap is precisely the challenge Michael Weisz has been brought in to solve.

09/16/2026
XRP Leads All Blockchains in 2026 RWA Inflows with $3.6B
XRP Ledger Dominates 2026 Real-World Asset Inflows with $3.6 Billion

The XRP Ledger (XRPL) has recorded the largest real-world asset (RWA) inflow of any blockchain network in 2026, according to data from RWA.xyz, a leading provider of tokenized RWA analytics. The network has attracted $3.6 billion in RWA inflows since the beginning of the year, placing it at the top of the global rankings for 2026.

XRP Leads Global RWA Rankings Despite Price Weakness

This milestone comes even as XRP’s price has fallen 27.19% year-to-date, despite an August rebound, while the broader cryptocurrency market remains in a bear phase. The divergence highlights a notable trend: capital continues to flow into the XRPL’s RWA ecosystem even as the native token’s market performance struggles.

For context, the $3.6 billion inflow puts XRPL approximately $1 billion ahead of BNB Chain, which ranks second with $2.6 billion. Stellar follows in third with $2.5 billion, while Solana takes fourth with $2.2 billion. Ethereum ranks fifth with $1.2 billion, giving XRPL a $2.4 billion lead over the largest smart-contract platform in 2026 RWA inflows.

2026 Growth Surges 16x Over 2025 Levels

The network has already surpassed its full-year 2025 RWA inflow record by more than 16 times, with three months remaining in 2026. At the start of 2025, the XRP ecosystem’s RWA market stood at just $5 million, growing to $226.8 million by year-end — an increase of $221 million. By comparison, the $3.6 billion added in 2026 represents a 16.2x multiple of the previous year’s total growth.

Importantly, the $3.6 billion figure excludes stablecoins. The XRPL’s stablecoin market has grown by more than $1 billion this year, driven largely by RLUSD. When stablecoins are included, the network’s total tokenized-asset growth is even more substantial.

JMWH and CRX Digital Assets Drive 89% of Non-Stablecoin Growth

Excluding stablecoins, commodities and asset-backed credit account for the vast majority of XRPL’s RWA expansion. Two key issuers dominate:
- Justoken’s JMWH has contributed $2.229 billion in tokenized commodities.
- CRX Digital Assets has added approximately $1 billion in asset-backed credit.
Together, these two asset classes represent $3.229 billion — or 89% of the total $3.6 billion in non-stablecoin RWA inflows. This diversification beyond stablecoins gives the XRPL a broader base of institutional and real-world asset activity.

Total Flows Reach $4.4 Billion With Stablecoins; Ranking Shifts

When stablecoins are factored in, total year-to-date flows on the XRPL rise to $4.4 billion, reflecting nearly $1 billion in stablecoin growth led by RLUSD. However, including stablecoins changes the competitive landscape: at $4.4 billion, XRPL ranks third globally in total 2026 flows.

TRON leads with $11.9 billion, followed by HyperEVM at $6 billion. The shift underscores the outsized role stablecoins play in aggregate flow metrics, while XRPL’s lead in non-stablecoin RWAs remains unchallenged.
09/11/2026
Crypto Long & Short: Inside the 300-to-1 On-Chain Gap Between the Dollar and Euro

Euro Stablecoin Market Sees Rapid Growth Despite Small Base

Euro-denominated stablecoin activity remains modest in absolute terms but is expanding quickly, according to recent market analysis. Assets under management (AUM) in euro vaults across decentralized finance (DeFi) have surged from approximately €12 million one year ago to €135 million today. Despite this growth, euro vaults represent only 2.4% of total vault AUM in the sector.

Analysts suggest that euro-denominated real-world asset (RWA) yield products will serve as a primary catalyst for accelerating the adoption of EUR stablecoins.

Path Dependency and Infrastructure Gaps Hinder Euro Issuance

The analysis identifies two core reasons why onchain euro issuance lags behind its offchain counterpart: historical path dependency and a lack of dedicated euro-denominated DeFi infrastructure.

The Legacy of Dollar-Denominated Trading Pairs

Path dependency stems from the origins of stablecoins themselves. These assets were initially created to settle cryptocurrency trading, where trading pairs were historically priced in U.S. dollars. Because the base trading pair was USD, the first stablecoins launched were dollar-denominated to match the assets they were designed to settle.

Absence of Euro-Native Yield Loops

The missing infrastructure component centers on the “looping” mechanisms that propelled dollar-denominated DeFi. In the dollar ecosystem, vault infrastructure enabled a cycle where yield-bearing assets were issued onchain, accepted as collateral by lending protocols, and used to borrow dollar debt—which was then deployed to purchase more yield-bearing assets.

This self-reinforcing loop created deep liquidity for major onchain lending markets. Euro-denominated leverage markets failed to gain similar traction because the necessary components of this loop—euro yield-bearing assets, compatible lending markets, and euro debt issuance—did not exist.

Dollar-Centric DeFi Fails to Serve European Participants

The current dollar-dominated DeFi landscape is structurally insufficient for a significant cohort of users who operate and report in euros. This group includes European asset managers, corporate treasuries, and retail DeFi users who think in euro terms.

