Metaplanet Raises $50M For More BTC Buys - Metaplanet has issued 8B yen (roughly $50M) in zero-interest bonds for future Bitcoin purchases
Morgan Stanley Launches Stablecoin Reserve - Morgan Stanley Investment Management (MSIM) launched the Stablecoin Reserves Portfolio (MSNXX), a government money market fund for stablecoin issuers to safely store fiat reserves.
MegaETH Clears First KPI As MEGA Countdown Begins - The MegaETH project has initiated a seven-day countdown to its "MEGA" event. The countdown began immediately following the project clearing its first Key Performance Indicator (KPI).
Get a complete view of the largest gainers, losers, and topics with Messari’s Signals Tracker, based on mindshare and sentiment.
Asset | Mindshare% | Current Sentiment | 1 Week Change |
|---|---|---|---|
Arbitrum | 0.47% | Neutral | ⬇️ |
Aave | 0.84% | Bearish🐻 | ⬇️ |
Pi Network | 0.24% | Neutral | ⬆️ |
ApeCoin | 0.27% | Neutral | ⬇️ |
Aptos | 0.55% | Bullish🐂 | ⬆️ |
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Messari Spotlight grants you a 360-degree view into major protocols with everything you need to know. Carefully curated by our analysts, get the most important insights in one place.
Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
By: Eric Manoukian · @CryptoRick98 · Research Analysts
TRON’s stablecoin market cap grew 4.9% QoQ to $85.8 billion at Q1-end, with USDT at 98.6% market share. The network processed $2.0 trillion in cumulative USDT transfers during Q1, reinforcing TRON’s role as the primary settlement rail for the world’s largest stablecoin.
In Q1 2026, TRON DAO positioned the network as infrastructure for the emerging agentic economy. The AI Fund expanded tenfold from $100 million to $1 billion, AINFT launched the Bank of AI for autonomous agent finance, and TRON joined the Agentic AI Foundation’s governing board alongside Circle and JPMorgan.
TRX’s circulating market cap rose 10.3% QoQ to $29.7 billion, amidst a string of institutional catalysts. The SEC dismissed all claims against the TRON Foundation in early March, Anchorage Digital announced custody support for TRX, and TRON joined the Mastercard Crypto Partner Program, linking its settlement layer to point-of-sale infrastructure.
Network activity set new quarterly records despite a decline in new address creation. Average daily transactions rose 7.0% QoQ to 10.9 million, and average daily active addresses climbed 13.7% QoQ to 3.2 million. New addresses fell 20% QoQ, meaning growth was driven by returning users.
Fees continued to adjust from the August 2025 fee reduction, but the rate of decline is decelerating. Total fees fell 7.0% QoQ to $610 million, a significantly shallower drop than Q4 2025’s 38% QoQ decline.
By: Matt Kreiser · @KreiserMatt · Research Analysts
The launch of x402 on Stellar in March and the Machine Payments Protocol (MPP) in April provide a catalyst for agentic payments that could drive a significant uptick in average daily payment transactions on Stellar beyond the quarterly range of 1.7 million to 3.7 million in the past year (1.9 million in Q1’26).
Stellar’s RWA market cap (excluding stablecoins) increased 91% QoQ from $796 million to $1.52 billion at Q1-end and surpassed $2 billion on April 11. This increase was driven by growth in government treasury assets, including Ondo’s USDY and Spiko’s EUTBL, USTBL, and UKTBL.
On Jan. 22, the X-Ray privacy protocol upgrade went live on Stellar, laying the groundwork for zero-knowledge (ZK) cryptography so developers can build privacy-preserving, regulatorily compliant applications on the network.
On April 1, Templar launched lending and borrowing for six freely transferable RWAs on Stellar, including Centrifuge’s deJAA and deJTRSY, and Etherfuse’s CETES and USTRY, marking a significant milestone for DeFi composability of RWAs on Stellar. Alongside sustained elevated yields on Blend, we project continued DeFi TVL growth on Stellar in Q2 2026 beyond the $174.4 million at Q1-end.
Stellar’s stablecoin market cap increased 22% QoQ from $244 million to $297 million, driven by USDC’s 14.9% QoQ increase to $256.3 million and SG-FORGE’s EURCV launch on the network on March 10, 2026.