Tokenised Assets Hit $32.1B Record as MiCA Era Reshapes Europe's Stablecoins

Tokenised real-world assets reached a record $32.1 billion

According to CoinDesk Research, the total value of tokenised real-world assets rose 11.5% in July 2026 to a record $32.1 billion. Tokenised US Treasuries led the market at $19.2 billion, or 58.3% of the total, after a 10.6% monthly gain. The figure marked a fresh all-time high for the sector, and the growth continued even as the broader stablecoin market contracted. Tokenisation places traditional instruments such as bonds and equities onto public blockchains, which allows round-the-clock settlement. The sector has expanded sharply over the past year, with on-chain value roughly tripling.

MiCA's transitional period ended and EU exchanges delisted USDT

The Markets in Crypto-Assets (MiCA) framework's 18-month transitional period expired on 1 July 2026. EU-based centralised exchanges then completed the delisting of Tether's USDT, which never sought e-money authorisation under the rules. MiCA requires stablecoin issuers to hold liquid reserves and keep a large share of backing in European banks, conditions Tether declined to meet. MiCA-authorised electronic money tokens (EMTs) reached a $77.7 billion market cap, or 25.2% of the total stablecoin market. Circle's USDC accounted for 94.9% of that compliant supply.

The total stablecoin market dipped as Tether and USDC saw outflows

The total stablecoin market cap fell 1.02% to $308 billion. According to CoinDesk Research, Tether recorded $5.8 billion in outflows and USDC lost $3.4 billion over the month. Stablecoin dominance eased to 13.6%, down from 14.7% in June. Centralised-exchange stablecoin trading volumes reached $617 billion through 28 July, the lowest level since November 2023. The decline reflected regulatory pressure in Europe and softer trading activity across major venues.

USDC held its dollar peg at the time of publication

USDC traded at $0.9998 with a market cap near $71.9 billion at the time of publication (CoinPaprika, 31 July 2026). The token remained the largest MiCA-compliant stablecoin as regulated venues shifted volume toward authorised issuers. Circle's earlier authorisation positioned USDC ahead of rivals as the deadline passed. Its role expanded in the European market after competing tokens left compliant order books.

Global Dollar's USDG hit a record as compliant supply grew

Global Dollar's USDG was the clearest beneficiary of the shift. According to CoinDesk Research, its market cap rose 14.2% to a record $3.26 billion, its twelfth consecutive monthly high. Robinhood's new chain added $312.6 million in USDG supply, about 75% of the token's $417.5 million monthly increase. The growth showed how demand moved toward newer compliant issuers after the USDT delisting.

Tokenised equities and commodities set fresh on-chain records

Beyond Treasuries, tokenised public equities reached a record $2.26 billion, up 50.3% over the month. On-chain tokenised equity trading volumes climbed 288% to $11.3 billion, also a record. Private credit rose 22.3% to $3.80 billion. Tokenised commodities gained 5.8% to $5.63 billion, with gold holding 95.5% of the category. Silver emerged as a new 4.4% share after Kinesis Silver debuted at $217 million.