Weekly trading volume of tokenized stocks reaches US$3 billion, led by Robinhood, BNB and Solana

Tokenized stock trading has entered the billion-dollar level, with three major chains dominating the market landscape

As Robinhood Chain, BNB Chain and Solana capture most of the activity of blockchain-based stock trading, the volume of tokenized stock trading has exceeded the billion-dollar mark. According to data from Grayscale Investments, tokenized stock trading hit a new high in August, with weekly spot trading volume approaching US$3 billion at the beginning of the month. In the latest week covered by its research, these three networks accounted for the vast majority of trading volume, highlighting the rapid expansion of markets that allow investors to trade economic exposure to traditional stocks on public blockchains.

This growth is not only reflected in transaction volume. Token Terminal data shows that the total market value of tokenized stocks is approximately US$3 billion, while the larger tokenized fund category is as high as US$34.3 billion. This comparison not only demonstrates the rapid development of the tokenized stock market, but also highlights its still small size compared to the broader blockchain-based fund market.

Tokenized stock trading expands on three major public chains

Since the launch of the public main network on July 1, Robinhood Chain has quickly become an important part of the market. This Ethereum-compatible Layer 2 network is built using Arbitrum technology and is specifically designed for financial services and tokenized real-world assets.

Robinhood said that Stock Tokens can be accessed through Robinhood Wallet by qualified users from more than 120 countries around the world, with specific availability depending on the regulations of the jurisdiction. The system supports round-the-clock trading and allows qualified users to interact with decentralized exchanges and even deploy these assets into lending or mortgage applications.

At the same time, BNB Chain and Solana are also competing for the same market share. Grayscale identifies these three networks as the leading chain of tokenized stock trading by volume, while decentralized protocols such as Uniswap, PancakeSwap, and Raydium provide the trading infrastructure. As a result, markets are becoming increasingly multi-chained rather than dominated by a single blockchain.

The total application of tokenized stocks on the chain exceeded US$110 million

Although the growth rate of transaction volume exceeds the use of tokenized stocks in decentralized finance (DeFi), the gap between the two has begun to narrow. According to Grayscale, the total locked value (TVL) in agreements using tokenized stocks has now risen to more than $110 million after being below $10 million for most of 2025. Kamino on Solana drove the initial increase, and Jupiter later became another important source of lending activity. Trading venues on Solana, BNB Chain and Robinhood Chain have also contributed to this expansion.

However, Grayscale's research points out that only about 5% of the broader tokenized stock market is currently deployed in on-chain financial applications. This means that most activity is still concentrated on buying and selling, rather than using tokenized shares for borrowing, borrowing or collateral.

The tokenized stock market reaches US$3 billion.

The dashboard of the Token Terminal shows that the total market value of tokenized stocks is approximately US$3 billion. In comparison, tokenized funds led by products such as sUSDS, BlackRock's BUIDL and USYC have reached $34.3 billion.

Understanding the difference between trading volume and total market capitalization is crucial. The approximately $3 billion weekly data cited by Grayscale measures the trading turnover rate of tokenized shares, while Token Terminal's $3 billion data measures the value of tokenized shares represented in the market.

In addition, tokenized shares do not always have the same legal rights as directly holding shares. The structure varies by issuer. For example, Robinhood said its current Stock Tokens are tokenized debt securities that provide economic exposure to the underlying securities, but do not give holders legal or beneficial ownership of the underlying shares. These tokens are also not open to U.S. individuals.

This suggests that the next phase of growth depends not only on transaction demand. If tokenized stocks can be widely used as collateral and lending assets, the market could shift from mainly providing round-the-clock equity exposure to becoming a deeper part of decentralized finance.