Not every tokenized asset is equally onchain.
Bonds are by far the largest tokenized asset category with $15.2 billion in market cap. But only about 5% of that supply is being used in DeFi. Precious metals look similar: they’re onchain, but mostly just sitting there.
Smaller categories look different. Reinsurance tokens have 84% of their supply deployed in DeFi, while private credit sits at 33%. This makes sense: The categories with the highest DeFi usage were built for DeFi from the start, through protocols like Nexus Mutual and Maple Finance.
Much of what gets called “tokenization” today is actually closer to digitization: moving records onto blockchains without unlocking much more new functionality. This matters because one of the core value propositions of onchain financial systems is composability.
USDC just flipped USDT in transaction volume!
First time since 2019.
🔹 2019: USDT 87% / USDC 13%
🔹 2022: USDT 54% / USDC 46%
🔹 2024: USDT 70% / USDC 30%
🔹 2026: USDT 36% / USDC 64%
Complete reversal in 7 years.
USDT still leads in market cap.
BUT USDC is winning where it matters: actual transaction volume.
Institutions. AI agents. Payment providers. They're all choosing USDC.
As a casual prediction market trader with $5K portfolio value, I did $10K volume over a couple months
As AI agent prediction market strategy builder with a $1.5K portfolio value, did over $100K volume in a month
Wonder how much onchain agent strategies is contributing to growth
This week on Base:
News
■ Since launch, @sportfun has driven $106M+ in volume, with 136K packs opened, 20K+ paying users, and 3.3M transactions.
■ @getfailsafe released The 2026 AI × Blockchain Convergence Report, detailing how agent-native payments, compute, and identity are already live across Asia.
■ @noise_xyz announced a $7.1M seed round led by Paradigm.
■ @ContangoDigital highlighted how AI products are increasingly being built and shipped on Base.
■ A new BaseLayer episode dropped featuring @0xmacedo of @talentprotocol, telling the story behind building the reputation layer for builders.
■ @ethos_network announced Ethos Vibeathon, a vibe-coding contest next week featuring $40k plus 10M XP in prizes, with registration now open and free Claude credits available for eligible users.
■ @o1_exchange reached the top five revenue protocols on Base.
■ @flock_io introduced FOMO, launching a full-cycle decentralized AI model economy.
Launches
■ @Beezie's digital claw machine went live, letting users win authenticated collectibles like Pokémon cards and sneakers onchain.
■ @feyprotocol launched Token Generation Ceremonies, permissionless markets designed to help appcoins, ideas, or memecoins earn validation and liquidity.
■ @FractionAI_xyz introduced Signature Agents, letting users create and share stablecoin-focused agents.
■ @hinkal_protocol launched confidential payments, enabling private transfers with hidden wallet addresses and amounts onchain.
■ @flock_io introduced FOMO, launching a full-cycle decentralized AI model economy.
■ @SwissBorg integrated Base into its Meta-Exchange, bringing Base-native liquidity into a single fiat-friendly interface.
■ @earnfirstdollar launched their platform that helps users earn their first onchain dollar through bounties, testing, and feedback, with $20K+ in opportunities live on day one.
■ @upshot_cards announced Base Around the World prediction packs, featuring Base hubs from across the globe.
■ @clashofcoins launched Base Verify inside the game, unlocking rewards for verified players and improving ecosystem integrity.
■ @swissborg enabled Base-native liquidity access through its Meta-Exchange.
■ @overtime_io brings onchain sports betting with slips, live markets, and rewards directly to users.
■ @BaseVolApp is now bringing options vaults directly to @baseapp.