According to Fixygen, the cryptocurrency market is gradually expanding far beyond Bitcoin and traditional digital currencies. One of the most notable trends of 2026 is the rapid development of stablecoins and tokenized traditional assets, according to CoinDesk Data.
In September, the market capitalization of stablecoins rose to $313 billion. Trading volume for stablecoin pairs on centralized crypto exchanges increased by nearly 25% and exceeded $1 trillion for the first time since March.
Tether’s USDT remains the largest stablecoin, with a market capitalization of about $184 billion and a market share of approximately 59%. USDC ranks second with approximately $74 billion.
Stablecoins are gradually evolving from a crypto-trading tool into a standalone global payment infrastructure. They are used for international transfers, business settlements, storing dollar-denominated savings, and moving capital between various financial platforms.
The market for the tokenization of traditional assets is growing even faster. The value of tokenized stocks reached a record $4.87 billion at the end of September, while their trading volume directly on the blockchain rose to $15.6 billion over the month.
Overall, trading volume for tokenized stocks reached approximately $44.9 billion in the third quarter, an almost sevenfold increase compared to the second quarter.
Robinhood became the largest platform in September, accounting for about 42% of the total trading volume of tokenized stocks. The volume of transactions on its platform grew more than fivefold over the month—to $6.57 billion.
In addition to stocks, bonds, money-market funds, private loans, and commodity assets are gradually moving onto blockchains. The volume of tokenized bonds and money-market funds is estimated at approximately $17.3 billion, private loans at $5.6 billion, and commodity assets at over $6.4 billion.
According to an estimate by Experts Club, it is this segment of the digital market that may have more long-term significance than yet another growth cycle for individual cryptocurrencies.
While Bitcoin remains primarily a digital investment asset, stablecoins and tokenization are beginning to compete directly with bank transfers, depositories, brokers, and traditional stock market infrastructure.
In fact, a parallel financial system is gradually taking shape, in which dollars, stocks, bonds, and other assets can be traded on the blockchain around the clock, bypassing the traditional settlement cycle that takes several business days.
The U.S. exchange group Nasdaq has agreed to invest $100 million in Payward, the parent company of the cryptocurrency exchange Kraken.
The investment will be made through Nasdaq Ventures and is intended to deepen the companies’ collaboration in the areas of tokenized stocks, 24/7 trading, and the integration of traditional financial infrastructure with blockchain.
Nasdaq and Payward are working on the Nasdaq Equity Tokens (NETs) system. The idea is to create a digital representation of traditional stocks while preserving ownership rights, transparency, and corporate governance.
The project demonstrates that tokenization is no longer an experiment limited to cryptocurrency companies. Major traditional exchanges are gradually beginning to build their own blockchain infrastructure.
Almost simultaneously, the London Stock Exchange Group announced a partnership with Payward. As part of the project, the plan is to tokenize the 100 largest companies traded on the London Stock Exchange.
In the future, tokenized shares are expected to be admitted to trading on the LSE 24 platform, which is designed to provide significantly longer trading hours compared to a traditional trading session.
According to Reuters Breakingviews, the global market for tokenized shares currently stands at only about $3 billion, with monthly turnover of less than $30 billion—a figure that remains insignificant compared to traditional markets.
Nevertheless, the involvement of Nasdaq, the LSE, and other major operators marks the transition of tokenization to the next phase—the integration of blockchain infrastructure directly into regulated stock markets.
The main advantages of the technology include the ability to settle transactions almost instantly, fractional ownership, expanded trading options, and the use of tokenized securities as collateral in digital financial systems.
The main unresolved issue remains the rights of token holders: not all existing digital equivalents of stocks automatically grant investors voting rights or dividends. This is precisely why traditional exchanges are striving to create models in which a digital token is as legally similar as possible to a conventional stock.
According to Fixygen, the European Central Bank must begin working with blockchain infrastructure itself in order to preserve the role of central bank money in the new financial system, said ECB Executive Board member Isabel Schnabel.
According to her, central banks must effectively “go on-chain” by providing tokenized central bank money for settlements involving assets on distributed ledgers.
The ECB is already developing the Pontes and Appia projects.
Pontes is intended to connect the existing European payment infrastructure with blockchain platforms, while Appia is exploring a longer-term architecture for a tokenized financial market.
This is a separate project from the retail digital euro.
The main target audience consists of banks, funds, and financial companies that need to settle transactions involving tokenized bonds, funds, and other assets using real central bank money.
If such an infrastructure becomes operational, blockchain will cease to be exclusively a cryptocurrency technology and will, in fact, become one of the settlement layers of the traditional capital market.
The China Banking Regulatory Commission has unofficially instructed several local brokers to suspend activities in the field of real asset tokenization (RWA) in Hong Kong, Reuters reports, citing sources.
According to the agency, the move is aimed at strengthening risk control. The regulator wants to ensure that RWA projects are based on real business and are not used as speculative instruments.
Beijing’s initiative contrasts with Hong Kong’s policy, which has recently been actively promoting itself as a global center for digital assets. Mainland China banned cryptocurrency trading and mining in 2021, but at the same time, in August, it became known that the Chinese government was exploring the possibility of legalizing the use of yuan-backed stablecoins.
According to RWA.xyz, the global market for tokenized real assets is currently valued at $28 billion.