These participants represent substantial latent demand for onchain financial products. To date, they have been largely excluded from full participation in the onchain economy due to the burdensome foreign exchange (FX) risk and hedging costs incurred when interacting exclusively with dollar-denominated protocols.

09/09/2026
Solana Price Rises for First Time in 10 Months: What’s Next for SOL?
Solana (SOL) is showing renewed momentum across multiple key metrics, with August marking the network’s first positive monthly close in nearly a year. The shift coincides with record-breaking growth in real-world asset (RWA) tokenization and continued dominance in memecoin trading volume.

Technical Breakthrough: First Green Monthly Candle in 10 Months

After flashing red on the charts for almost a year, Solana finally finished a month in the green in August. The gains were powered by the monthly MACD, which moved close to a bullish crossover at press time. Additionally, SOL‘s monthly Relative Strength Index (RSI) broke a downtrend that had remained intact for nearly two years.

While this technical improvement signals a potential trend change, analysts caution that SOL remains well below its previous all-time highs. A single green monthly candle does not confirm a full trend reversal, though it provides a foundation for bulls to build upon after months of sustained selling pressure.

RWA Ecosystem Hits $4.35 Billion All-Time High

Solana’s real-world asset ecosystem crossed $4.35 billion in total value locked, setting a new all-time high. The number of RWA holders on the network also climbed above 420,000, placing Solana among the market’s largest chains for tokenized assets despite competition from Ethereum (ETH) and other Layer 1 networks targeting the same institutional market.

Memecoin Volume Dominance: 67% of Multichain DEX Activity

On September 7, Solana captured approximately 67% of spot decentralized exchange (DEX) memecoin volume across tracked chains. This figure nearly triples Robinhood’s 23% share, while BNB Chain accounted for another 9%.

Memecoin trading has historically been one of Solana’s strongest drivers of on-chain activity. Sustained dominance in this sector could continue to support transaction demand and liquidity across the broader ecosystem.

Key Takeaways
- August 2024: First positive monthly candle for SOL in 10 months.
- RWA Milestone: $4.35 billion total value locked, 420,000+ holders.
- Volume Leadership: 67% share of multichain memecoin DEX volume (Sept 7).
09/09/2026
BNB Chain Captures 50% of Tokenized Equities: What’s Driving the Surge?

BNB Chain has emerged as the leading blockchain for tokenized equities after the launch of bStocks, overtaking Ethereum in total tokenized-equity supply. Before bStocks launched, Ethereum held the largest supply, while BNB Chain remained below $500 million despite months of gradual growth.

Growth accelerated after June. By the end of August, BNB Chain’s tokenized-equity supply had surpassed $1.3 billion, compared with approximately $800 million on Ethereum. Solana also increased its tokenized-equity supply to around $550 million, while Avalanche remained near $170 million and smaller networks attracted only minimal amounts.

According to BlockWorks data, BNB Chain now accounts for nearly 50% of the sector’s total supply, which stands at approximately $2.9 billion. In addition to providing greater liquidity, bStocks offers two advantages that traditional shares do not: 24/7 settlement and composability.

bStocks drives BNB Chain’s tokenized-equity growth

BNB Chain’s broader lead is largely concentrated in bStocks rather than being evenly distributed across the network’s tokenized-equity ecosystem.

bStocks has accumulated more than $500 million in assets under management (AUM) since June and now supports more than 67 active assets, according to data from BNBChain.org.

Trading volume has already exceeded $19 billion, indicating that the assets are actively circulating rather than simply remaining issued on-chain. On a narrower measure of tokenized equities and assets, bStocks typically represents more than half of the available tokenized-equity supply.

Continued use of bStocks for new issuances and trading could further strengthen BNB Chain’s position as the leading decentralized exchange platform. However, a slowdown in bStocks activity would highlight the network’s reliance on the bStocks product family.

BNB Chain’s broader RWA market share still trails Ethereum

BNB Chain’s tokenized-equity lead becomes less dominant when viewed across the wider real-world asset (RWA) market. BNB Chain represents $5.7 billion of the $38.4 billion total distributed RWA market, giving it approximately 15% of the sector.

Ethereum remains the largest RWA network, with $17.27 billion and an estimated 45% market share. Solana follows BNB Chain with $4.06 billion. As a result, BNB Chain’s leadership in tokenized equities has not yet translated into comparable dominance across the broader RWA market, according to RWA.xyz.

BNB Chain continues to expand in tokenized equities, while Ethereum attracts capital across multiple asset classes. That broader diversification increases Ethereum’s overall liquidity and reduces its reliance on a single RWA segment.

Expansion into Treasuries and funds could help BNB Chain diversify demand and retain more capital. Without that growth, a slowdown in tokenized-equity activity could limit BNB Chain’s ability to close Ethereum’s overall RWA lead.

Key takeaway

BNB Chain now leads the tokenized-equity market, largely because of bStocks’ rapid growth. Ethereum, however, continues to dominate the broader RWA market with an approximately 45% share.

