Within a month, tokenized stock transfers surged 105% to $8.4 billion

The trading volume of tokenized stocks more than doubled monthly to US$8.41 billion.

According to RWA.xyz data, tokenized stock market activity has accelerated significantly, and the transfer volume of tokenized stocks has more than doubled in the past month to US$8.41 billion. At the same time, the assigned value of tokenized shares increased 43% to US$2.16 billion, and the number of holders increased 17% to exceed 409,000. These data suggest that market participation is steadily expanding rather than a one-time surge.

Growth is mainly driven by several major tokenization platforms. Figure\'s allocated value surged 935% in 30 days, Securitize grew 332%, and xStocks grew approximately 62%. Based on the same data set, Ondo still ranks first among tokenized stock issuers with an assigned value of approximately $846 million, followed by xStocks (approximately $708 million), Securitize (approximately $306 million), and Figure (approximately $239 million).

Key Points

·In the past month, the volume of tokenized stock transfers climbed to US$8.41 billion, more than double the previous period.
·The distribution value of tokenized shares reached US$2.16 billion, an increase of 43%, and the number of holders increased by 17%, exceeding 409,000.
· Figure, Securitize and xStocks have experienced the fastest growth recently, with Figure growing by 935% in 30 days.
·During the same period, tokenized U.S. Treasury bonds were basically flat, while the entire tokenized RWA market grew to approximately US$33.5 billion.

Tokenized stocks surpass tokenized treasury bonds

RWA.xyz的数据显示，代币化股票目前的表现优于更广泛的现实世界资产（RWA）市场中的其他部分。虽然代币化美国国债（该领域最大的资产类别）的分配价值在过去一个月基本持平，但整个代币化RWA市场的分配价值增长约4%，达到335亿美元。

这种相对表现对市场参与者而言意义重大，因为它指出了增量需求的形成方向。代币化国债通常被视为流动性强、受监管的固定收益工具最直接的链上对应物。然而，在最新数据中，股票类资产在转移量和持有者数量方面均呈现出更快的增长，表明代币化方式获取企业所有权的模式正吸引更多关注和使用。

快速增长平台与关注度转移

当月的增长并非均匀分布在各个发行商之间。RWA.xyz数据显示，多个平台实现了超常规的百分比增长：Figure的分配价值在30天内飙升935%，Securitize增长332%，xStocks增长约62%。尽管出现如此戏剧性的百分比变动，但从绝对分配价值来看，排名依然保持连续性：Ondo仍以约8.46亿美元领先。

This combination-with multiple participants achieving rapid percentage growth while the largest publisher maintaining a leading position-suggests that the category is expanding rather than focusing on just one dominant platform. For users, this may mean more choices in access paths and custody/settlement processes. For investors and traders, this could also mean that the liquidity and market depth of specific tokenized stock products will improve as the holder base expands.

At the same time, this also highlights the competitive dynamics between infrastructure providers and regulated issuers. When allocated value rises across the board, platforms that attract issuers, manage compliance, and support distribution to investor wallets often gain a larger share-not only in terms of marketing, but more importantly in terms of operational capabilities to keep assets flowing.

From cryptocurrency exchanges to open market listings models

The latest growth seems to be related to broader drivers-covering cryptocurrency native platforms and traditional capital markets-aimed at bringing tokenized stocks closer to mainstream offerings. According to RWA.xyz data, the tokenized stock market has grown from approximately US$378 million to US$2.16 billion in the past year, an increase of approximately 471%.

One of the driving factors is the wave of tokenized equity products distributed using exchanges. During the SpaceX IPO, Kraken, Bybit and Bitget Wallet reportedly used xStocks infrastructure to provide a tokenized pre-IPO access channel. Although customer demand exceeded the available allocation limit, this incident highlighted investors \'willingness to quickly participate in blockchain intermediaries\' IPO acquisition methods.

Currently, this momentum is spreading to the open market signaling model. Earlier this month, Securitize reportedly became the first new public company to issue tokenized versions of shares on the Solana and Avalanche blockchains while listing on the New York Stock Exchange. These developments reflect the gradual transformation of tokenization from a niche experiment to a reusable distribution channel that can operate in parallel with existing exchanges and issuance mechanisms.

Traditional financial companies increase their tokenization layout

Competition is no longer limited to cryptocurrency exchanges. Traditional market infrastructure and exchanges are also moving towards tokenized securities infrastructure. In May this year, DTCC announced plans to launch a tokenized securities service in October after receiving regulatory approval, which will provide tokenized services in a three-year pilot format on a pre-approved blockchain. Earlier this year, the New York Stock Exchange and its parent company, the Intercontinental Exchange, announced plans to build a platform designed to trade tokenized stocks and ETFs. In addition, Nasdaq has partnered with Kraken and infrastructure company Backed to develop technology to connect traditional stocks to blockchain networks. At the same time, ICE CEO Jeffrey Sprecher believes that regulators should allow traditional exchanges to provide round-the-clock chain perpetual contracts as a fairness issue for regulated platforms competing with cryptocurrency native platforms.

While these future initiatives go beyond tokenization of stocks, they reinforce a common theme: mature institutions are increasingly viewing tokenization and on-chain settlement as strategic priorities rather than optional pilot projects. The next question for investors and builders is whether the current burst of tokenized stock activity can continue in the coming months-especially if the assigned value of tokenized U.S. Treasuries is flat. Looking at holder growth, the volume of transfers, and whether more issuers join the model will likely determine whether this momentum is a temporary acceleration or the beginning of a broader, sustainable trend in share distribution along the chain.