Each week in The Snapshot, we share data-driven insights, highlight new listings, and showcase our latest product updates.
Read on for the latest edition 👇
This week we feature three RWA charts to watch, covering Morpho's share of USDC on Base, Binance becoming the largest issuer of tokenized stocks by holders, and how sUSDai is being used in DeFi.
1) Morpho and USDC on Base
Morpho Blue, a variable-rate lending protocol, holds $2.3b of the $4.3b USDC issued on Base, or 54.5% of the total supply. Morpho's $2.3b is 85.0% of all USDC in DeFi on Base, while Aave holds 6.5%, Uniswap 4.8%, and Aerodrome 2.7%. Coinbase launched in-app USDC lending through Morpho vaults on Base in September 2025, and Morpho’s share has risen since. The open question is whether competing venues can gain share without a similar distribution partner.
2) Binance and tokenized stocks
Binance bStocks reached 811.7k holders in 77 days, faster than any other tokenized stock issuer. xStocks has taken 14 months to reach 306.9k, while Ondo Finance has taken 13 months to reach 370.2k. Both issuers lacked comparable distribution at launch. Binance reports over 300m registered users, so less than 1% of those are now holding bStocks onchain. How competitors respond is what to watch for next, with Coinbase already launching its own tokenized stocks this week, now tracked on Token Terminal.
3) Fluid and sUSDai
61.6% of sUSDai’s $354.9m market cap is deployed in DeFi, up from 3.6% at the start of the year. sUSDai is a tokenized fund, backed primarily by GPU-collateralized loans, currently offering an 8.9% APY. Effectively all of sUSDai’s DeFi use is in Fluid, either as collateral in lending markets or deposited into liquidity pools. At 61.6%, sUSDai is more actively used than tokenized funds like Ethena’s sUSDe (30.6%) and Maple’s syrupUSDC (10.1%). This shows how a single venue integration can give holders additional utility, both in the form of liquidity to enter and exit at size and leverage through borrowing against their fund position.
Platform updates
Coinbase listed four tokenized U.S. stocks natively on Base on 26 August 2026, issued on the B20 standard. Each token is a direct claim on a real share held at Alpaca, a regulated broker and custodian, in a bankruptcy remote structure supervised by Abu Dhabi Global Market. Holders must be outside the U.S. in an eligible jurisdiction.
The four listings:
Listed NVDAc, tokenizing NVIDIA. Market cap is $2.8m, with 3.8k holders.
Listed GOOGLc, tokenizing Alphabet. Market cap is $1.7m, with 2.4k holders.
Listed AAPLc, tokenizing Apple. Market cap is $1.4m, with 1.9k holders.
Listed METAc, tokenizing Meta Platforms. Market cap is $1.3m, with 1.4k holders.
Interested in getting listed? Read more here.
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.
Featured report: Fluid Q2 2026
If you're evaluating how to formalize your project's data and reporting strategy, get in touch.
Token Terminal data live on CoinMarketCap
Last month, we announced that Token Terminal’s onchain data would be integrated into CoinMarketCap, including CMC AI. It is now live and can be used here.
CMC AI cites Token Terminal in its answers and draws on the underlying datasets, covering our full range of standardized metrics for blockchains, apps, and tokenized assets. CMC AI remains in early access, with more features rolling out over the coming weeks.
Interested in integrating Token Terminal’s onchain data into your platform? Book a call here.
Token Terminal x Real-World Asset Summit
Next week, members of the Token Terminal team will be attending the Real-World Asset Summit in Brooklyn, New York City.
The event runs September 1 to 2 and features talks from issuers including Circle and Sky, asset managers BlackRock and Apollo, tokenization platforms Securitize and Centrifuge, and DeFi infrastructure projects Aave and Morpho, among others.
Book a meeting or reach out to Sebastian from our Partnerships team at sebastian@tokenterminal.xyz if you’d like to connect.
The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating or are invested in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.
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