CoinDesk Research
@CoinDeskData
Data-driven research from @CoinDesk. Deep coverage of protocols, exchanges and stablecoins. Award-winning reports, definitive market data, custom research.
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Stablecoins settled more value than Visa and Mastercard combined in 2025. Barely 1% of it was a real payment.
Our new report on where the money in payments actually sits, and why @crediblefin is building for the gap
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RESEARCH: Stablecoins settled roughly $35T onchain in 2025, more than @Visa and @Mastercard combined.
Only about $390B of it was a real payment.
A new CoinDesk Research report maps where the value actually went, and why @crediblefin is building for the gap in between.
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RESEARCH: Tokenized equities are being created with or without the underlying issuer, as third parties are already spinning up tokenized versions of publicly listed shares in offshore markets, which leaves every issuer a choice: shape how your stock is represented onchain, or let others define it for you.
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RESEARCH: APAC accounts for 51.2% of identified stablecoin payment volume, making it the largest regional hub. As use moves beyond trading, APAC is becoming a proving ground for regulated payments, treasury and settlement where compliance-first stablecoins, including @Ripple’s $RLUSD, gain relevance.
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Crypto exchange activity rebounded in August, with combined spot and derivatives volumes on CEXs rising 12.7% to $4.29T.
Spot volumes climbed 18.7% to $891B, outpacing the 11.3% increase in derivatives volumes to $3.40T.
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Underneath the trading, a settlement base is forming: stablecoin supply ~$868M (+15.8% in 7 days), rising lending TVL, ~$197M in RWA market cap. Early primitives are building on it, like @deltaliquidity, offering concentrated-liquidity ladders and fee routing, a Robinhood-Chain analogue to Solana's Meteora.
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@Uniswap intermediates ~77% of chain volume, enough that Robinhood Chain now accounts for over 50% of Uniswap volume across all chains, the first non-Ethereum chain to do so. It also holds the majority of all Uniswap v4 hook-pool swaps, a meta @Hookrfun fits.
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@RobinhoodCrypto chain is producing real activity with its main advantage unused. TVL is up ~90% in 30 days to ~$757M, now the 12th-largest chain, while Robinhood's own users are ~1-2% of transactions. The distribution channel is still switched off.
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REPORT: Stablecoins returned to growth in August, with total market cap rising 1.19% to $311B, the first monthly increase in three months. Stablecoin dominance fell from 13.6% to 11.2% as the broader digital asset market rallied faster.
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Crypto-collateralized lending fell $11.3B in Q2 2026 (per @glxyresearch), and while @maplefinance proved resilient with TVL down just 2.5% over the same period, while its token (SYRUP) has dropped 55% YTD - reflecting broader market headwinds
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July's Exchange Review is out, supported by @Gate. CEX volumes fell 23.9% to $3.76T, the lowest since Nov 2023. Spot dropped 31.2% to $727B; derivatives share hit 80.6%. 🧵👇
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June's Exchange Review is out, supported by @Gate. Combined CEX trading volumes rose 13.0% to $4.99T in June; the first monthly increase in five months.
Spot climbed 15.3% to $1.11T (highest since March) even as Bitcoin fell 20.5% to $58.8k 🧵👇
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Breaking down our new research report on @GoplusSecurity in :60 seconds.
Dive into more about GoPlus at
📅 Month to date basket returns 👇
🤖AI -2.57%
🟨CD20 4.24%
🔗DeFi 4.11%
💱Exchange Token 5.32%
🌐Infrastructure 2.86%
🧱Layer 1 2.89%
🧱Layer 2 6.01%
😂Meme 3.09%
🎮Metaverse/Gaming 5.85%
🌎RWA 7.76%
🌱Staking 7.84%
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Gate is flexing this September!
Not only have we surpassed 40M users and launched new Web3 products like @GateLayer, @GatePerpDEX, @Gate_Fun and more, we also keep breaking records:
🔹 #1# in global spot market growth
🔹 #2# in derivatives market growth
🔹 $117B in spot trading volume, new yearly high
🔹 Spot market share hits a record 5.47%
Read the latest @CoinDesk report:
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