Last week at House of SOL London, our Head of Institutions @digiwillasset shared what the data tells us about the institutional adoption of stablecoins and tokenized assets. One area moving particularly fast: RWAs on @solana Solana now accounts for ~12% of tokenized asset market cap, but ~30% of trailing 12-month spot trading volume. We recently went deeper on what’s driving that activity in our State of Solana RWAs report. Read the full report:

The size of @RobinhoodCrypto stock-token market moves by billions depending on which pools you count. Any pool with a stock token on one side gives $7.42 billion over the 30 days to September 9th. Counting only stock tokens against a stablecoin or ETH gives $3.83 billion. Both screen out single trades of $5 million or more.

Where is @Solana strongest in tokenized equities? Open markets. Solana executes 45% of tokenized-equity volume in pools open to any wallet, compared with just 2% of volume on account-based platforms. That's an important distinction: a single market-share number can hide the market structure forming underneath it. More from our RWA deep dive with @Solana:

In the week to September 9th, three quarters of @RobinhoodCrypto stock-token swap volume traded outside the NYSE session. That week the session was 26 of 168 hours, four of them rather than five because Labor Day closed the NYSE on the Monday. It carried $1.13 billion of swap volume against $3.20 billion outside it. Weekday activity peaks just after the opening bell. The session is the densest stretch of the week and also the shortest. The weekend of September 5th and 6th carried $1.03 billion on its own.

Every segment of the retail cross-border market grew faster on stablecoin rails than on fiat through 2025. Consumer-to-business led at 72%, B2B at 69%, business-to-consumer at 62% and consumer-to-consumer at 44%, against 7% to 10% for the fiat equivalents. The ordering is the part worth sitting with: B2B is both the least penetrated segment, at 0.19%, and the second-fastest growing. FXC's early-2026 partial-year data implies the overall rate cooling toward 23%, though seasonality means the full year may look different. FXC Intelligence research with onchain data from Allium. Figures are estimates. Informational only, not investment advice. Full report:

About 58 cents of every dollar of stablecoin supply shows up as new US Treasury demand. Our white paper with Citizens' Global Markets team assigns a Treasury impact factor to each category of supply, reflecting reserve composition and how far those balances substitute for money market funds and bank deposits. Across $295B of supply the blended factor is 0.58, which puts genuinely new Treasury demand at an estimated $170B. Per dollar held, the spread is wide. About 0.42 on US-domiciled exchange balances, which largely recycle dollars already inside the US system. About 0.75 on Tron balances, which the paper leaves uncategorised and describes as a payment and dollar-storage rail. Estimates as of April 2026. Informational only, not investment advice. Full white paper:

Ten weeks after its first stock-token trade, @RobinhoodCrypto went from $90,000 of swap volume in the four days after the July 1st launch to $4.82 billion in the week of August 31st. Over September 3rd to 9th the chain carried 57% of onchain spot stock-token trading across the chains Allium indexes, and turned over 26 times the $167 million of tokens outstanding, counting each stock leg once and including intermediate routing legs. Robinhood has sponsored gas on qualifying swaps since launch, through September 29th. The three days to September 9th ran about 40% below the peak week's daily pace.

The three largest stablecoin flow corridors of 2025 were Taiwan to Turkey, Taiwan to Indonesia and Turkey to Indonesia, carrying around 13% of all stablecoin cross-border volume between them. Mexico, Ukraine and South Korea also rank near the top for outbound stablecoin flow, and are largely not the leading markets for outbound fiat. FXC attributes the pattern to two conditions: FX, inflation and capital-control stress in Turkey, Ukraine, Mexico and Indonesia, and deep crypto-trading ecosystems in Taiwan and South Korea. Remittances run US to Mexico. On that corridor stablecoin flow runs the other way, which suggests demand for dollars rather than remittance. Indexed against fiat weight, stablecoin B2C runs at 5.3x in APAC, 3.5x in EMEA and 1.4x in the Americas. FXC Intelligence research with onchain data from Allium. Figures are estimates. Informational only, not investment advice. Full report:

