This is the weekly activity edition of RWA Activity on the Terminal, a joint report from RWA Foundation and Token Terminal. It looks at where tokenized assets are being used rather than how many exist. Growth in trading volume on decentralized exchanges and growth in value locked in DeFi protocols over the past 7 days. It covers stablecoins, tokenized funds, tokenized commodities and tokenized stocks.
All figures are taken strictly from Token Terminal as of October 19, 2026, and cover the 7-day window from October 12 to October 19. No third-party data has been added, and no figures have been adjusted or estimated.
DEX volume is broken down by venue, by issuer and by chain. DeFi TVL is broken down by protocol, by chain and by issuer. Where Token Terminal lists several versions of the same protocol, such as Aave V3 and V4, SparkLend and Spark Savings, Uniswap V2, V3 and V4, or the PancakeSwap and Aerodrome pools, they are combined into one figure. Each chart is built from Token Terminal's top 10 list, and totals are sums of those entries only. Entries that moved by less than $1 are left off the charts and noted in the text.
01Overview
Stablecoins led both measures. Stablecoin DEX volume rose $3.30 billion across the top venues, led by Metric, and $2.93 billion across the top 10 issuers, led by Tether and Circle. Stablecoin DeFi TVL rose $321.7 million across the top protocols, almost all of it in Aave and Spark.
Tokenized stock DEX volume rose about $816 million across the venues that grew, led by Metric and Aerodrome, and about $640 million by issuer, led by Binance bStocks and Coinbase. By chain, BNB Chain and Base led, while Solana's stock DEX volume fell $72.9 million. Tokenized stock DeFi TVL grew about $38 million. Tokenized funds moved on a smaller scale, with Uniswap leading DEX volume by venue and Hastra by issuer. Commodity DEX volume rose on Uniswap but fell on six other venues, and commodity DeFi TVL grew $1.89 million.
02DEX trading volume
Stablecoins
Metric V1 added $886.3 million in stablecoin DEX volume, about 27% of the $3.30 billion across the top venues. Aerodrome Slipstream (+$475.8 million) and BisonFi (+$474.8 million) followed, then Fluid DEX (+$426.3 million), PancakeSwap (+$416.7 million across two pools) and Uniswap V3 (+$411.9 million). Tessera V (+$80.1 million), Raydium CLMM (+$67.4 million) and SunSwap (+$58.8 million).
By issuer, Tether's stablecoin DEX volume rose $1.1 billion and Circle's $958.8 million. Together they account for about 70% of the $2.93 billion increase across the top 10 issuers. United Stables added $511.1 million and Paxos $240.8 million. Ripple (+$42.9 million), Alpha Partners (+$31.7 million), USDD (+$15.3 million), StandX (+$13.2 million), USDai (+$9.7 million) and NewRails (+$8.5 million).
By chain, BNB Chain added $1.3 billion in stablecoin DEX volume, about 43% of the $3.04 billion across the top 10 chains. Ethereum added $790.4 million and Solana $346.2 million, followed by Arbitrum One (+$246.3 million) and Robinhood Chain (+$114.6 million). Tron (+$87.6 million), Base (+$51.5 million), X Layer (+$51.2 million), HyperCore (+$36.8 million) and OP Mainnet (+$13.4 million).
03Tokenized funds
Uniswap added $45.2 million in tokenized fund DEX volume, combining V3 (+$32.5 million), V4 (+$12.7 million) and V2 (+$38,100), about 79% of the $57.6 million across the top venues. Fluid DEX added $9.1 million and Raydium $2.9 million, net of a $944 decline in its CPMM pools. PancakeSwap (+$260,300), Meteora (+$96,900) and Aerodrome (+$25,900) followed.
By issuer, Hastra's tokenized fund DEX volume rose $43.3 million, about 65% of the $66.4 million across the top 10. USDai added $12.9 million and Usual $3.6 million, followed by OnRe (+$2.4 million), Apyx (+$1.6 million) and Re (+$1.5 million). Sky (+$549,300), Origin Protocol (+$392,300), Ondo Finance (+$60,900) and Saturn (+$56,200) each added under $1 million.
