Overview
- Messari’s Q4 2025 data shows average daily transactions up 30.4% to 17.3 million and daily active addresses up 13.3% to 2.6 million.
- On-chain RWA value jumped 228% quarter over quarter to $2 billion, placing BNB Chain second by RWA footprint behind Ethereum.
- RWA holdings were highly concentrated, with USYC at $1.4 billion (70.5%) and BlackRock’s BUIDL at $502.9 million (25.2%).
- Network fees rebounded to $100.1 million for the quarter, a 127.3% increase, including a spike during the Oct. 11 volatility event.
- Stablecoin market cap rose to $15.2 billion with USDT around $9 billion as DeFi TVL fell 15.2% to $6.6 billion, while CMB International and Ondo deployments and recent performance upgrades supported activity.