CoinDesk Research

Data-driven research from @CoinDesk. Deep coverage of protocols, exchanges and stablecoins. Award-winning reports, definitive market data, custom research.

[CoinDesk Research @CoinDeskData]

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

[CoinDesk @CoinDesk]

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.

[CoinDesk Research @CoinDeskData]

Full report from @CoinDesk Research, supported by @gate: https://t.co/Ofr8XGIU7R

[CoinDesk Research @CoinDeskData]

CEX volumes rose for a second straight month in September as BTC climbed from ~$77K to $83K. DEX spot volume hit $279B, pushing DEX share of spot trading to 19.8%, while DEX futures jumped ~13% to $627B.

[CoinDesk Research @CoinDeskData]

Coinbase passed Bybit to become the third-largest top-tier spot exchange in September, with volume up 41.4% to $63.6B. The top three, Binance, OKX and Coinbase, now hold 53.8% of top-tier spot volume, up from 52.2% in August.

[CoinDesk @CoinDesk]

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.

[CoinDesk @CoinDesk]

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.

[CoinDesk Research @CoinDeskData]

Binance strengthened its derivatives lead in August.
Volumes rose 13.1% to $1.59T, lifting market share to 46.9% - the sixth consecutive monthly increase and the highest level since November 2023.

Read the full August Exchange Review, supported by @Gate: https://t.co/UQrAv79rmD

[CoinDesk Research @CoinDeskData]

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.

[CoinDesk Research @CoinDeskData]

RWA perpetuals reached a new monthly record of $602B in August.

@Gate was a standout performer, with volumes surging 158% to $64.7B. Its share of CEX RWA perp volumes more than doubled from 5.32% to 12.6%, making it the third-largest venue.

[CoinDesk Research @CoinDeskData]

Full report from @CoinDesk Research here: https://t.co/005C0UQx8K

[CoinDesk Research @CoinDeskData]

@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.

[CoinDesk Research @CoinDeskData]

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.

[CoinDesk Research @CoinDeskData]

August reinforced the shift toward on-chain financial markets: stablecoin growth resumed, euro-denominated issuance reached new highs and tokenized assets continued to expand across multiple asset classes.

Read the full Stablecoins & Tokenized Assets Report here: https://t.co/mFFs5vdigy

[CoinDesk Research @CoinDeskData]

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.

[CoinDesk Research @CoinDeskData]

Tokenization reached another milestone in August, with on-chain RWA market cap rising 4.1% to a record $34.7B. Tokenized stocks and equities climbed 11.3% to $4.45B, but DEX volumes are on track for their first monthly decline in four months, at ~$10.6B.

[CoinDesk Research @CoinDeskData]

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