Cryptoeconomics

News, data and analysis on tokenized assets, market design and digital economic systems.

Markets

Every series we publish, grouped by the question it answers: what has been issued, what it settles, what floats behind it, and what the infrastructure underneath earns. Sources, cadence and coverage are stated on each figure.

Stablecoin supply, all issuers $312bn DefiLlama · 25 July 2026
Stablecoin supply, Tether $183bn Tether · 25 July 2026
Stablecoin supply, USDC $75.9bn Circle · 25 July 2026
Tokenised US Treasury products outstanding $16.2bn RWA.xyz · 25 July 2026

Issuance

What has actually been issued onchain, by class. Aggregates are compiled by the named provider from onchain state, not from issuer self-reporting.

Franklin OnChain U.S. Government Money Fund, net assets
Total net assets at fiscal year end
0$250m$500m$750m$1bn20222023202420252026
View as table
PeriodFranklin OnChain U.S. Government Money Fund, net assetsNote
2022-03-31$1,958,000First full fiscal year end after the fund commenced operations on 6 April 2021; the financial highlights print net assets of $1,958 thousand.
2023-03-31$272,929,000
2024-03-31$360,554,000
2025-03-31$687,263,352
2026-03-31$843,835,815Matches the statement of assets and liabilities in the same annual report; the financial highlights round it to $843,836 thousand.
Source: US Securities and Exchange Commission (Franklin Templeton Trust, Form N-CSR) · As of 31 March 2026 · Unit: US dollars · Frequency: annual, fiscal year ending 31 March · Coverage: one US-registered fund · Method: Total net assets of the Franklin OnChain U.S. Government Money Fund, the US-registered money market fund whose share register is maintained on public blockchains, as filed in its audited annual report on Form N-CSR.
Tokenised US Treasury products outstanding
Distributed value of tokenised US government debt products
0$5bn$10bn$15bn$20bnDec ’25Jul ’26Jul ’26
View as table
PeriodTokenised US Treasury products outstandingNote
2025-12-31$9,600,000,000End-2025 total as reported by InvestaX's first-quarter 2026 market report citing RWA.xyz, rounded by that source to $9.6bn.
2026-07-22$15,860,000,000As reported on 23 July 2026 by Crypto Economy citing RWA.xyz, alongside a 3.30% seven-day average yield.
2026-07-25$16,200,000,000RWA.xyz headline distributed value, rounded by the source to $16.20bn, across 85 products and 62,950 holders at a 3.29% seven-day average yield.
Source: RWA.xyz · As of 25 July 2026 · Unit: US dollars · Frequency: daily at source; recorded here irregularly · Coverage: global; products registered by the provider across all indexed networks · Method: RWA.xyz's distributed value for products whose underlying is US government debt or repo against it: onchain money market funds, T-bill notes and cash-management vehicles.
Tokenised private credit outstanding

We hold fewer than two verified observations for this series, so there is no trend to draw. The underlying figures are published by RWA.xyz. Cadence: daily at source; recorded here irregularly. This page will plot them once the history is long enough to mean something.

Tokenised real-world assets excluding stablecoins

We hold fewer than two verified observations for this series, so there is no trend to draw. The underlying figures are published by RWA.xyz. Cadence: daily at source; recorded here irregularly. This page will plot them once the history is long enough to mean something.

Also tracked in issuance
Latest verified observation for each series in this band not drawn above
View as table
SeriesValue
WisdomTree Government Money Market Digital Fund, net assets$321,220,554
Source: Per series · As of 26 July 2026 · Each row carries its own source and as-of date; see the series page.

Float

Circulating supply of the instruments that carry the market's cash leg. A large number that moves slowly; read it alongside transfer volume, not instead of it.

Stablecoin supply, USDC
USDC in circulation
0$20bn$40bn$60bn$80bnDec ’24Jun ’25Dec ’25Mar ’26May ’26
View as table
PeriodStablecoin supply, USDCNote
2024-12-09$40,596,908,123USDC in circulation at the intra-month measurement date used by the examination report published 30 January 2025.
2024-12-31$43,856,799,846
2025-03-19$59,082,692,603
2025-03-31$59,975,771,715
2025-06-12$60,935,344,661
2025-06-30$61,332,530,506
2025-09-18$74,225,102,864
2025-09-30$73,748,934,193
2025-12-26$76,404,636,239
2025-12-31$75,266,033,823
2026-01-16$75,898,717,670
2026-01-30$69,954,717,486A drop of about $5.9bn from the measurement date two weeks earlier, the largest fall in the series.
2026-03-11$78,681,023,356
2026-03-31$77,049,290,538
2026-04-06$77,745,231,766
2026-04-30$77,047,590,794
2026-05-05$77,963,911,020
2026-05-29$75,885,403,148Latest month-end figure in the most recent examination report available on 25 July 2026.
Source: Circle · As of 29 May 2026 · Unit: US dollars · Frequency: monthly, two observations per report · Coverage: all networks on which USDC is issued · Method: "USDC in Circulation" as stated in Circle's monthly reserve examination reports, each examined by an independent accounting firm: USDC issued and not redeemed, counted at par across every network USDC is deployed on.
Stablecoin supply, Tether
Liabilities relating to issued digital tokens, consolidated
0$50bn$100bn$150bn$200bnDec ’24Mar ’25Sep ’25Dec ’25Mar ’26
View as table
PeriodStablecoin supply, TetherNote
2024-12-31$136,613,782,874Liabilities relating to issued digital tokens, per the BDO attestation for the quarter.
2025-03-31$143,678,070,758
2025-06-30$157,100,255,857
2025-09-30$174,356,634,812
2025-12-31$186,450,610,920
2026-03-31$183,438,487,810First quarter-on-quarter decline in the series, of about $3.0bn.
Source: Tether · As of 31 March 2026 · Unit: US dollars · Frequency: quarterly · Coverage: all Tether-issued tokens, consolidated across issuing entities · Method: The line "liabilities relating to digital tokens issued" in Tether's quarterly consolidated reserves report, attested by BDO, taken at each quarter end and measured at par as tokens issued and not redeemed.
Stablecoin supply, all issuers

