The market value of tokenized stocks reached US$2.3 billion, exceeding the historical record increas

The market value of tokenized stocks exceeded US$2.3 billion, hitting a record high

Even though the overall cryptocurrency market fluctuates, tokenized stock products continue to attract attention. According to statistics from data aggregation platform Token Terminal, the total market value of tokenized stocks climbed to a record high of US$2.3 billion on Wednesday, reflecting the renewed rise in market demand for blockchain-based stock investment channels.

Data released by Token Terminal on social media shows that the Ethereum ecosystem ranks first with 34% of the market value distribution of tokenized stocks;BNB Chain and Solana followed closely with 30% and 23% respectively. As more platforms expand "multi-asset" product lines, this trend suggests that tokenized stocks are increasingly seen as a mainstream bridge connecting traditional finance and on-chain infrastructure.

Core Points

·The market value of tokenized stocks reached a historical record of US$2.3 billion, marking an increased demand for institutional level on-chain equity exposure.
·Ethereum remains the largest trading platform for tokenized stocks, accounting for 34%;BNB Chain (30%) and Solana (23%) are closely followed.
· Kraken's xStocks and Binance's bStocks are major contributors to the market value of tokenized stocks, while Ondo Finance remains the largest issuer.
·Despite the rapid growth of tokenized real-world assets (RWA), stocks only account for approximately 5.5% of the overall tokenized RWA market.

Tokenized stocks hit new highs, investment channels continue to expand

The record of $2.3 billion is part of a larger trend of capital pouring into tokenized versions of traditional financial instruments. Token Terminal data shows that a multi-chain competitive landscape has taken shape, while Ethereum still maintains a leading position in market share.

The issuer pattern also reveals the concentration direction of liquidity. Token Terminal data points out that Ondo Finance is the largest issuer of tokenized shares, with a market value of US$955 million in its chain. Two other products-Kraken Exchange's xStocks and Binance's bStocks-contributed $507 million and $334 million respectively to the market value of tokenized stocks.

For investors, the actual appeal of tokenized stocks is often reflected in two characteristics: fragmented ownership and the potential for faster and more sustained trading times than traditional markets. For platforms and developers, these features also support a broader product strategy-bringing familiar asset classes into the blockchain network without requiring users to interact directly with the settlement layer.

Which chains and products are driving the adoption of tokenized stocks

The chain-level share distribution of Token Terminal shows that this trend cannot be ignored. Ethereum's 34% share suggests that tokenized stocks still find deep liquidity on the network with the oldest history of asset issuance and trading on the chain. The 30% share of the BNB chain shows that the large centralized exchange ecosystem is successfully positioning itself as a distribution channel for tokenized financial products.

Solana's 23% share shows that the speed and low costs emphasized by its network design are still important to the user experience of tokenized assets. The three major networks together account for 87% of the tokenized stock market share in the Token Terminal dataset, which means that competition for tokenized stock traffic is currently concentrated on a few chains rather than scattered across dozens of chains.

At the product level, Kraken and Binance stand out because of the size of their tokenized stock products. Data from Token Terminal shows that Kraken's xStocks is the largest contributor in a single category ($507 million), surpassing Binance's bStocks ($334 million). These data further confirm that the exchange-led distribution model can substantially accelerate the adoption of tokenized stocks by lowering the threshold for individual investors and active traders.

Expansion into traditional assets continues to expand the chain

The surge in tokenized stocks is part of a larger expansion of crypto platforms to incorporate regulated investment products into the blockchain track. Take Binance as an example, it is moving towards a multi-asset platform model. Previous reports pointed out that Binance has opened zero-commission trading of tokenized stocks to eligible users since June 1, covering more than 7000 U.S. tokenized stocks as part of its strategy.

Coinbase also expressed its intention to compete in the field of traditional asset access. According to an announcement of its system update, the exchange launched commission-free trading in U.S. stocks and ETFs in December 2025, available 24 hours a day, 5 days a week. Although these developments differ in specific implementation details from on-chain tokenized stock products, they are all moving in the same competitive direction: Mainstream crypto platforms attempt to provide familiar "traditional" financial instruments with an exchange-style experience.

Kraken's progress is equally rapid. Earlier reports said that Kraken opened up trading of 11000 U.S. listed stocks and ETFs to users through xStocks in April 2025, becoming one of the first crypto-native platforms to do so. xStocks is said to have accumulated transaction volume of more than $25 billion in about eight months after launch-a sign that demand can grow rapidly when liquidity and product selection are combined with user access channels.

In addition to stocks, tokenization efforts are also evident in other asset classes related to traditional finance. For example, in April 2025, Bitget launched proxy products related to Elon Musk's SpaceX pre-IPO phase. In January 2025, Bitpanda announced plans to expand its product range to approximately 10000 stocks and exchange traded funds (ETFs). These initiatives are all part of a broader trend of introducing traditional assets to blockchain connected platforms.

Tokenized RWA continues to grow, but stocks remain in the minority

Even as tokenized stocks hit new highs, the broader tokenized real-world assets (RWAs) are still dominated by fixed income and cash instruments. A June 2025 report by the Binance Research Institute found that the tokenized RWA market surged 589% from the beginning of 2025 to June 2026, with growth mainly driven by government bonds and money market funds.

During the same period, tokenized precious metals attracted approximately US$1.5 billion in value, an increase of 39%. These data suggest that the tokenized asset space is becoming increasingly diversified rather than just focusing on stocks.

However, stocks are only a small part of the overall pie. Data shows that stocks only account for approximately 5.5% of the total market value of tokenized RWA (US$34 billion). In other words, tokenized stocks may be expanding rapidly, but most tokenized RWA capital still flows to categories such as U.S. Treasury bonds.

According to RWA.xyz data cited in the report, approximately US$15 billion in tokenized U.S. Treasury bonds are the largest sector, accounting for 44% of the RWA market. Tokenized commodities accounted for a smaller share, at US$4.5 billion (13%). This is important for readers because it helps understand why news of tokenized stocks, while important, should be read in the context of a market where fixed income and cash management products are now the main engines of growth.

Looking forward, investors should focus on whether tokenized stocks can translate broader RWA growth into more sustainable stock shares, and whether the distribution pattern on the chain will change as exchanges expand product sizes. The key uncertainty is how tokenized stocks can quickly expand from a niche category in the RWA to a larger asset class without encountering liquidity fragmentation or cross-jurisdictional regulatory frictions.