B2B is 79% of retail cross-border payment flow on fiat rails, and has the lowest stablecoin share of the four use cases. Consumer-to-consumer and business-to-consumer both move close to 1% of their own cross-border volume, and FXC expects both to pass 1% in 2026 if current rates hold. B2B moves 0.19% of its $35tn. FXC Intelligence research, with onchain data from Allium, sizes the stablecoin share of the retail cross-border market for full-year 2025, segment by segment. The split is consistent with adoption landing first where fiat friction, cash-out costs and receive-side FX volatility bite hardest: consumer-involved flows run 0.59% to 0.95%, against B2B's 0.19%. Figures are estimates. Informational only, not investment advice. Full report:

We're excited to welcome Keith Yeo to RealFi x Asia Stablecoin Conference 🇰🇷 @keithyeocf is Head of APAC at @AlliumLabs. Allium Labs provides enterprise-grade blockchain data infrastructure and analytics that make onchain data accessible to developers and institutions, including Visa, Uniswap and Boston Consulting Group. Join us in Seoul on October 1, 2026 👇

Stablecoin cross-border payments are still just 0.31% of comparable fiat flows (FXC Intelligence and Allium estimates). But they’re growing nearly 7× faster. In 2025: -> Stablecoin cross-border payments grew 64% -> Comparable fiat flows grew 9% Stablecoins remain a small share of cross-border payments today, but that gap is closing quickly. Full State of Stablecoins report:

Issuance and trading tell two different stories. @Solana executes 74% of measured onchain fixed-income spot volume, with $5.4B traded over the past 12 months. But almost all of that activity comes from private credit. Meanwhile, products like BlackRock's BUIDL have grown through issuance and redemption rather than secondary trading -- BUIDL alone reached $741M on Solana in 2026. It's why measuring RWA adoption requires looking beyond TVL and market cap. More in the report:

Our new State of Stablecoins and Payments report is out. We were going to wait until the end of Q3, but with the CLARITY Act Senate vote here, we're sharing an initial version. So far in 2026: Supply: $303 billion, up 6% in a year Treasury demand: about 58 cents of new demand per dollar of supply (Citizens x Allium estimate) Payments: at least $401 billion, up 42%. Businesses receive 58% to 64% Cross-border: 0.31% of fiat payment value, growing 64% against 9% for fiat (FXC Intelligence x Allium estimate) Agentic payments: 29 million a month on x402, at 6 cents each Cards: $108 million a month on one issuer, 8x in a year

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Payments are emerging as a meaningful source of incremental U.S. Treasury demand from stablecoins. @trondao accounts for 71% of filtered stablecoin payment volume in our analysis, with ~$86B in stablecoin supply on the network. Much of that activity serves as a low-cost payment and dollar-storage rail, particularly in markets where access to traditional dollar banking is limited. When stablecoins replace local currency or informal dollar instruments rather than an existing U.S. money market fund, the Treasury demand they create is much more incremental. Stablecoins are increasingly global dollar infrastructure. Read the full report from @CitizensBank + Allium:

Tokenized equities don't keep stock-market hours. 63% of tokenized-equity volume on @Solana happened while U.S. exchanges were closed. 17% happened on weekends alone. Putting an asset onchain doesn't just change where it settles. It can change when the market exists. More from our RWA deep dive with @Solana:

$295B in stablecoin supply does not mean $295B in new demand for U.S. Treasuries. Our analysis with @CitizensBank estimates the incremental impact at closer to $170B. Why the gap? Because what matters isn't just how many stablecoins exist. It's who holds them, what they're being used for, and what those dollars would otherwise be doing. Stablecoins replacing money market funds or brokerage cash create relatively little incremental Treasury demand. Stablecoins used for payments, dollar savings, collateral and onchain operations are a very different story. Understanding stablecoins increasingly means understanding their economic function, not just their supply. Read the full report from Citizens + Allium:

Onchain finance is going global, and trusted data needs to travel with it. @sedaily_com, one of South Korea’s leading economic publications, featured Allium data in its coverage of Korea’s emerging B2B stablecoin payments landscape, alongside our partners at @tiger_research_. Another step toward making institutional-grade onchain data accessible wherever financial markets are evolving. Read the full piece: