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 $308bn DefiLlama · 25 July 2026
Stablecoin supply, Tether $184bn Tether · 25 July 2026
Stablecoin supply, USDC $71.8bn Circle · 25 July 2026
Tokenized 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.

Tokenized US Treasury products outstanding
Distributed value of tokenised US government debt products
Range
Scale
0$5bn$10bn$15bn$20bnDec ’25Jul ’26Aug ’26
View as table
PeriodTokenized 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.
2026-07-28$16,160,000,000As stated by the source page for 28 July 2026, with a 30-day change of +5.38%. The headline aggregates rendered without a bearer token this run; the granular tables remain behind a login.
2026-07-30$16,160,000,000Distributed value at page precision, unchanged on the 28 July reading, with a 30-day change of +4.25% shown at retrieval. The headline aggregates rendered without a bearer token again.
2026-07-31$16,180,000,000Distributed value at page precision, dated 07/31/2026 by the source, up from $16.16bn on 30 July. The headline aggregate rendered without a bearer token.
2026-08-01$16,190,000,000Distributed value at page precision, dated 08/01/2026 by the source, up from $16.18bn on 31 July. The headline aggregate rendered without a bearer token; the detailed columns remain behind a login.
2026-08-02$16,160,000,000Restated. The desk first recorded $16.19bn here, read at 06:00 UTC on 2 August when the source's own as-of was still 1 August. The source now states $16.16bn as of 2 August, and the record follows the publisher for the publisher's own date.
2026-08-04$16,170,000,000Up from $16.16bn on 2 August. The page states an as-of of 4 August and that date is used rather than the retrieval date. Rendered without a bearer token.
2026-08-05$16,180,000,000Up from $16.17bn on 4 August. The page's charts state an as-of of 5 August 2026 and that date is used rather than the retrieval date. Rendered without a bearer token.
2026-08-06$16,120,000,000Down from $16.18bn on 5 August. The page states an as-of of 6 August and that date is used rather than the retrieval date. Rendered without a bearer token.
2026-08-07$16,180,000,000Up from $16.12bn on 6 August, recovering the 5 August level. The page states an as-of of 7 August and that date is used rather than the retrieval date. Rendered without a bearer token.
2026-08-10$16,210,000,000Up from $16.18bn on 7 August. The page states an as-of of 10 August and that date is used rather than the retrieval date. Rendered without a bearer token.
2026-08-12$16,210,000,000Unchanged at page precision on the 10 August reading. A real flat read rather than a repeat: the front page aggregates both moved in the same session. The tile carries no date, so this reading is dated by retrieval, as this series' readings now are.
2026-08-13$16,240,000,000Up from $16.21bn on 12 August. The Distributed Value tile carries a 30-day change and no date, and the page's stated as-of sits beside a timeframe select, so this reading is dated by retrieval as this series' readings now are.
2026-08-14$16,240,000,000Unchanged at page precision on 13 August; the served markup carries 16,242,990,368, so the aggregate moved by less than the tile displays. Dated by retrieval, as this series' readings now are, the tile carrying no date of its own.
2026-08-15$16,230,000,000Down from $16.24bn on 14 August; the served markup carries 16,234,142,232 against 16,242,990,368 yesterday, so the fall is under $9m. Dated by retrieval, as this series' readings now are, the tile carrying no date of its own.
Source: RWA.xyz · As of 15 August 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.
Tokenized real-world assets excluding stablecoins
Distributed value across all tracked asset classes other than stablecoins
Scale
0$10bn$20bn$30bn$40bn25 Jul30 Jul4 Aug10 Aug15 Aug
View as table
PeriodTokenized real-world assets excluding stablecoinsNote
2026-07-25$36,820,000,000RWA.xyz distributed value across all tracked asset classes other than stablecoins; represented value on the same day was $380.17bn. A report citing RWA.xyz three days earlier gave $34.67bn.
2026-07-29$36,810,000,000Distributed value at page precision, dated by retrieval as the front page carries no date stamp, with a 30-day change of +3.33%.
2026-07-30$36,780,000,000Distributed value at page precision, down from $36.81bn on 29 July, dated by retrieval as the front page carries no date stamp.
2026-07-31$36,820,000,000Distributed asset value at page precision, dated 07/31/2026 by the source Net Flows timestamp, up from $36.78bn on 30 July.
