The number of tokenized stock holders doubles, and monthly trading volume surges

The tokenized stock market is accelerating expansion: the number of holders has doubled and monthly trading volume has soared by 180%

As market attention spreads away from the first wave of private equity craze, tokenized stock products are receiving more and more attention. Data from RWA.xyz shows that the number of tokenized stock holders has soared to 1.31 million, more than doubling from the previous month.

Relevant activity indicators also showed the same growth momentum. Monthly transfers climbed nearly 180% to US$23.13 billion; the number of monthly active addresses increased by 34.62%, to approximately 572,000. According to RWA.xyz, the total allocated value of tokenized stocks across the market increased by 5.9% to US$2.38 billion.

Key Points

According to data from RWA.xyz, the number of tokenized stock holders reached 1.31 million, an increase from the previous month. Monthly transfers jumped to US$23.13 billion, almost doubling (an increase of 180%). The total allocated value increased to US$2.38 billion, with nearly 572,000 monthly active addresses. Ondo still ranks first in terms of allocated value, but Kraken and Binance are close behind. Tokenized products related to SpaceX-related continue to grow after the Pre-IPO event was cancelled and refunded.

Holder growth accelerates in parallel with transfer volume

RWA.xyz attributes this rapid growth to increased broader participation and increased activity on the chain. As the number of holders doubles to 1.31 million, the market appears to be transitioning from early adoption to a more mainstream user base. This is reflected in the increase in transfer volume: monthly transfer volume soared to US$23.13 billion, which far exceeded the increase in allocated value.

This mismatch, in which transfer activity grows faster than allocated value, may be related to the market being experiencing more frequent rotations among tokenized products, rather than just long-term holding. At the same time, the number of monthly active addresses increased to nearly 572,000, indicating that growth is not limited to a few wallets.

The practical significance for investors and traders is that liquidity and participation may be improving, but it also suggests that demand may be both tactical and allocative. Observing changes in transfer volume and distribution value helps distinguish between "turnover rate" and the true expansion of potential demand.

The leading publisher has a solid position, with Ondo leading the way

As of now, the allocated value is still concentrated in the hands of a few issuers. Data from RWA.xyz shows that Ondo tops the list with an assigned value of approximately $872 million. Kraken's xStocks followed closely with $557.8 million, and Binance's bStocks with $521.8 million.

Binance bStocks, launched in June, is quickly catching up. RWA.xyz reported that although bStocks entered late, its allocated value currently lags behind xStocks by only about $36 million. The narrowing of the gap between the two is one of the most obvious signals in the data set, indicating that competition in the tokenized stock space is intensifying.

RWA.xyz also points out which underlying assets attract the most allocations. The largest individual tokenized positions by assigned value include Securitize ($145.2 million), Strategy PP Variable xStock ($135.6 million), and Ondo tokenized Circleshares ($99.7 million).

Private equity market tokenization continues to expand-despite SpaceX setbacks

The rise in tokenized stocks continues the trend of crypto platforms entering the private equity market and Pre-IPO products earlier this year. Before SpaceX's public listing on June 12, several exchanges launched related products, including tokenized Pre-IPO products, derivative structures and proxy tokens.

Data from RWA.xyz shows that the "SpaceX moment" has not subsided due to launch. Despite problems with some offerings, the allocated value of SpaceX's tokenized products continues to grow.

It was previously reported that Binance, Bybit and Bitget Wallet canceled their tokenized SpaceX IPO activities and refunded subscribers because xStocks failed to obtain enough underlying stock to meet demand. Despite this setback, RWA.xyz reported that since SpaceX went public on June 12, the value of tokenized SpaceX products allocated through Binance bStocks has reached US$67.9 million, ranking seventh among tokenized assets tracked.

This process is crucial to market credibility. Cancellations and refunds are often seen as setbacks, but the increase in residual allocated value suggests that users are still willing to hold tokenized products once the underlying asset status is clear. This also highlights a key difference: Promotional Pre-IPO products can be fragile, while tokenized products that remain available after launch can maintain demand.

Real-world asset tokenization remains a growth theme

Tokenized stocks are expanding in the broader trend of real-world asset tokenization. It is predicted that by the end of 2028, the tokenized RWA market may grow to US$4 trillion.

Although the forecast is not the final result, RWA.xyz's indicator provides a concrete snapshot of the current momentum in this segment of tokenized stocks. The rapid increase in the number of holders, the increase in transfers and the expanding base of allocated value are signs that tokenized products are becoming an established category rather than a purely experimental function.

However, the data also points to what investors should pay close attention to: whether distributed value can continue to grow steadily, and whether activity growth can be translated into lasting allocation. Even if the underlying distribution value grows slowly, transfer indicators may show that the market is "hot".

Looking ahead, readers should pay attention to whether the competitive gap between issuers continues to narrow-especially between Binance's bStocks and Kraken's xStocks-and whether post-IPO tokenized products can maintain momentum after the setback in early Pre-IPO activity.