We hold fewer than two verified observations for this series, so there is no trend to draw. The underlying figures are published by DefiLlama. Cadence: daily at source; recorded here irregularly. This page will plot them once the history is long enough to mean something.

Stablecoin supply on the Tron network

We hold fewer than two verified observations for this series, so there is no trend to draw. The underlying figures are published by DefiLlama. Cadence: daily at source; recorded here irregularly. This page will plot them once the history is long enough to mean something.

Other series

Series tracked but not yet grouped into one of the standing bands above.

Nigeria, personal remittances received
Personal remittances received, at current prices
0$10bn$20bn$30bn20122015201820212024
View as table
PeriodNigeria, personal remittances receivedNote
2012-12-31$20,542,884,460
2013-12-31$20,797,073,957
2014-12-31$20,999,084,800
2015-12-31$20,626,046,924
2016-12-31$19,697,938,004
2017-12-31$22,037,016,832
2018-12-31$24,311,022,416Peak year in the series.
2019-12-31$23,809,281,401
2020-12-31$17,207,547,306A fall of about 27.7% on 2019.
2021-12-31$19,483,402,059
2022-12-31$20,127,614,151
2023-12-31$19,549,549,365
2024-12-31$22,126,757,545Latest year for which the indicator carried a value when the series was compiled; 2025 was not yet populated.
Source: World Bank · As of 31 December 2024 · Unit: US dollars · Frequency: annual · Coverage: Nigeria · Method: World Bank indicator BX.TRF.PWKR.CD.DT for Nigeria, compiled from balance-of-payments statistics reported to the International Monetary Fund and from national sources, and dated here to the end of each calendar year.
MiCA e-money token white papers notified

We hold fewer than two verified observations for this series, so there is no trend to draw. The underlying figures are published by European Securities and Markets Authority. Cadence: weekly at source. This page will plot them once the history is long enough to mean something.

MiCA asset-referenced token issuers authorised

We hold fewer than two verified observations for this series, so there is no trend to draw. The underlying figures are published by European Securities and Markets Authority. Cadence: weekly at source. This page will plot them once the history is long enough to mean something.

The register

Every series on the site with its source, cadence, latest verified value and whether it refreshes in the page or only at build.

Data and methods →
SeriesLatestAs of FrequencySourceRefresh
Stablecoin supply, all issuers global, all networks tracked by the provider $312bn 25 July 2026 daily at source; recorded here irregularly DefiLlama build only
Stablecoin supply, Tether all Tether-issued tokens, consolidated across issuing entities $183bn 31 March 2026 quarterly Tether build only
Stablecoin supply, USDC all networks on which USDC is issued $75.9bn 29 May 2026 monthly, two observations per report Circle build only
Stablecoin supply on the Tron network Tron network only $89bn 25 July 2026 daily at source; recorded here irregularly DefiLlama build only
Tokenised US Treasury products outstanding global; products registered by the provider across all indexed networks $16.2bn 25 July 2026 daily at source; recorded here irregularly RWA.xyz build only
Tokenised private credit outstanding global; assets registered by the provider across all indexed networks $6.99bn 25 July 2026 daily at source; recorded here irregularly RWA.xyz build only
Tokenised real-world assets excluding stablecoins global; all asset classes registered by the provider except stablecoins $36.8bn 25 July 2026 daily at source; recorded here irregularly RWA.xyz build only
Franklin OnChain U.S. Government Money Fund, net assets one US-registered fund $844m 31 March 2026 annual, fiscal year ending 31 March US Securities and Exchange Commission (Franklin Templeton Trust, Form N-CSR) build only
WisdomTree Government Money Market Digital Fund, net assets one US-registered fund $321m 30 June 2025 annual, fiscal year ending 30 June US Securities and Exchange Commission (WisdomTree Digital Trust, Form N-CSR) build only
MiCA e-money token white papers notified European Union 46 24 July 2026 weekly at source European Securities and Markets Authority build only
MiCA asset-referenced token issuers authorised European Union 0 24 July 2026 weekly at source European Securities and Markets Authority build only
Nigeria, personal remittances received Nigeria $22.1bn 31 December 2024 annual World Bank build only

The weekly read on onchain market economics

What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.

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