2026-08-01$37,550,000,000Distributed asset value at page precision, up from $36.82bn on 31 July, a rise of about 2% in a day. Re-read here directly at the source, which showed $37.55B with a 30-day change of +3.94%. Dated by retrieval.
2026-08-02$37,280,000,000Down from $37.55bn on 1 August. The source page's net flows section stated an as-of date of 2 August 2026; the reading is dated by retrieval, as this series' readings are.
2026-08-03$37,230,000,000Down from $37.28bn on 2 August. The source's net flows section stated an as-of date of 3 August 2026. Rendered without a bearer token.
2026-08-04$37,290,000,000Up from $37.23bn on 3 August. Read by the desk rather than the overnight sweep, which produced nothing today. The headline figure states no as-of of its own; the page marks its other data as of 4 August.
2026-08-05$37,380,000,000Up from $37.29bn on 4 August. The front page's net flows section stated an as-of date of 5 August 2026. Rendered without a bearer token.
2026-08-06$37,890,000,000Up from $37.38bn on 5 August, while tokenized Treasuries fell over the same day, so the rise sits outside the Treasury segment. The front page states an as-of of 6 August 2026. Rendered without a bearer token.
2026-08-07$38,000,000,000Up from $37.89bn on 6 August, a third consecutive rise. The front page states an as-of of 7 August 2026 and publishes the figure to two decimal places, so it is recorded as $38.00bn rather than sharpened.
2026-08-10$38,140,000,000Up from $38.00bn on 7 August, a fourth consecutive rise, and above the tokenized Treasury move over the same period, so the gain sits mostly outside that segment. The front page states an as-of of 10 August 2026.
2026-08-12$38,310,000,000Up from $38.14bn on 10 August. The headline tile carries no date of its own, only a 30-day change, so from this point the reading is dated by retrieval and said to be; the page's stated as-of belongs to its Net Flows panel.
2026-08-13$38,290,000,000Down from $38.31bn on 12 August. The headline tile carries no date of its own, only a 30-day change, so the reading is dated by retrieval; the page's one stated as-of belongs to its Net Flows panel.
2026-08-14$38,290,000,000Unchanged at page precision on 13 August; the served markup carries 38,286,755,237. The page is fresh, its embedded per-asset series now ending 13 August. Dated by retrieval: the tile shows a 30-day change and no date.
2026-08-15$38,150,000,000Down from $38.29bn on 14 August; the served markup carries 38,154,379,426 against 38,286,755,237 yesterday. The page is fresh, its embedded per-asset series now ending 14 August. Dated by retrieval: the tile carries a 30-day change and no date.
Source: RWA.xyz · As of 15 August 2026 · Unit: US dollars · Frequency: daily at source; recorded here irregularly · Coverage: global; all asset classes registered by the provider except stablecoins · Method: RWA.xyz's headline distributed asset value, which aggregates government securities, credit, commodities, stocks, private funds, real estate and active strategies.
Tokenized private credit outstanding
Distributed value of tokenised non-sovereign credit
Scale
0$2bn$4bn$6bn$8bn25 Jul29 Jul1 Aug3 Aug
View as table
PeriodTokenized private credit outstandingNote
2026-07-25$6,990,000,000RWA.xyz distributed value across 2,512 assets and 186,390 holders. Represented value on the same day was $35.94bn.
2026-07-29$6,980,000,000As stated by the source page for 29 July 2026, with a 30-day change of -0.12%.
2026-07-30$6,980,000,000Distributed value at page precision, unchanged on the 29 July reading, with represented value and holder counts rendering alongside it. No bearer token needed.
2026-07-31$6,990,000,000Distributed value at page precision, dated 07/31/2026 by the source, up from $6.98bn on 30 July, with a 30-day change of -0.02%. Read at the address this series already names, which served the page here, so no repointing was needed.
2026-08-01$6,990,000,000Distributed value at page precision, unchanged on the 31 July reading. A real flat reading rather than a repeat: the page as-of date had advanced to 08/01/2026, so the source had refreshed.
2026-08-02$6,990,000,000Distributed value re-read at the same displayed figure as 1 August, taken at the publisher's current path for the same page after the recorded path was unreachable.
2026-08-03$7,020,000,000Up from $6.99bn on 2 August. The page states no explicit as-of for the headline figure, so the reading is dated by retrieval; its charts referenced 3 August.
