The market capitalization of stablecoins has surpassed $300 billion, with Tether and RWA reshaping the landscape of crypto financial cash flow.

January 26 News, as the market capitalization of stablecoins surpasses $300 billion in early 2026, the profit focus of the crypto market is shifting from traditional L1 narratives to on-chain financial infrastructure with stronger cash flow attributes. Stablecoin issuers, represented by Tether, generated over $10 billion in profits in 2025, highlighting the strong business model of stablecoins in settlement, reserve income, and liquidity control.

Data shows that in 2025 alone, stablecoin issuance revenue related to the Ethereum settlement layer approached $5 billion, with quarterly volumes growing from about $1.2 billion at the beginning of the year to approximately $1.4 billion in the fourth quarter. Meanwhile, the stablecoin supply on Ethereum increased by about $50 billion within a year, exceeding $160 billion. As reserve sizes expand, interest income from low-risk assets such as U.S. Treasuries continues to grow, making stablecoins one of the most stable on-chain cash flow sources.

This capital flow is also spilling over into the real-world asset (RWA) sector. ONDO Finance has rapidly emerged as a key hub for tokenized assets, with its TVL expected to approach $2.5 billion by January 2026, a significant jump from $1 billion at the beginning of 2025. Among them, the tokenized U.S. Treasuries nearly reach $2 billion, with OUSG and USDY serving as the main custodial tools, while tokenized stocks and ETFs now cover over 200 assets, totaling more than $500 million. The multi-chain deployment facilitates easier allocation of traditional financial assets by institutional funds via on-chain methods.

More importantly, RWA TVL and stablecoin supply show a high degree of synchronization. As stablecoin market cap rises to the $280 billion to $300 billion range by the end of 2025, RWA TVL also climbs to approximately $16 billion to $19 billion. This linkage indicates that stablecoins are not only a medium of exchange but also a core settlement infrastructure for tokenized government bonds and stocks. When on-chain USD liquidity is abundant, platforms like ONDO can rapidly expand their asset scales.

Under the influence of interest rate environments and institutional compliance demands, the integration of stablecoins and RWAs is forming a new growth flywheel, further strengthening the financial attributes of settlement networks like Ethereum. For investors seeking stable returns and global liquidity, this structural trend may hold more long-term value than mere price narratives.