This is the weekly edition of RWA Activity on the Terminal, a joint report from RWA Foundation and Token Terminal. It tracks growth over the past 7 days in two measures, market cap and asset holders, across three categories: stablecoins, tokenized funds and tokenized stocks. Each is broken down by issuer and by chain.
All figures are taken strictly from Token Terminal as of October 25, 2026. Growth figures cover the 7-day window from October 18 to October 25. No third-party data has been added, and no figures have been adjusted or estimated.
Market cap refers to circulating asset market cap and holders to the number of addresses holding an asset, both as reported by Token Terminal. Totals in the text are sums of the top 10 issuers or chains listed by Token Terminal. Some cards show only the leading 6 to 8 entries.
Holder growth counts wallet addresses, not individual people. One person can hold assets across several wallets, and one wallet, such as an exchange or custodian, can hold assets for many people.
01Overview
Paxos led stablecoin market cap growth with $249.8 million, and Arc and Solana led by chain. Tether added about 1.7 million holders and BNB Chain about 1.3 million, the largest holder gains in the report.
In tokenized funds, Franklin Templeton and J.P. Morgan each added about $34 million, while Solana added $453.5 million by chain. Spiko led holder growth for a second week. In tokenized stocks, Binance bStocks and xStocks took almost all of the market cap growth, Backpack added the most holders, and Solana led holder growth by chain.
02Stablecoins
Paxos added $249.8 million in stablecoin market cap, about 65% of the $387.2 million added across the top 10 issuers. United Stables (+$35.6 million), Ripple (+$34.0 million) and Anchorage Digital (+$34.0 million) followed, then Open Standard (+$12.5 million) and Saturn (+$8.4 million). InfiniFi (+$3.9 million), SBI Shinsei Trust (+$3.1 million), SoulPeg (+$3.0 million) and USDai (+$2.9 million).
By chain, Arc added $247.2 million and Solana $99.3 million, about 96% of the $359.4 million added by the chains that grew. Algorand (+$8.1 million) and XDC Network (+$3.3 million) followed. Monad (+$765,200), Polkadot Asset Hub (+$530,100), Hydration EVM (+$161,100) and Linea (+$64,200) each added under $1 million. Rootstock (−$580) and zkSync Era (−$12,600) declined slightly.
Tether added about 1.7 million holders, about 90% of the 1.9 million added across the top 10 issuers. Circle added about 160,700, followed by Paxos (+14,700) and Phantom (+14,000). Polymarket (+3,500), Ripio (+1,900), Open Standard (+1,600), Unity USD (+1,200), MetaMask (+686) and Jupiter (+486).
By chain, BNB Chain added about 1.3 million stablecoin holders, about 58% of the 2.2 million added across the top 10. Tron (+212,000), Solana (+184,000), Celo (+169,800) and Base (+147,800) followed, then X Layer (+106,600) and Ethereum (+77,400). Algorand (+23,600), Arc (+8,100) and Plasma (+7,600) completed the list.
03Tokenized funds
Franklin Templeton added $33.9 million in tokenized fund market cap and J.P. Morgan $33.6 million, about 44% of the $152.9 million added across the top 10 issuers. Re (+$21.8 million) and Tradable (+$20.7 million) followed, then Figure (+$10.7 million), Ondo Finance (+$10.4 million) and Tron USDD (+$9.8 million). Aave (+$4.9 million), Pareto (+$3.8 million) and InfiniFi (+$3.3 million).
By chain, Solana added $453.5 million, about 73% of the $623.2 million across the top 10 chains. Stellar added $124.5 million, so the two chains account for about 93% of the growth. zkSync Era (+$16.1 million), BNB Chain (+$14.4 million), offchain funds (+$10.4 million) and Robinhood Chain (+$2.3 million) followed. Polygon (+$983,600), Base (+$636,200), Cardano (+$231,800) and XRP Ledger (+$131,000) each added under $1 million.
Spiko led tokenized fund holder growth for a second week, adding 491 holders, about 27% of the 1,817 added across the top 10 issuers. OnRe (+473) and Ondo Finance (+402) followed closely, then Maple Finance (+203). USDai (+81), Re (+51) and Plume Vaults (+41) came next, and three more issuers, including Apyx (+22), added fewer than 30 each.
By chain, Solana added 697 tokenized fund holders and Stellar 467. Ethereum (+188) and Base (+182) followed, then Sei EVM (+110), Arbitrum One (+84) and Sui (+64). Plasma (+23), OP Mainnet (+15) and Tron (+14) completed the top 10, which added 1,844 holders combined.
04Tokenized stocks
Binance bStocks added $127.8 million in tokenized stock market cap and xStocks $73.4 million, about 94% of the $214.0 million added by the issuers that grew. Backpack (+$6.1 million), Reality (+$5.5 million) and Dinari (+$1.0 million) followed. Coinbase (+$165,600), stOx (+$37,400) and Remora Markets (+$34,300) added smaller amounts.
Two issuers declined slightly. Shift fell $8,400 and Centrifuge $19,600.
By chain, BNB Chain added $135.9 million, followed by Solana (+$55.8 million) and X Layer (+$41.4 million). Arbitrum One added $6.9 million, HyperEVM $718,000, Base $170,600 and Polygon $6,400.
Three chains declined, losing about $28.8 million combined. Ethereum fell $26.0 million, Ink $1.6 million and Robinhood Chain $1.2 million.
Backpack added about 58,500 tokenized stock holders and PreStocks 47,500, about 62% of the 170,400 added across the top 10 issuers. Binance bStocks (+27,900) and xStocks (+12,400) followed, then Robinhood (+9,400). Ondo Finance (+5,700), Coinbase (+5,700), stOx (+2,700), Dinari (+386) and Reserve (+179).
By chain, Solana added about 114,600 holders, about 68% of the growth across the top 10. BNB Chain added 32,600, followed by Robinhood Chain (+9,400) and Base (+8,700). X Layer (+2,300), Ethereum (+1,600), Arbitrum One (+295), Ink (+56), HyperEVM (+24) and Monad (+3).
05Conclusion
Stablecoins again recorded the largest moves of the week. Paxos led market cap growth by issuer, Arc and Solana led by chain, and Tether and BNB Chain added the most holders.
In tokenized funds, Franklin Templeton and J.P. Morgan led market cap growth by issuer, while Solana and Stellar took most of the growth by chain. Spiko, OnRe and Ondo Finance added the most holders.
In tokenized stocks, Binance bStocks and xStocks accounted for almost all of the market cap growth, while Ethereum declined. Holders grew most through Backpack and PreStocks by issuer and Solana by chain.
All figures are sourced strictly from Token Terminal as of October 25, 2026, and reflect the 7-day window ending on that date. This report is for informational purposes only and is not investment advice.