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BTC Tokenized stocks are growing 395% year-on-year, but DeFi adoption remains sluggish
Although the tokenized stock market has seen significant growth over the past year, there are still significant gaps in the space. According to a new report released by RedStone, from September 28, 2025 to September 28, 2026, the total value of tokenized stocks on the chain surged from US$640 million to US$3.16 billion, achieving a significant year-on-year increase of 395%.
Traders shift to perpetual contracts
reports that stocks were one of the fastest-growing real-world asset (RWA) classes during this period. However, tokenized private equity led the way with a staggering increase of 935%. The increase also pushed tokenized stocks 'share of the broader RWA market to 8.1%, about three times what it was a year ago.
However, the data also shows that most tokenized stocks are not widely used in decentralized finance (DeFi). RedStone estimates that only about 2.6% of the total supply is used as collateral for loans. More than half of that amount came from xStocks on Kamino and Jupiter Lend, worth approximately $43.8 million. Superstate's tokenized stake in Forward Industries issued on the Kamino Opening Bell Market contributed another $25.4 million, while bStocks on the Lista DAO increased by approximately $7.7 million.
作为最大发行商的Ondo，其借贷活动却非常有限。其代币仅在Morpho上支撑着约1400美元的贷款，而SPYon在Frankencoin上也仅有约420万美元的借贷量。尽管技术上约有42%的代币化股票供应可作为DeFi抵押品，但交易者似乎对衍生品更感兴趣，而非利用实际资产进行借贷。
目前，代币化股票主要在链上作为永续合约进行交易。仅Binance一家在2026年8月就记录了3429亿美元的权益挂钩永续合约交易量，是同月代币化股票交易量的32至43倍。截至9月28日，去中心化交易所上的权益永续合约未平仓合约价值已达33亿美元，已超过整个代币化股票的市场供应量。
此外，交易并不会因传统市场休市而停止。大约55%的代币化股票交易发生在常规市场时间之外。RedStone发现，在Trade.xyz平台上，周日晚上的永续合约价格正确预测了周一开盘方向的比例为65%（基于449个市场周末的数据）。
所有权问题与监管差异
目前，该市场拥有约404万名代币化股票持有者，平均余额约为780美元。但所有权问题依然是主要关切点。三大发行商控制了该板块约70%的链上价值，但其代币并不赋予持有者对底层股票的直接所有权。此外，也曾出现过涉及争议性代币化产品及退款的情况。
Despite these risks, tokenized stocks have largely avoided major DeFi security incidents over the past year. The Edel Finance manipulation incident is the main exception, with losses estimated at between $353,000 and $403,000.
Against the background of the global tokenization competition heating up, regulatory developments vary in different regions. The U.S. mainly advances through Securities and Exchange Commission exemptions and employee guidelines, while Hong Kong, South Korea and Abu Dhabi Global Markets (ADGM) adopt a more regulator-led approach.
Hong Kong has allowed 24/7 secondary market trading of tokenized funds on licensed platforms. In contrast, South Korea has taken a more cautious path and is expected to open wider access to tokenized stocks in the second phase after the launch of the registration platform in February 2027.