By chain, Ethereum added $49.2 million in tokenized fund DEX volume, more than any other chain by a wide margin. Arbitrum One (+$2.8 million) and Plasma (+$2.3 million) followed, with Robinhood Chain (+$82,200), OP Mainnet (+$2,300) and Tempo (+$31) adding smaller amounts. Base fell $2.0 million, and HyperEVM (−$4,700), BNB Chain (−$5,600) and Polygon (−$11,200) also declined.
04Tokenized commodities
Uniswap added $5.4 million in commodity DEX volume, combining V3 (+$4.3 million) and V2 (+$1.1 million), and ProjectX added $144,000. The other venues in the top 10 declined. Orca fell $1.7 million and Raydium's CPMM pools $397,600, followed by Hyperliquid (−$279,200), Byreal (−$220,700), Fluid DEX (−$148,700) and Meteora (−$69,800). XSwap declined $463 and is not shown on the chart. Across the top 10, commodity DEX volume rose a net $2.7 million.
05Tokenized stocks
Metric V1 added $321.3 million in tokenized stock DEX volume, about 39% of the $816 million added by the venues that grew. Aerodrome added $196.6 million, almost all on Slipstream, and Tessera V $149.3 million. Uniswap V3 (+$79.6 million) and Raydium CLMM (+$54.8 million) followed, then GoonFi V2 (+$10.2 million), Meteora (+$2.2 million) and ZeroFi (+$2.0 million). AlphaQ declined $40,100.
By issuer, Binance bStocks led tokenized stock DEX volume with a $387.3 million increase, about 60% of the growth across the issuers that grew. Coinbase added $195.8 million and Backpack $41.8 million. Robinhood (+$13.3 million), Centrifuge (+$1.1 million), Reserve (+$1.1 million) and Reality (+$42,200) followed.
Tessera's volume fell $1.1 million. Anchored (−$65.50) and Backed Finance (−$272) also declined slightly and are not shown on the chart.
By chain, BNB Chain added $360.7 million and Base $196.6 million, about 94% of the $589.6 million added by the chains that grew. X Layer (+$19.5 million), Robinhood Chain (+$12.8 million) and Arbitrum One (+$42,200) followed. Solana fell $72.9 million, the largest decline in the report, with Ethereum (−$10.1 million), HyperCore (−$6.4 million) and Monad (−$65.50) also lower.
06Stablecoin DeFi TVL
Aave added $180.7 million in stablecoin DeFi TVL, combining V3 (+$171.9 million) and V4 (+$8.8 million). Spark added $129.8 million across SparkLend (+$94.2 million) and Spark Savings (+$35.6 million). The two account for about 96% of the $321.7 million across the top protocols. Venus (+$7.7 million) and Uniswap V4 (+$2.3 million) followed, then Morpho (+$730,100), Aerodrome Slipstream (+$446,100), Flux Finance (+$3,600) and Fluid DEX Lite (+$6.10).
By chain, Ethereum added $72.9 million, Monad $48.6 million and Plasma $33.4 million, about 96% of the growth across the chains that grew. Base (+$5.3 million) and OP Mainnet (+$898,400) followed, with MegaETH (+$7,600) and Scroll (+$15.90) adding small amounts. Ink, Blast and Berachain each declined by less than $1.
By issuer, Tether's stablecoins added $144.6 million in DeFi TVL, about 52% of the $278.8 million across the top 10. Sky added $78.6 million, Ripple $21.1 million and Open Standard $17.8 million. Saturn (+$8.6 million) and Société Générale (+$2.7 million) followed, then Alpha Partners (+$1.6 million), MetaMask (+$1.6 million), Unity USD (+$1.2 million) and Fidelity (+$981,500).
