# Onchain vault market data

Source: https://o2ocapital.com/research/data/onchain-vault-market
Updated: 2026-10-15

For information only: nothing on this site is an offer to sell, or a solicitation of an offer to buy, any security. Open to eligible non-U.S. institutional investors only.

As of 15 October 2026, O2O Capital Partners is pre-launch: no vault or vault token is live.

One dated, sourced value for each market figure that recurs across O2O Research posts. Each row gives the figure's definition, its source and the date it describes, and posts that quote these figures link here.

Values marked as published could not be retrieved from their source on 15 October 2026. They repeat the last value O2O Research published, with its original date and source.

| Figure | Value | As of | Source | Definition |
| --- | --- | --- | --- | --- |
| [Total TVL in onchain vaults](https://o2ocapital.com/research/data/onchain-vault-market#vault-tvl-all) | $78.16B across 1,231 vaults (As published) | 7 August 2026 | [vaults.fyi API v2 export, pulled 7 August 2026 14:28 UTC](https://vaults.fyi) As published in "Onchain Vault Market Structure, August 2026"; could not be retrieved on 15 October 2026 (the vaults.fyi API answered HTTP 402, payment required). | Value held in all onchain vaults a tracker covers, curated or not, including staking vaults. Quoted in: [Onchain Vault Market Structure, August 2026](https://o2ocapital.com/research/onchain-vaults-market-structure-2026) |
| [Curated vault TVL](https://o2ocapital.com/research/data/onchain-vault-market#vault-tvl-curated) | $9.90B in 577 vaults (As published) | 7 August 2026 | [vaults.fyi API v2 export, pulled 7 August 2026 14:28 UTC](https://vaults.fyi) As published in "Onchain Vault Market Structure, August 2026"; could not be retrieved on 15 October 2026 (the vaults.fyi API answered HTTP 402, payment required). | Value in vaults with a named curator. Quoted in: [Onchain Vault Market Structure, August 2026](https://o2ocapital.com/research/onchain-vaults-market-structure-2026) |
| [Named vault curators](https://o2ocapital.com/research/data/onchain-vault-market#curator-count) | 112 (As published) | 7 August 2026 | [vaults.fyi API v2 export, pulled 7 August 2026 14:28 UTC](https://vaults.fyi) As published in "Onchain Vault Market Structure, August 2026"; could not be retrieved on 15 October 2026 (the vaults.fyi API answered HTTP 402, payment required). | Curators with at least one vault above the tracker's minimum-TVL filter, so the count is a floor. Quoted in: [Onchain Vault Market Structure, August 2026](https://o2ocapital.com/research/onchain-vaults-market-structure-2026) |
| [Largest curators by curated TVL](https://o2ocapital.com/research/data/onchain-vault-market#top-curators) | Steakhouse Financial $2.48B, Sentora $1.77B, Gauntlet $1.39B: 56.9% combined (As published) | 7 August 2026 | [vaults.fyi API v2 export, pulled 7 August 2026 14:28 UTC](https://vaults.fyi) As published in "Onchain Vault Market Structure, August 2026"; could not be retrieved on 15 October 2026 (the vaults.fyi API answered HTTP 402, payment required). | Curated TVL of the three largest curators and their combined share of curated TVL. Quoted in: [Onchain Vault Market Structure, August 2026](https://o2ocapital.com/research/onchain-vaults-market-structure-2026) |
| [RWA share of curated vault TVL](https://o2ocapital.com/research/data/onchain-vault-market#rwa-share-curated) | $566M, 5.7%, in 53 vaults (As published) | 7 August 2026 | [vaults.fyi API v2 export, pulled 7 August 2026 14:28 UTC](https://vaults.fyi) As published in "Onchain Vault Market Structure, August 2026"; could not be retrieved on 15 October 2026 (the vaults.fyi API answered HTTP 402, payment required). | TVL in RWA-tagged curated vaults as a share of curated TVL. Quoted in: [Onchain Vault Market Structure, August 2026](https://o2ocapital.com/research/onchain-vaults-market-structure-2026) |
| [Curated stablecoin vault yield](https://o2ocapital.com/research/data/onchain-vault-market#curated-stablecoin-yield) | 4.60% (passive lending 3.46%) (As published) | 7 August 2026 | [vaults.fyi API v2 export, pulled 7 August 2026 14:28 UTC](https://vaults.fyi) As published in "Onchain Vault Market Structure, August 2026"; could not be retrieved on 15 October 2026 (the vaults.fyi API answered HTTP 402, payment required). | TVL-weighted 30-day trailing APY on curated stablecoin vaults, net of fees, beside uncurated passive lending. Quoted in: [Onchain Vault Market Structure, August 2026](https://o2ocapital.com/research/onchain-vaults-market-structure-2026) |
| [DeFi TVL](https://o2ocapital.com/research/data/onchain-vault-market#defi-tvl) | $88.7B (Retrieved 15 October 2026) | 15 October 2026 | [DefiLlama](https://defillama.com/) Latest daily point of the DefiLlama free API series (api.llama.fi/v2/historicalChainTvl), read at 16:29 UTC on 15 October 2026; the current day's value can still move. | DefiLlama's headline total value locked across DeFi, which excludes liquid staking and double counting. Quoted in: [Real-World Asset Vaults Begin their Institutional Track Record](https://o2ocapital.com/research/rwa-vaults-institutional-track-record) |
| [Tokenized RWAs, distributed value](https://o2ocapital.com/research/data/onchain-vault-market#tokenized-rwa-distributed) | $39.2B, plus $352.6B represented value (Retrieved 15 October 2026) | 15 October 2026 | [RWA.xyz](https://app.rwa.xyz/) As displayed on retrieval: the RWA.xyz overview headlines Distributed Asset Value and Represented Asset Value. | RWA.xyz value of real-world assets natively issued on public blockchains, excluding stablecoins. Quoted in: [Real-World Asset Vaults Begin their Institutional Track Record](https://o2ocapital.com/research/rwa-vaults-institutional-track-record) |
| [Tokenized US Treasuries](https://o2ocapital.com/research/data/onchain-vault-market#tokenized-treasuries) | $14.9B distributed value (Retrieved 15 October 2026) | 15 October 2026 | [RWA.xyz Treasuries](https://app.rwa.xyz/treasuries) As displayed on retrieval: the RWA.xyz Treasuries headline Distributed Value; RWA.xyz lists represented value separately ($89.3M). | RWA.xyz total value of tokenized US Treasury products. Quoted in: [Real-World Asset Vaults Begin their Institutional Track Record](https://o2ocapital.com/research/rwa-vaults-institutional-track-record) |
| [Tokenized Treasury yield](https://o2ocapital.com/research/data/onchain-vault-market#tokenized-treasury-yield) | 3.60% (7-day APY) (Retrieved 15 October 2026) | 15 October 2026 | [RWA.xyz Treasuries](https://app.rwa.xyz/treasuries) As displayed on retrieval: the RWA.xyz 7D APY, the weighted average 7-day APY of tokenized treasury fund tokens in circulation. | Average yield of tokenized US Treasury products as RWA.xyz reports it. Quoted in: [Real-World Asset Vaults Begin their Institutional Track Record](https://o2ocapital.com/research/rwa-vaults-institutional-track-record) |
| [Tokenized private credit](https://o2ocapital.com/research/data/onchain-vault-market#tokenized-private-credit) | $8.2B distributed value (Retrieved 15 October 2026) | 15 October 2026 | [RWA.xyz private credit](https://app.rwa.xyz/credit) As displayed on retrieval: the RWA.xyz private credit headline Distributed Value. | RWA.xyz distributed value of tokenized private credit. Quoted in: [Real-World Asset Vaults Begin their Institutional Track Record](https://o2ocapital.com/research/rwa-vaults-institutional-track-record) |
| [USD-pegged stablecoins in circulation](https://o2ocapital.com/research/data/onchain-vault-market#stablecoin-supply) | $305.5B (Retrieved 15 October 2026) | 15 October 2026 | [DefiLlama stablecoins](https://defillama.com/stablecoins) Latest daily point of the DefiLlama free API series (stablecoins.llama.fi/stablecoincharts/all), read at 18:49 UTC on 15 October 2026; the current day's value can still move. | DefiLlama's total circulating value of USD-pegged stablecoins across the chains it tracks. |
| [SOFR](https://o2ocapital.com/research/data/onchain-vault-market#sofr) | 3.88% (Retrieved 15 October 2026) | 14 October 2026 | [Federal Reserve Bank of New York](https://www.newyorkfed.org/markets/reference-rates/sofr) Rate for 14 October 2026, read from the New York Fed Markets Data API. | The Secured Overnight Financing Rate the Federal Reserve Bank of New York publishes for the stated business day. Quoted in: [Clearstar cbAssets Vault Brief: The $34 Million Vault Behind Coinbase's Solana Loans](https://o2ocapital.com/research/clearstar-cbassets-vault-brief); [Steakhouse USDG Vault Brief: The Vault Behind Robinhood's Earn Tab](https://o2ocapital.com/research/steakhouse-usdg-vault-brief) |

