October was a month of new leaders.
Arc out-grew every other stablecoin chain combined. Spiko and J.P. Morgan led tokenized funds. Binance owned tokenized stocks, as both the top issuer and the top chain.
This report covers stablecoins, tokenized funds and tokenized stocks across 16 charts, built with data from @tokenterminal.
One thing to know before you scroll. Every chart shows growth: the past 30 days compared with the 30 days before. It's momentum, not size. A project with billions onchain that didn't change shows up as zero, and a red bar means less than last month, not nothing.
Data via @tokenterminal.
01The month at a glance
One winner per board.
Open Standard, Spiko and Binance bStocks led issuers. Arc, Solana and BNB Chain led chains. BNB Chain, Stellar and Solana added the most holders.
02Stablecoins
Closest race of the month.
Open Standard added $227.8M. Falcon Finance added $225.6M. $2.2M between them.
Anchorage Digital was a distant third at +$56.6M.
By chain, @arc added $570.3M.
The next 9 chains added $201.3M combined. Arc grew 2.8x more than all of them together.
Tempo was second at +$107.6M, then Algorand +$54.9M.
@Tether added 7.3M stablecoin holders. That's 5.2x @Circle in second (+1.4M).
Tron USDD was third at +456.4K. The next 7 issuers combined added 347.0K.
03Tokenized funds
Spiko led with +$341.4M.
J.P. Morgan was second at +$168.8M, and Franklin Templeton fourth at +$93.6M. Two TradFi names in the top four.
@ondo +$113.5M and @maplefinance +$78.4M round out the top five.
By chain, @solana added $593.7M and @StellarOrg $358.2M.
The rest of the field is far behind. @base +$55.7M, Robinhood Chain +$14.3M.
04Tokenized stocks
Binance had the month.
bStocks was the #1 issuer (+$464.1M) and @BNBCHAIN the #1 chain (+$458.7M).
bStocks took 63% of issuer growth, 3x xStocks in second.
Backpack added 227.6K stock holders. Then xStocks +138.5K and bStocks +124.1K.
Robinhood +74.0K and @PreStocks +59.6K round out the top five.
05New holders by chain
Stablecoins: BNB Chain +5.6M, 3.5x Tron.
Tokenized stocks: Solana +403.3K, 2.7x BNB Chain.
Tokenized funds: Stellar +2.1K, ahead of Fraxtal +1.1K.
Holders are wallets, not individuals.
06DeFi
@Morpho added $732.8M in stablecoin DeFi TVL across Blue and Midnight.
That's 10x @aave V4 in second (+$73.5M).
@base was #1 by chain on three boards:
- Tokenized stock DEX volume, +$700.1M
- Stablecoin DeFi TVL, +$347.6M
- Tokenized funds DeFi TVL, +$65.5M
@pendle_fi led tokenized stock DeFi TVL with +$16.8M.
@aeroxyz +$8.9M and Raydium +$8.5M after that. By chain, Ethereum led with +$17.3M.
@kamino added $22.8M in tokenized funds DeFi TVL. That's 4.7x Pendle in second.
07Trading
Tokenized stock DEX volume grew on Base (+$700.1M) and fell nearly everywhere else.
Robinhood Chain −$5.6B, BNB Chain −$3.1B, Solana −$1.8B.
This is growth, not totals. These chains still did billions in volume, just less than in September.
Metric added $5.1B in stablecoin DEX volume. That's 71% of the top 10 venues' growth.
Fluid +$1.2B and SunSwap +$769.2M follow. By chain, Ethereum +$2.6B and Base +$1.9B.
Ethereum +$59.1M and Arbitrum +$58.1M. $1M apart.
By venue, Fluid led with +$126.2M, 4.3x Uniswap.
08What October tells us
New money is finding new homes.
Arc and Tempo led stablecoin growth, ahead of chains that have been around for years. Base topped three boards. Solana and Stellar pulled in nearly $1B of fresh tokenized funds between them.
Wall Street is in the data now, not just the headlines. J.P. Morgan and Franklin Templeton both made the top four for fund growth.
And momentum moves fast. Stock DEX volume cooled on Robinhood Chain, BNB Chain and Solana, even as tokenized stock holders kept climbing.
We'll be back next month to see who held on.
Data via @tokenterminal. Versions and pools of the same protocol are combined. Holders are wallets, not individuals.