RWA collateral on the Morpho platform nearly doubled in 90 days, exceeding $1 billion.
Hastra's PRIME is currently the largest asset in the series, at approximately $281 million (27%), compared to zero in early May. This propelled syrupUSDC to second place with approximately $230 million. syrupUSDG on the Robinhood Chain platform reached approximately $70 million in six weeks.
The growth is primarily concentrated in the private lending sector, which JPMorgan currently rates as "cautiously constructive": pressure is increasing but remains manageable.
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Dune
05-28 21:00
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Two months after launch: @tempo, an L1 gateway focused on payments, uses stablecoins to pay gas fees and has settled 3.9 million transactions across 177,000 addresses since its mainnet launch on March 18th.
Current data is as follows:
Network Activity:
• Yesterday's transaction volume was 58,000, up from approximately 36,000 a few weeks ago.
• There were 10,573 unique senders in the past 24 hours, one-third of whom were new users.
• A total of 76,443 contracts have been deployed in the past two months.
Stablecoin. @tempo's TIP-20 standard makes it the protocol's native currency (based on pre-compiled, not ERC-20 contracts). Issuers can set programmable policies (transfer rules, allowed lists, fee logic) at the chain level.
The circulating supply has exceeded $25 million, and the issuer mix is more diversified: pathUSD is the on-chain pegged token ($8.2 million), while USDB, USDT0, and USDC.e and EURC.e (bridged via Stargate) all have circulating supplies between $4.5 million and $5.5 million.
Yield tokens, such as @ethena's sUSDe and USDe, @fraxfinance's USD,
@CapApp's cUSD/stcUSD, and @maplefinance's syrupUSDC, collectively constitute the circulating supply.
Machine Payments (MPP). MPP, a standard jointly developed by @stripe and @tempo, integrates payment functionality into the HTTP protocol, enabling software to conduct payments through API calls, proxy operations, and inference.
Nearly 700,000 tagged transfers have been completed, with a cumulative transaction value slightly exceeding $100,000, averaging $0.15 per transaction. Although the amounts are small, the transaction volume is high. This illustrates the distribution of proxy traffic.
@tempo is fully listed on Dune, alongside all major blockchains, and maintains a stablecoin dataset that standardizes supply, transaction volume, and holders across issuers and networks.
In the same query, you can compare the floating prices of Tempo's TIP-20 stablecoin with those of Tron USDT, Solana USDC, or Ethereum stablecoins.
Learn more about @tempo MPP and how to use it on Dune.
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Token Terminal 📊
05-26 19:38
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SyrupUSDC's annualized yield (APY) currently appears much more stable and less volatile than it was a few years ago.
When its market capitalization was lower, its APY was higher and more volatile, reaching a peak of 18%.
But now that its market capitalization exceeds one billion dollars, the APY looks very stable, and the volatility is much lower.
If you are interested in tokenized credit funds, SyrupUSDC's yield is worth watching.
Chart from @tokenterminal
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Stephen | DeFi Dojo
05-21 05:25
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I'm thrilled to see @avantprotocol's basic contract annualized yield (APY) return to 17% and the advanced contract to 8%.
This is exactly the yield I've been dreaming of.
By the way, here's their distribution:
► USDe Aave Cycle (MegeETH, Mantle, Plasma, Ethereum)
► SyrupUSDC/PYUSD Cycle on Morpho (Ethereum)
► wsrUSD/USDC Cycle (Ethereum)
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Token Terminal 📊
05-07 21:01
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Credit-backed tokenized funds have become the second largest tokenized fund vertical. 👇
Industry Definition. This chart shows the market capitalization of circulating assets for tokenized funds backed by credit strategies, including on-chain private placements and asset-backed credit products. To view the data, please visit our Tokenized Assets dashboard: Market Segments (Tokenized Funds), Reference Assets (Credit Funds).
Growth Trajectory. The market capitalization of this category grew from near zero in mid-2024 to approximately $4 billion in May 2026, with particularly rapid growth between June and December 2025, before stabilizing near current levels. Currently, credit tokenized funds have a market capitalization of approximately $4 billion, representing about 13% of the entire tokenized fund industry (total market capitalization of approximately $30.5 billion).
Main Assets. The five largest assets in this category are: syrupUSDC ($1.2 billion, issued by Maple Finance), syrupUSDT ($437.5 million, issued by Maple Finance), JAAA ($405.7 million, issued by Centrifuge), PRIME ($325.8 million, issued by Hastra), and sUSDai ($161.4 million, issued by USDai).
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Token Terminal 📊
04-23 18:19
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Where does the return come from?
In other words, who are the borrowers?
🟠 @USDai_Official sUSDai = AI growth company
🟡 @maplefinance syrupUSDC = Institutional investor
🟢 @Securitize BUIDL = US government
High risk, high reward.
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Token Terminal 📊
04-23 07:01
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Where does the return come from?
In other words, who are the borrowers?
🟠 @USDai_Official sUSDai = AI growth company
🟡 @maplefinance syrupUSDC = Institutional investor
🟢 @Securitize BUIDL = US government
High risk, high reward.
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Token Terminal 📊
04-20 05:52
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All assets should generate yield.
Currently writing the next report for @NexusDataLabs, analyzing @maplefinance's syrupUSDC.
Initial findings:
> Market capitalization has grown from approximately $50 million to $1.6 billion since February 25th.
> 80% of the supply is on Ethereum, but Solana has the highest DeFi utilization.
Full analysis will be released on Friday.
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Token Terminal 📊
04-07 19:44
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Currently, Ethereum leads the real-world asset market.
The total market capitalization of stablecoins alone exceeds $170 billion.
USDT leads with a market capitalization of $94 billion, followed by USDC at $55 billion. Next are USDS ($11.9 billion), USDe ($5.9 billion), and PYUSD ($2.9 billion).
This is the base layer. Liquidity, settlement, staking—all transactions take place here.
Next are tokenized funds, currently valued at $22 billion.
sUSDS ($6 billion) and sUSDe ($3.5 billion) top the list, followed by SyrupUSDC ($1.8 billion), JTRSY ($1.2 billion), BUIDL ($1.1 billion), and USTB ($830 million), among others.
This includes government bond exposure, yield USD, and on-chain money market funds.
Next are commodities, with a market capitalization of $5 billion.
Moreover, gold dominates.
$XAUT ($2.6 billion) and $PAXG ($2.4 billion) account for the majority, followed by smaller assets such as $XAUm ($25 million) and $SLVon ($23 million).
Next are tokenized stocks, currently valued at $432 million.
Some tokens you might be familiar with include:
$SPY ($31.5 million), $QQQ ($20.5 million), $IVV ($21.6 million), $NVDA ($11.4 million), and several others such as $CRCL ($36.3 million) and $IBIT ($30.1 million).
It's still in its early stages, but this covers the S&P 500, Nasdaq, and individual stocks…all of which are starting to trade on-chain.
Stablecoins have a total market capitalization of $177 billion.
Funds have a total market capitalization of $22 billion.
Commodities have a total market capitalization of $5 billion.
The total market capitalization of the stock is $432 million.
This portfolio was built from scratch. First came the US dollar, then yields, then commodities, and now stocks.
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Token Terminal 📊
04-01 18:48
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@solana's platform saw monthly trading volume of approximately $4.7 billion for tokenized funds, stocks, and commodities, representing a year-over-year increase of about 10 times.
The top five assets by trading volume are: syrupUSDC, PRIME, XAUTO, ONyc, and CRCLX.
See the chart below 👇