Source: RWA.xyz · As of 3 August 2026 · Unit: US dollars · Frequency: daily at source; recorded here irregularly · Coverage: global; assets registered by the provider across all indexed networks · Method: RWA.xyz's distributed value for non-sovereign debt: private credit funds, onchain lending pools, corporate credit, and structured and specialty credit.
Franklin OnChain U.S. Government Money Fund, net assets
Total net assets at fiscal year end
Scale
CSV
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.
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 27 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
Range
Scale
0$20bn$40bn$60bn$80bnDec ’24Jun ’25Sep ’25Mar ’26Aug ’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.
2026-07-23$72,900,000,000As published on Circle's USDC page, rounded to $0.1bn as the publisher rounds it. Down from $75.885bn on 29 May 2026.
2026-08-10$72,130,000,000First reading since 23 July, when $72.9bn was recorded. The rendered field is written by a script, but the figure is in the served page: the in-circulation element carries it, and the section's stated as-of is 10 August.
2026-08-13$71,850,000,000Read from the data-point attribute of the usdc-in-circulation span, under the page's own as-of of 13 August, and down from 72.13 on 10 August. Reserve components in the adjacent script sum to 72.57, the expected relationship to circulation.
Source: Circle · As of 13 August 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 on the Tron network
Circulating stablecoin supply resident on Tron
Scale
0$25bn$50bn$75bn$100bn25 Jul28 Jul30 Jul2 Aug5 Aug
View as table
PeriodStablecoin supply on the Tron networkNote
2026-07-25$89,049,635,593Stablecoin supply issued on or bridged to Tron, per DefiLlama's chain breakdown; about 28.5% of the tracked global total on the same day.
2026-07-28$91,677,000,000Dated by retrieval, as the source page prints no date of its own. Up about 3.0% on the 25 July reading.
2026-07-29$91,464,000,000Read from the DefiLlama Tron page, which prints $91.464b, dated by retrieval as the page carries no date. Source repointed from the stablecoins.llama.fi endpoint, which on 29 July still returned the 25 July figure to the cent. Down from $91.677bn on 28 July.
2026-07-30$91,464,000,000Unchanged at page precision on 29 July, with the page showing a one-day change of -0.13% and 30 days of +2.08%. Dated by retrieval. The chain API still reads about $2.4bn below the page; this series was repointed at the page on 29 July.
2026-08-01$91,708,000,000Up from $91.464bn on 30 July, read at the publisher page this series names rather than the chain API, and dated by retrieval as the page prints no date of its own.
2026-08-02$91,708,000,000Re-read at the same displayed value as 1 August. Taken from the same publisher page at its lowercase path after the recorded path was unreachable; the identical value is consistent with it being the same page rather than another basis.
2026-08-03$91,581,000,000Down from $91.708bn on 2 August. Read from the series' own source page, which states no as-of date of its own, so the reading is dated by retrieval as this series' readings are.
2026-08-05$91,572,000,000Marginally down from $91.581bn on 3 August. Read at the lowercase rendering of the series' own page, which is the same page, and dated by retrieval as this series' readings are.
Source: DefiLlama · As of 5 August 2026 · Unit: US dollars · Frequency: daily at source; recorded here irregularly · Coverage: Tron network only · Method: Circulating stablecoin supply attributed to the Tron network by DefiLlama, which assigns each token's supply to the chain where it is minted or bridged.
Stablecoin supply, Tether
Liabilities relating to issued digital tokens, consolidated
Range
Scale
0$50bn$100bn$150bn$200bnDec ’24Jun ’25Sep ’25Dec ’25Jun ’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.
2026-06-30$183,622,105,630Total liabilities in the Q2 2026 attestation examined by BDO, as of 30 June 2026 and published 31 July, against $183,438,487,810 at 31 March. Total assets were $187,751,426,411 and excess reserves $4,109,529,196.
Source: Tether · As of 30 June 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
Aggregate circulating supply of stablecoins
Scale
0$100bn$200bn$300bn$400bn25 Jul29 Jul30 Jul2 Aug5 Aug
View as table
PeriodStablecoin supply, all issuersNote
2026-07-25$312,137,000,000DefiLlama headline aggregate across the 123 stablecoins it tracks, with USDT dominance shown at 58.99%. RWA.xyz's narrower register put the same aggregate at $297.88bn.
2026-07-29$312,137,000,000Unchanged at page precision on the 25 July reading, confirmed by a second read here; the page showed a one-day change of +0.05% and seven days of +$834.88m, so the aggregate is moving inside the rounding rather than standing still.
