Introducing new stablecoin & RWA issuer pages

Stablecoins and tokenized RWAs have emerged as the fastest-growing segments of the digital asset market, creating a new category of issuers whose businesses increasingly resemble traditional financial institutions. To help users analyze these issuers more effectively, we redesigned issuer pages around three core layers: business lines (sectors), products (assets), and distribution (chains).

The new layouts combine stacked and horizontal bars, line charts, and market share views to show both aggregate growth and the underlying drivers of that growth.

This makes it easier to understand not just how large an issuer has become, but which products are driving adoption and where that adoption is occurring.

1) Tether

• Analyze Tether's business composition across sectors, assets, and chains in a single view. Users can see that stablecoins account for 98.6% of Tether's issued assets, with commodities representing a small secondary business line.

• Understand product concentration over time. The asset-level views show that USDT accounts for 98.5% of Tether's issued asset market cap, highlighting the extent to which Tether's growth has been driven by a single flagship product.

• Track distribution across blockchain ecosystems. Chain-level charts show that Ethereum and Tron collectively host 97.3% of all Tether-issued assets, helping users assess where USDT adoption is concentrated.

2) Circle

• Compare Circle's stablecoin and tokenized fund businesses side by side. Users can see the relative contribution of USDC and USYC, allowing them to track Circle's expansion beyond stablecoins.

• Identify which products are driving issuer growth. Asset-level charts show that USDC remains the dominant product, while USYC has grown into a meaningful tokenized treasury offering with multi-billion-dollar scale.

• Analyze chain distribution and adoption trends. Chain-level views reveal how Circle's issued assets are distributed across 27 chains, making it easy to identify which ecosystems have contributed most to USDC growth.

3) Sky

• View both stablecoin and yield-bearing product lines together. Users can see how Sky's issued assets are split between USDS and savings-focused products such as sUSDS and sDAI.

• Measure the growth of savings products relative to circulating stablecoins. The asset-level breakdown highlights that yield-bearing assets now represent a meaningful share of Sky's issued asset market cap.

• Assess blockchain distribution risk and opportunity. Chain-level charts show that nearly all Sky-issued assets remain on Ethereum, providing context around ecosystem concentration and future expansion potential.

4) Ondo Finance

• Analyze one of the most diversified issuer product suites in crypto. Users can view Ondo's exposure across funds, tokenized stocks, stablecoins, and commodities from a single dashboard.

• Identify which tokenized assets are driving growth. Asset-level views show the relative contribution of products such as USDY, OUSG, and Ondo's tokenized equities, making it easier to understand the issuer's product mix.

• Track distribution across multiple blockchain ecosystems. Chain-level charts reveal how Ondo's assets are distributed across Ethereum, Stellar, BNB Chain, XRP Ledger, Solana, and other networks, helping users evaluate where tokenized asset adoption is occurring.

As tokenized asset markets continue to mature, transparent and standardized reporting becomes increasingly important. If you're issuing stablecoins, tokenized funds, stocks, commodities, or other onchain assets, contact the Token Terminal team to discuss data integration and ongoing maintenance, as well as stakeholder reporting.

Our goal is to help market participants understand what you issue, how those products are growing, and where adoption is occurring.

Most projects with liquid tokens do not provide regular, standardized reporting to their stakeholders. Token Terminal's reporting initiative exists to close this gap, giving investors the data to evaluate onchain businesses on fundamentals rather than narratives alone.

Token Terminal publishes standardized quarterly reports covering key financial and operational metrics alongside qualitative commentary from the respective core team.

This week, we published our first quarterly report on Ethereum, featuring qualitative commentary from Etherealize - an institutional product, business development, and marketing arm for the Ethereum ecosystem.

Featured report: Ethereum Q1 2026

If you're evaluating how to formalize your project's data and reporting strategy, get in touch.

Platform updates

• Listed Meteora, a Solana DEX with $10.8B in 30d trading volume, $295.6M in TVL, $23.8M in fees, and $3.3M in revenue.

• Listed four derivatives exchanges built on Hyperliquid: dreamcash ($2.1B in 30d notional trading volume, $19.5M open interest), Kinetiq ($459.5M, $1.1M), HyENA ($296.8M, $10.6M), and Felix ($103.0M, $719.2K).

Tokenized assets

Token Terminal now tracks 4,605 tokenized assets across 310 issuers and 45 chains, with a combined market cap of $345.6B and 270.9M holders.

Coverage spans the following categories (30d change):

• Stablecoins: $301.4B (-2.5%)

• RWAs: $44.1B (-0.9%)

• Funds: $35.4B (-0.8%)

• U.S. T-bills: $14.1B (-0.1%)

• Credit funds: $5.9B (+9.4%)

• Commodities: $7.1B (-3.9%)

• Stocks: $1.7B (+11.0%)

• ETFs: $460.8M (+10.1%)

• Real estate: $1.3B (-0.1%)

• Euro stablecoins: $768.9M (-2.4%)

• Pre-IPO stocks: $61.0M (+50.7%)

Explore the full dataset here.

Introducing Token Terminal MCP 2.0

Token Terminal MCP 2.0 is now live, giving AI agents access to standardized, comparable metrics across 100+ blockchains, 1,200+ applications, and 5,000+ tokenized assets, with full historical coverage and transparent methodologies for every metric.

The new MCP is built on Token Terminal’s internal agentic architecture. It:

• Maps a user’s intent to Token Terminal’s semantic layer.

• Generates and executes SQL directly in ClickHouse.

• Returns both the results and the reasoning behind the analysis.

This means users can move from a natural-language question to a full data pull in seconds: narrowing to a specific segment, grouping results, ranking entities, and bringing in supporting details from the same database that powers Token Terminal charts.

Because Token Terminal controls the full data pipeline, every metric can be traced back to a detailed methodology, giving users transparency into how each answer is calculated.

MCP 2.0 is available today across supported AI clients, with a free tier available for users who want to try it out.

Read the documentation or reach out for a demo.