Robinhood Dominates as Tokenized Equities Surge to $15.6B in September
In September 2026, stablecoin supply grew by 1.29% to $313 billion, marking its second consecutive monthly increase. However, stablecoin dominance in the broader digital asset market slipped to 10.5% from 11.3%, as the overall crypto market expanded by 8.46%. Centralized exchange (CEX) stablecoin-pair trading volumes surged by 24.8% to $1.01 trillion, the first time since March that volumes exceeded $1 trillion.
Tether maintained its dominance with 58.7% of the stablecoin supply at $184 billion, though its market share slightly decreased from 59.4%. USDC saw a 0.70% rise to $74.6 billion, its highest market capitalization since May 2026, following the launch of Circle's Arc mainnet on September 16. Ethena's USDe experienced the largest growth among the top ten stablecoins, increasing by 20.2% to $4.90 billion, surpassing DAI to become the fourth-largest stablecoin. Conversely, Circle's USYC saw the largest decline, dropping 13.4% to $2.40 billion.
The tokenized real-world asset (RWA) market showed mixed results. Tokenized bonds and money market funds fell by 8.1% to $17.3 billion, reducing their share to 50.5% from 54.3%. In contrast, private credit rose by 7.15% to $5.62 billion, and tokenized commodities gained 2.13% to $6.43 billion, led by Tether Gold at $3.46 billion. Tokenized stocks and equities grew by 13.7% to a record $4.87 billion, lifting their share to 14.2% from 12.4%. Securitize led in tokenized equity assets under management (AUM) at $1.62 billion, followed by Ondo at $1.00 billion and xStocks at $874 million.
On-chain tokenized equity trading volume increased by 16.4% to a record $15.6 billion, surpassing July's previous high of $15.4 billion. Robinhood emerged as the largest venue, with trading volume up 407% to $6.57 billion, capturing a 42.0% share from 9.7% in August. bStocks fell to second place as its volume declined by 45.5% to $5.42 billion, holding a 34.7% share, followed by xStocks at $2.11 billion and Coinbase at $804 million.