Fidelity goes live with two products on Ethereum

LayerZero reaches all-time high for transfer volume

• LayerZero's quarterly transfer volume, the dollar value of assets transferred cross-chain via the project, surpassed $50b in Q4 2025. LayerZero processed $52.3b in Q4, more than Circle's CCTP ($38.6b).

• Growth accelerated sharply in H2 2025, with Q3 and Q4 alone accounting for roughly $80b of the $152b cumulative total. The majority of volume comes from LayerZero v2, which handles cross-chain token transfers using its OFT (Omnichain Fungible Token) standard.

• The volume growth reflects demand for cross-chain infrastructure that LayerZero is now expanding beyond bridging. The project announced "Zero," a new blockchain where each application runs in its own execution environment (called a Zone), each capable of 2m transactions per second. Three Zones are planned for fall 2026: a general-purpose EVM, privacy-focused payments, and a trading venue. Citadel Securities, DTCC, ICE, Google Cloud, and ARK Invest are among Zero's early backers.

Fidelity brings a fund and stablecoin onchain

• Fidelity ($6.8t AUM) launched two onchain products on Ethereum: a tokenized money market fund (FDIT) and a dollar-backed stablecoin (FIDD). FDIT is the onchain share class of the Fidelity Treasury Digital Fund. FIDD is redeemable 1:1 for USD and launched on February 4, making Fidelity one of the first traditional asset managers to issue a proprietary digital dollar and tokenized money market fund.

• Fidelity launched FIDD at a time of increasing regulatory clarity following the GENIUS Act, the first U.S. federal framework for payment stablecoins. Fidelity's President of Digital Assets cited the Act as "a significant milestone for the industry in providing clear regulatory guardrails for payment stablecoins."

• Fidelity now controls both the yield product (FDIT) and the settlement instrument (FIDD) within its own ecosystem. The same institution manages the reserves, issues the stablecoin, and provides the trading venue. If Fidelity's model succeeds, stablecoins issued by traditional asset managers could become increasingly common.

Uniswap generates revenue for the first time

• Uniswap has generated $4.9m in cumulative revenue since the fee switch was activated in late December 2025. Daily revenue has ranged from under $50k to above $400k.

• The fee switch directs a portion of swap fees to the Uniswap DAO rather than entirely to liquidity providers. Those fees accumulate in a smart contract until UNI tokens are burned to claim them, creating a direct link between trading activity and token supply reduction for the first time.

• Uniswap has settled over $3.4t in cumulative trading volume, and with the fee switch now active, that activity translates directly into revenue and UNI supply reduction. The more volume that flows through pools where the fee switch is active, the more revenue Uniswap generates and the more UNI tokens are burned. If trading volumes persist at historic levels, the fee switch could create sustained buying pressure on UNI through ongoing supply reduction.

Tokenized stocks are Ondo's fastest-growing product

• Ondo's tokenized stocks grew 3,071% in market cap over the past year, far outpacing tokenized funds (226%) and stablecoins (36%). Tokenized market cap measures the total value of tokens issued across each of Ondo's three product categories: tokenized funds (e.g., OUSG and USDY), tokenized stocks (e.g., GOOGLon and NVDAon), and a stablecoin (USDon). While tokenized funds still account for the largest share of Ondo's total tokenized market cap, tokenized stocks are growing at roughly 14x the rate.

• Tokenized funds drove most of the absolute growth, led by USDY and OUSG which together account for the majority of Ondo's tokenized market cap. Tokenized stocks, available through Ondo Global Markets, and the USDon stablecoin launched as two additional product categories in 2025. The expansion from one product category to three within a year gives Ondo multiple growth vectors.

• Tokenized stocks represent Ondo's smallest product category today but are growing at the fastest rate, suggesting they could become the primary growth driver. Tokenized stocks give onchain access to traditional equities, a market that exceeds $100t globally. If tokenized stocks continue on this trajectory, Ondo's combination of funds, stocks, and stablecoins on a single platform could turn out to be difficult for competitors to replicate.

Access the charts here.

Basic project listings:

• FlowSwap, a decentralized exchange on Flow EVM offering AMM-based token swaps and liquidity provision.

• Increment Fi, an all-in-one DeFi platform on Flow providing token swapping, lending, liquid staking, and yield farming.

• MORE Markets, a decentralized lending project on Flow enabling permissionless market creation with custom collateral and risk parameters.

• o1 exchange, an AI-enhanced decentralized trading terminal on Solana and Base with MEV protection, smart order execution, and onchain analytics.

• TAU Labs, a DeFi vault curator specializing in mechanism design, risk management, and token design.

Interested in getting listed? Read more here.

Tokenized asset listings:

• Fidelity Digital Dollar (FIDD), a stablecoin issued by Fidelity.

• USDM1, a fully collateralized sovereign bond token on Stellar designed for the Republic of the Marshall Islands to facilitate yield-bearing universal basic income payments.

Explore all listings on Tokenized assets.

Since Token Terminal’s standardized metrics went live on Binance approximately six months ago, the scope of our work has expanded from a data integration to in-depth quarterly (and monthly) reporting. We’re proud to work with teams that prioritize transparency and clear stakeholder communication.

Q4 2025 quarterly reports are now live for:

• Ether.fi - "Significant progress was made in Q4, adding core elements like an Android app, free physical cards, and multiple types of fiat transfers."

• Euler - "The team is deepening integrations with tokenized real-world assets following partnerships with Securitize and BlackRock's sBUIDL, with Euler's modular vault architecture being naturally suited for institutional-grade RWA lending."

• Fluid - "Fluid launched on Plasma, grew across almost every metric, and secured more partnerships and integrations in Q4"

• Houdini Swap - "The focus this quarter was reinforcing core infrastructure, improving routing transparency, and preparing for a broader rollout of privacy-forward products in 2026."

• Moonwell - "Q4 2025 marked a clear inflection point for Moonwell. While total value locked and active loans declined, core business metrics moved decisively higher."

• Morpho - "MAU growth on Morpho has been rapid, driven by integrations with large-scale distribution applications such as Coinbase, World App, Bitget, and more."

• Pendle - "Boros recorded over $6b notional volume within five months of launch, though it still represents only ~0.1% of total crypto OI."

• Raydium - "Raydium’s balance sheet remains healthy with substantial holdings in SOL and USDC relative to costs. This is reflected by Q4 profit margins of 91%, despite the decline in overall revenue."

• Silo - "The increase in Avalanche’s TVL share reflects organic demand driven by asset availability and borrower activity, rather than a deliberate reallocation of strategic focus."

• Solv Protocol - "Users prefer active strategy exposure, keeping the same BTC exposure, just opting for liquidity and flexibility in SolvBTC over liquid staked assets like xSolvBTC."

More quarterly reports will be published over the coming weeks. Access all reports on Discover.

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