BNB Chain Ends 2025 Strong as RWAs and Usage Drive Growth

• Daily transactions jumped 30% QoQ to 17.3M, while Q4 fees surged 127% to $100.1M.

• Onchain RWA value hit $2B, up 228% QoQ, ranking BNB Chain second after Ethereum.

• Stablecoin cap rose to $15.2B as DeFi TVL held $6.6B despite quarterly decline.

BNB Chain closed 2025 with higher usage, growing RWA activity, and steady network operations, according to Messari’s Q4 2025 report. The data covers activity across BNB Smart Chain during the fourth quarter. It explains how transactions, users, and onchain assets changed through year-end amid market volatility.

Market Metrics and Onchain Activity

According to Messari, BNB ended 2025 priced at $863 with a $118.9 billion market capitalization. That figure marked a 17.8% year-over-year increase and ranked BNB third by market cap, excluding stablecoins. However, market cap declined 15.3% quarter-over-quarter after October price volatility.

At the same time, network usage increased. Average daily transactions rose 30.4% quarter-over-quarter to 17.3 million. Daily active addresses climbed 13.3% to 2.6 million. Notably, even excluding October’s volatility spike, baseline activity stayed above third-quarter levels.

BNB Chain also generated $100.1 million in fees during Q4. That total increased 127.3% from Q3. Most fee growth occurred around October 11, when liquidations increased demand for blockspace.

RWAs Lead Institutional Growth

RWAs became the fastest-growing segment on BNB Chain during Q4. Total onchain RWA value reached $2.0 billion. That marked a 228% quarterly increase and a 554.6% rise year-over-year, according to Messari.

Large institutional deployments drove the growth. These included USYC, BlackRock’s BUIDL, and assets launched with CMB International. As a result, BNB Chain ranked second globally for RWA value, trailing only Ethereum.

USYC represented 70.5% of total RWA value, while BUIDL accounted for 25.2%. Smaller allocations included Matrixdock Gold and VanEck’s Treasury Fund.

DeFi and Stablecoin Trends

BNB Chain ended Q4 with $6.6 billion in DeFi total value locked. Although TVL fell 15.2% quarter-over-quarter, it remained up 23.6% year-over-year. PancakeSwap led the ecosystem with $2.2 billion in TVL and a 33.5% market share.

Meanwhile, stablecoin market capitalization rose 9.2% to $15.2 billion. USDT remained dominant at $9.0 billion. USDC grew 23.1% to $1.3 billion, while USD1 declined to $1.9 billion. Messari noted that payments-focused initiatives and stablecoin partnerships supported activity despite broader market pressure.