Tokenized Equity Perps Lift Monthly RWA Volume to $470 Billion

Tokenized stocks represent shares in listed companies on a blockchain, allowing investors to trade them as on-chain tokens. These assets are part of the real-world asset tokenization market. Platforms including Figure, Securitize and Ondo continue to expand supply, with the category now growing faster than segments such as tokenized U.S. Treasuries.

The latest data as of July 2026 showed that monthly on-chain transfers of tokenized stocks surged 105% from the previous month, more than doubling from about $4.1 billion to $8.41 billion. Figure, Securitize and Ondo were the main drivers of the increase, signaling rapid growth in on-chain equity trading.

Real-world asset tokenization brings traditional assets such as US Treasuries, private credit, stocks, and gold onto blockchains to enable fractional ownership, more efficient settlement, and round-the-clock trading. On-chain RWAs reached $32.22 billion by the end of June 2026, nearly triple the $11.8 billion recorded a year earlier. Tokenized US Treasuries accounted for about $15 billion.

The RWA market capitalization first topped $32 billion on May 12, 2026. JPMorgan subsequently applied to the US Securities and Exchange Commission to launch a tokenized money market fund on Ethereum. Axis CEO Chris Kim warned on May 14 that issuers were focusing solely on issuance while neglecting secondary-market depth. A July 3 report showed that only about 10%, or roughly $3 billion, of RWAs had entered DeFi.

Real-world asset tokenization records ownership interests in traditional assets, such as U.S. Treasuries, on a blockchain. As regulation becomes clearer and barriers to investment fall, institutional capital has increasingly shifted toward yield-bearing on-chain products since early 2025. a16z views the trend as an important sign that crypto is moving toward practical financial applications.

The tokenized RWA market has grown by a cumulative 420% since early 2025, with its total market capitalization exceeding $30 billion. A recent a16z report estimates the market at about $34 billion. Tokenized U.S. Treasuries are the main growth engine, with their market capitalization surpassing $15 billion, although the report also found that about 70% of RWA tokens lack active on-chain circulation.

Tokenized stocks map shares in publicly listed companies, or the economic rights attached to them, onto a blockchain, allowing investors to trade them on-chain and use them in DeFi. The asset class is a key segment of the real-world asset market, and its growth shows that traditional financial products are moving more rapidly onto programmable blockchain infrastructure capable of supporting cross-border transfers.

The total on-chain value of tokenized stocks surpassed $1 billion as of March 10, 2026, up about 2,900% over the past year, according to RWA.xyz. Ondo held a market share of about 58% and xStocks about 24%, giving them a combined 82%. Cumulative trading volume in stocks and ETFs offered through 1inch’s integration with Ondo also topped $2.5 billion on March 6.