## [Why trackers differ](https://o2ocapital.com/research/data/onchain-vault-market#why-trackers-differ)

- Scope: some trackers count every vault, including staking vaults; others count only vaults with a named curator, or the vaults of a single protocol.
- Filters: some apply a minimum-TVL filter, so their vault and curator counts are floors while their TVL totals stay close to complete.
- Nesting: a vault that deposits into another vault is counted twice unless the tracker nets it out.
- Chains: coverage differs by chain, and some datasets cover EVM chains only, leaving out Solana protocols.
- Asset definitions: RWA.xyz separates distributed value, for assets natively issued on a blockchain, from represented value, for assets whose recordkeeping uses a blockchain or a private distributed ledger.

Vault TVL at the start of 2025 appears as $2.5 billion in the August 2026 market structure report, which cites DeFi Llama and public vault trackers, and as roughly $3 billion in the October 2026 RWA vaults report, which cites DefiLlama protocol pages for named vault protocols.

Tokenized private credit appears as $7B and as $8B in the October 2026 RWA vaults report: the first is from the RWA.xyz overview page, the second from its private credit page.

Sentora's curated TVL appears as $1.77B in the August 2026 market structure report, from a vaults.fyi export pulled 7 August 2026, and as $2.5B in the October 2026 RWA vaults report, which cites a Grayscale estimate of the curator table as reported by Markets Media.

## Update log

- 15 October 2026: page created. Each figure was retrieved from its source on 15 October 2026 or repeats its last published value, as marked.
- 15 October 2026: added USD-pegged stablecoins in circulation, used by the Key facts on the /learn guides.

How these figures are sourced, defined, dated and corrected: [research methodology](https://o2ocapital.com/research/methodology).

O2O Research is general market commentary for information only. It is not investment advice, a recommendation or an offer of any security, including interests in any O2O vault. O2O may seek business relationships with protocols, curators or issuers it writes about.

Last updated 15 October 2026.