07Tokenized fund DeFi TVL
Aave V3 added $6.5 million in tokenized fund DeFi TVL, about 88% of the growth across the top protocols. Aave V2 added $1.20. Fluid (+$521,200) and Aerodrome Slipstream (+$246,000) followed, then PancakeSwap (+$54,300), Flux Finance (+$27,300), Meteora (+$6,700), Venus (+$3,100), SparkLend (+$2,800) and Raydium (+$3.50).
By chain, Ethereum added $6.9 million and Plasma $5.4 million. Robinhood Chain added $1.3 million, OP Mainnet $485,100 and Base $175,700. Polygon (+$1,500), Tempo (+$30), Avalanche (+$11), Celo (+$1.50) and Sonic (+$0.50) recorded minor gains.
By issuer, Re added $22.5 million, about 38% of the $59.4 million across the top 10. InfiniFi added $13.3 million, Figure $7.5 million and Sky $6.8 million. Maple Finance (+$4.6 million), Plume Vaults (+$1.7 million) and Apyx (+$1.0 million) followed, with USDD (+$981,400), Ether.fi (+$555,500) and 3Jane (+$481,000) completing the list.
The issuer figures are larger than the protocol and chain figures because each chart reflects a different top 10 list.
08Tokenized commodity DeFi TVL
Aave added $1.08 million in commodity DeFi TVL, combining V3 (+$694,400) and V4 (+$382,900), about 57% of the $1.89 million across the top protocols. Uniswap added $671,600 across V3 (+$373,200) and V4 (+$298,400). Meteora (+$74,800), PancakeSwap (+$35,300) and Raydium CLMM (+$29,000) followed, with Aerodrome Slipstream (+$830) and XSwap (+$4.30) adding small amounts. Kamino Lend declined by less than $1.
09Tokenized stock DeFi TVL
Uniswap added $11.9 million in tokenized stock DeFi TVL, combining V3 (+$8.1 million) and V4 (+$3.8 million). Raydium's CLMM pools added $8.1 million and Pendle $5.3 million. PancakeSwap (+$4.7 million), Aave V4 (+$4.5 million) and Aerodrome Slipstream (+$2.1 million) followed, then Meteora (+$978,100), Orca (+$561,200) and Morpho (+$103.10). The top protocols added about $38.1 million combined.
By chain, Robinhood Chain added $9.7 million in tokenized stock DeFi TVL and Solana $8.1 million. Base (+$6.9 million), Ethereum (+$5.6 million), BNB Chain (+$3.6 million) and X Layer (+$1.4 million) followed, and Avalanche added $3. Arbitrum One fell $13,700 and Monad $20.30. Solana's stock DeFi TVL grew even as its stock DEX volume fell.
By issuer, xStocks added $10.8 million and Robinhood $9.7 million. Coinbase (+$6.6 million), Binance bStocks (+$4.1 million), PreStocks (+$3.0 million) and Backpack (+$2.6 million) followed, then Ondo Finance (+$423,200), Centrifuge (+$401,100) and Backed Finance (+$93.90). Stove declined $13.20 and is not shown on the chart.
10Conclusion
Stablecoins drove most of the activity this week. Metric led stablecoin DEX volume by venue and Tether and Circle by issuer, while Aave and Spark accounted for almost all of the growth in stablecoin DeFi TVL, mainly on Ethereum, Monad and Plasma.
Tokenized stock trading grew on Metric, Aerodrome and Tessera, and through Binance bStocks and Coinbase by issuer. Stock DeFi TVL was spread across several protocols, led by Uniswap and Raydium. In tokenized funds, Uniswap and Hastra led DEX volume and Re led DeFi TVL by issuer. Commodity trading rose on Uniswap but fell on most other venues, while Aave and Uniswap led commodity DeFi TVL.
All figures are sourced strictly from Token Terminal as of October 19, 2026, and reflect the 7-day window ending on that date. This report is for informational purposes only and is not investment advice.