Tokenized stock market trading volume surged 415% to $29.5 billion

30-day transfers in the tokenized stock market reached US$29.5 billion, an increase of more than 415%.

Active users are growing faster than value. The number of monthly active addresses increased by more than 209%, reaching 1.3 million. During the same period, the number of holders increased by 167% to 2.36 million.

Ondo, Kraken xStocks and Binance bStocks accounted for approximately 81% of the allocated value, with a total balance of more than US$2.05 billion.

Coinbase and Bitwise have expanded their self-managed equity products for eligible non-U.S. users. The use of DeFi increases custody and smart contract risks.

Market activity rose sharply

On-chain transfers in the tokenized stock market reached US$29.5 billion in 30 days, an increase of more than 415%.

Data from RWA.xyz shows that participation has exceeded trading volume itself. The number of monthly active addresses increased by more than 209% to approximately 1.3 million, while the number of holders increased by 167% to 2.36 million.

The allocated value on the chain reached US$2.54 billion, a monthly increase of only 1.45%, but an increase of 637% year-on-year. The comparison is significant: activity is growing far faster than the value outstanding. As a result, the tokenized stock market is more active in circulation, wallets are used more widely, and the integration of new products is accelerating. There has not been a similar surge in outstanding value on the chain.

Growth in tokenized stock market broadens demand on the chain

The latest market composition shows both scale and concentration. Ondo leads the way with an assigned value of $842.8 million. Kraken's xStocks holds $609.3 million, while Binance's bStocks reaches $599.9 million. Together, these platforms control 81% of the approximately US$2.54 billion market. Although the tokenized stock market has expanded, its infrastructure and issuance are still concentrated in the hands of three providers.

Tokenized stock activity. Source: RWA.xyz

Tokenized stocks show different rankings. Securitize Corp. accounted for approximately $163 million, followed by Strategy PP Variable xStock with $136 million. Ondo's tokenized Circle Internet Group shares hold $109 million. These balances show the value, while transfers measure how often assets move between wallet and app.

The monthly transfer amount is approximately 11.6 times the allocated value of the industry. This ratio should not be interpreted as new investment of $29.5 billion. It may include duplicate transactions, wallet transfers, redemptions, liquidity operations, and collateral movements. Even so, the increase in active addresses and holders provides independent evidence that participation has expanded in parallel with turnover rates.

The year-on-year increase from US$344 million to US$2.54 billion provides a larger foundation for the tokenized stock market than last summer. The sharp increase in monthly activity suggests that users are looking for more ways to trade and deploy tokenized stocks.

Crypto platform extends chain stocks to DeFi

On August 24, Coinbase added tokenized U.S. stocks to its Base network for eligible users outside the United States. Initial assets include Apple, Nvidia, Meta and Alphabet. Base said that each B20 token represents one real share held one-on-one through a regulated custody structure. Holders can keep assets in self-managed wallets, trade through supported trading venues, or connect them to decentralized applications.

Source: Base

A day later, Bitwise launched an automated token portfolio built based on Coinbase issued assets. Glider performs rules-based rebalancing while users retain their tokens. The Mag7X was first launched. Robot and artificial intelligence models are still under development. Access is limited to eligible non-U.S. individuals, and Bitwise said its registration with the U.S. Securities and Exchange Commission does not mean regulatory approval of the portfolio.

Other platforms are pushing on-chain stocks beyond spot trading. In July, Bybit added tokenized shares, including Nvidia, Apple and Tesla, as collateral for margin borrowings. Robinhood-backed Arcus has also launched more than 95 stock token and perpetual contract markets. Shares on the chain may generate transfers but will not increase the assigned value to the same extent.

Some products support extended trading outside normal trading hours on U.S. exchanges. This access allows users to respond more quickly to events. However, during non-trading hours, thinner liquidity could widen spreads and weaken price tracking until markets reopen.

Tokenized stock markets also provide different structures. Some products provide direct claims on custody stocks, while others provide synthetic price exposure or cash redemption. Therefore, trading hours, dividend processing, voting rights, redemption terms and investor protection measures may vary by issuer and jurisdiction.

The use of DeFi increases smart contracts, oracle, liquidity and clearing risks. Market concentration creates another dependence because three platforms hold the majority of the allocated value. Investors must evaluate the issuer, support arrangements, custody, transfer restrictions and redemption processes. They should not view tokenized stocks as brokerage positions. For example, Coinbase's Base product limits availability to eligible jurisdictions outside the United States.