08/30/2026
Mantle Stablecoins and Tokenized Assets Hit $880M

Mantle’s Onchain Asset Base Nears $880 Million as Tokenized Equities and Stablecoin Supply Expand

Mantle has accumulated roughly $880 million in stablecoins and tokenized assets, reflecting rapid growth across equities, U.S. Treasuries, funds, and yield-bearing products. According to Blockworks Research data, the network’s stablecoin circulating supply stands at approximately $550 million, while tokenized assets account for another $330 million.

Stablecoin Composition Heavily Weighted Toward USDT0

Stablecoins provide the bulk of liquid capital on Mantle. The latest dashboard readings show a combined circulating supply of about $553.7 million, with USDT0 dominating at $440.03 million—nearly 80% of the total. USDe ranks second at $57.93 million, followed by USDC at $34.15 million and conventional USDT at $12.96 million. Smaller contributions come from AUSD ($5.15 million), World Liberty Financial’s USD1 ($2.29 million), and Aave’s GHO ($1.23 million).

Recent flow data highlights strong inflows for the two largest assets: a daily net inflow of $18.42 million for USDT0 and $9.94 million for USDC. Over a 30-day period, USDC supply grew 33.93% while USDT0 rose 9.51%. Smaller tokens posted sharper percentage gains from lower bases—GHO surged 203.5% and USD1 jumped 190.89%—while USDe, standard USDT, and AUSD each saw modest declines.

Tokenized Equities Catalog Grows to 155 Products

Equities have become a larger segment of Mantle’s tokenized-asset lineup. Nansen counted 155 tokenized equities on the network at the end of June, up from just 10 in April, per an August 25 report. The selection spans public companies, private businesses, and exchange-traded funds, including instruments tied to SpaceX and Franklin Templeton’s U.S. Equity Index ETF.

In November 2025, Mantle integrated Backed’s xStocks via an arrangement with Bybit, bringing tokens linked to Apple, Nvidia, and Strategy shares onto the network. Bybit facilitated direct deposits and withdrawals between its centralized exchange and Mantle. Backed stated its xStocks platform had processed over $1.6 billion in tokenized equity volume, with each token backed one-to-one by an underlying security held through licensed Swiss custodians.

Investors should assess each product individually, as tokenized equities do not uniformly confer legal ownership, voting rights, or shareholder protections. Some offerings deliver only synthetic price exposure. Backed’s one-to-one model differs from derivative-based tokens that track share prices without transferring a claim on the underlying stock.

RWA Yield Vault Opens to DeFi Users

Mantle is also deploying stablecoin liquidity into yield products. On August 25, the network launched its RWA vault to DeFi users after a Bybit-distributed version surpassed $200 million in assets under management. The vault accepts USDC and USDT0 through Fluxion, employing a non-leveraged strategy designed by CIAN. Grove connects deposits to yield from the Sky ecosystem, while Fluxion provides the user interface.

Deposited assets gain exposure to returns from sUSDS, the savings version of Sky’s USDS stablecoin. The savings rate is set by Sky governance and can fluctuate. Mantle’s launch materials cited a target annual percentage yield of up to 6.5%, inclusive of campaign incentives such as Fluxion Points and an allocation of 5.14 million GROVE tokens—actual rewards depend on participation rules and token prices.

Without leverage, the vault eliminates one liquidation risk vector, though users remain exposed to smart-contract failures, stablecoin price volatility, liquidity conditions, and changes to Sky’s governance-set rate. The self-custodial version also shifts control: Fluxion users approve transactions from their own wallets and manage private keys, unlike the prior exchange-account model via Bybit.

Broader Network Metrics Show Scale

Additional Blockworks figures underscore Mantle’s growth: treasury value of approximately $1.8 billion, cumulative spot decentralized exchange volume of $20 billion, and more than 150 deployed decentralized applications.

U.S. Investors Face Access and Regulatory Constraints

For U.S. participants, the availability of tokenized American equities on a public blockchain does not guarantee legal access in every state or for every investor. Eligibility hinges on issuer terms, distribution controls, and applicable federal and state securities regulations.

Stablecoin yield raises separate regulatory questions. The GENIUS Act bars payment stablecoin issuers from paying interest or yield directly to holders, while rewards from exchanges, brokers, and DeFi protocols remain under congressional review. Mantle and its partners characterize the vault’s return as strategy-generated yield from sUSDS—not a direct payment from a stablecoin issuer—with Fluxion Points and GROVE incentives provided separately.

Tokenized-stock models vary in their treatment of U.S. securities. In August, Crypto.com introduced tokenized derivatives linked to 1,500 U.S. equities and ETFs for eligible users in the European Economic Area and other approved markets, offering price exposure without legal ownership or shareholder rights.

Meanwhile, regulated U.S. market infrastructure is advancing. The Depository Trust Company received an SEC no-action letter in December 2025 for a defined tokenization service covering eligible assets held in DTC custody for three years. Potential assets include Russell 1000 stocks, major index ETFs, U.S. Treasuries, and certain corporate bonds. DTC has selected Stellar for part of its multi-chain strategy, targeting deployment in the first half of 2027.

08/27/2026