2026-07-30$312,137,000,000Unchanged at page precision on 29 July, re-read here rather than carried: the page's own change figures were moving at retrieval, +0.05% over a day and +$834.88m over seven, so the aggregate is shifting inside the rounding.
2026-08-01$312,137,000,000Unchanged at page precision on the 30 July reading, dated by retrieval as the page prints no date. The read is fresh rather than carried: the page showed a one-day change of +0.05% at retrieval, so the aggregate is moving inside the rounding.
2026-08-02$312,137,000,000Re-read on 2 August 2026 at the same displayed value as 1 August. The source carries no date of its own, so this series' readings are dated by retrieval and this one is too.
2026-08-05$307,742,000,000Down from $312.137bn on 2 August. The page publishes no absolute date, only rolling changes, so the reading is dated by retrieval as this series' readings are. Re-read by the desk before recording.
Source: DefiLlama · As of 5 August 2026 · Unit: US dollars · Frequency: daily at source; recorded here irregularly · Coverage: global, all networks tracked by the provider · Method: DefiLlama's aggregate circulating supply across the 123 stablecoins it tracks, valued at market price rather than at par, and counted on every network where a token has been minted or bridged.

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
Range
Scale
CSV
0$10bn$20bn$30bn20122015201920222025
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$22,126,757,545A rise of about 13.2% on 2023.
2025-12-31$22,789,097,830The highest reading since 2019, and about 4.3% below it.
Source: World Bank · As of 31 December 2025 · 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 →
History is the number of observations we have verified and the years they span; a single reading and a decade of them are both published here. File offers the observations as a CSV where the publisher's terms permit, which 3 of 12 do.
SeriesLatestAs of HistorySourceSource cadenceFile
Stablecoin supply, all issuers global, all networks tracked by the provider Latest$308bn As of5 August 2026 History6 readings2026 SourceDefiLlama Source cadenceDaily at source; recorded here irregularly File
Stablecoin supply, Tether all Tether-issued tokens, consolidated across issuing entities Latest$184bn As of30 June 2026 History7 readings2024–2026 SourceTether Source cadenceQuarterly File
Stablecoin supply, USDC all networks on which USDC is issued Latest$71.8bn As of13 August 2026 History21 readings2024–2026 SourceCircle Source cadenceMonthly, two observations per report File
Stablecoin supply on the Tron network Tron network only Latest$91.6bn As of5 August 2026 History8 readings2026 SourceDefiLlama Source cadenceDaily at source; recorded here irregularly File
Tokenized US Treasury products outstanding global; products registered by the provider across all indexed networks Latest$16.2bn As of15 August 2026 History17 readings2025–2026 SourceRWA.xyz Source cadenceDaily at source; recorded here irregularly File
Tokenized private credit outstanding global; assets registered by the provider across all indexed networks Latest$7.02bn As of3 August 2026 History7 readings2026 SourceRWA.xyz Source cadenceDaily at source; recorded here irregularly File
Tokenized real-world assets excluding stablecoins global; all asset classes registered by the provider except stablecoins Latest$38.1bn As of15 August 2026 History16 readings2026 SourceRWA.xyz Source cadenceDaily at source; recorded here irregularly File
Franklin OnChain U.S. Government Money Fund, net assets one US-registered fund Latest$844m As of31 March 2026 History5 readings2022–2026 SourceUS Securities and Exchange CommissionFranklin Templeton Trust, Form N-CSR Source cadenceAnnual, fiscal year ending 31 March FileCSV
WisdomTree Government Money Market Digital Fund, net assets one US-registered fund Latest$321m As of30 June 2025 History1 reading2025 SourceUS Securities and Exchange CommissionWisdomTree Digital Trust, Form N-CSR Source cadenceAnnual, fiscal year ending 30 June FileCSV
MiCA e-money token white papers notified European Union Latest46 As of24 July 2026 History1 reading2026 SourceEuropean Securities and Markets Authority Source cadenceWeekly at source File
MiCA asset-referenced token issuers authorised European Union Latest0 As of24 July 2026 History1 reading2026 SourceEuropean Securities and Markets Authority Source cadenceWeekly at source File
Nigeria, personal remittances received Nigeria Latest$22.8bn As of31 December 2025 History14 readings2012–2025 SourceWorld Bank Source cadenceAnnual FileCSV

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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