Across 1,391 deployments of 454 distinct assets. The same token on two networks is two deployments.
How much of this is actually being used?
$378.1B of tokenized value exists and 86% of it is stablecoins. Of the $52.0B left, 51% recorded no transfer in 30 days, but nine tenths of that is value nobody is permitted to move. Among value that is actually free to move, 15% sat still.
Value that is free to move, by whether it moved
$13.9B
Moved at least once$11.2B
Did not move$2.1B
Free to move ·
15% sat still
15% sat still
This track shows only value with no transfer restriction. Across all value outside stablecoins the idle share is 50.8%, but 91% of that is value nobody is permitted to move. 292 deployments holding $25.7B recorded no transfer in the 30 days to 19 September 2026. A further 135 holding $1.4B report zero transfers while also reporting active addresses or transfer volume in the same window. Those contradict themselves, so they are set aside rather than counted as idle: this source never returns an empty transfer count, which means a zero can be a real zero or simply nothing recorded.
Most of the total is two dollar tokens.
Before anything else, the pile has to be separated. Stablecoins are counted as tokenized value, and they dominate it.
86% of the total. Dollar tokens, not real-world assets.
14% of the total. This is what the rest of the page measures.
Issued value is not adoption. A token can be created, valued and counted without anyone ever using it, which is why movement is measured separately below.
Issued is not the same as used.
Movement is counted only where a transfer record exists. A token with no record is not called idle.
Deployments holding $24.9B recorded at least one transfer in the 30 days to 19 September 2026.
Deployments holding $25.7B, which is 50.8% of the $50.6B that could be judged.
Deployments holding $1.4B report zero transfers while also reporting activity in the same window. Set aside, not called idle.
The largest single holding
FIGR_HELOC is $23.3B, 45% of all tokenized value outside stablecoins. It recorded no transfers, and it is marked Not transferable — it was never built to trade, so this is the instrument working as designed rather than a failure.
Some of it is not allowed to move.
Separate from whether anyone wanted to trade, this is whether the token permits it.
45% of value outside stablecoins, held in just 3 deployments.
Can move, but only between addresses the issuer has approved.
Value outside stablecoins with no transfer restriction. 15% of it sat still, and that is the honest adoption reading.
Movement crossed with permission.
Most value that did not move is value that is not allowed to move. Reported apart, the same dollars get counted as two separate problems.
| Permission | Value | Did not move | Share that did not move |
|---|---|---|---|
| Not transferable3 deployments | $23.5B | $23.5B | 100.0% |
| Transferable without restrictions808 deployments | $13.9B | $2.1B | 15.4% |
| Transferable within whitelist213 deployments | $9.2B | $142.3M | 1.7% |
| Transferable, with blacklist30 deployments | $5.4B | $0 | 0.0% |
$23.5B sits in 3 deployments marked not transferable, and $9.2B more can only move between approved addresses. That is 63% of value outside stablecoins, not of the whole market. 91% of everything that did not move is value that is not allowed to move, so the two findings are one finding and must not be added together.
The largest holdings that did not move in 30 days
With what each is permitted to do, so a design choice is not read as a failure.
| Token | Value | Kind | Permitted to move? |
|---|---|---|---|
| FIGR_HELOCFigure HELOC Token | $23.3B | Asset-Backed Credit | Not transferable |
| LSLegion Strategies, Ltd. | $217.9M | Active Strategies | Not transferable |
| EXODExodus Movement Inc. | $57.6M | Stocks | Transferable within whitelist |
| MGLMontis Group Limited | $55.4M | Private Equity | Transferable within whitelist |
| SCHFxSchwab International Equity xStock | $34.9M | Stocks | Transferable without restrictions |
| SCHFxSchwab International Equity xStock | $34.9M | Stocks | Transferable without restrictions |
Who issued it.
Share of all tokenized value by the company that issued the token.
Tether Holdings$210.2B
55.6%of value
Circle International$79.0B
20.9%of value
Figure$23.3B
6.2%of value
Backed Assets$7.4B
2.0%of value
Ethena$7.1B
1.9%of value
Sky$6.7B
1.8%of value
Concentration
Tether Holdings and Circle International together issue 76% of all tokenized value. Outside stablecoins one deployment, FIGR_HELOC, is 45% of everything else on its own.
Where it lives, and who holds the keys.
Network is where the token is recorded. The platform is the company that issued and administers it, which is a separate concentration and is only published for part of the market.
Ethereum$188.4B
49.8%of value
TRON$94.1B
24.9%of value
Provenance$23.8B
6.3%of value
Solana$19.3B
5.1%of value
BNB Chain$16.1B
4.3%of value
HyperEVM$7.4B
2.0%of value
Tokenization platforms
Shares below are of the $52.0B of non-stablecoin value where a platform is named.
Figure$23.3B
44.8%of value
xStocks$7.4B
14.3%of value
Tether Holdings$3.1B
5.9%of value
Ondo$2.7B
5.1%of value
Circle$2.6B
4.9%of value
Spiko$2.5B
4.8%of value
Removal test
Take the biggest pieces out and read it again.
Three removals were run: the largest deployment, the largest issuer and the largest network. All three land on the same asset, so they return the same answer and the test has really only tested one thing. Removing it moves the share that did not move from 50.8% to 8.9%.
One token, one issuer or one network should never decide a market-wide answer.
FIGR_HELOC decides this answer on its own, moving it 41.9 points. The headline should never be quoted without naming it.| Removed | Share that did not move | Change |
|---|---|---|
| FIGR_HELOCFigure HELOC Token | 8.9% | -41.9 pts |
| Figurelargest issuer outside stablecoins | 8.9% | -41.9 pts |
| Provenancelargest network outside stablecoins | 8.9% | -41.9 pts |
Who holds it, and what is not published.
Holder counts are published for 1,046 deployments holding $28.6B. 541 of them, holding $7.6B, have ten holders or fewer. Maturity is published for 0 records and repaid principal for 2, so redemption and maturity cannot be answered here and are left open rather than estimated.
Figure HELOC Token is that share of non-stablecoin value and is Not transferable. Its removal is tested rather than assumed.
Weighted by value across 1,046 deployments that publish it. 541 deployments holding $7.6B have ten holders or fewer.
