Tokenized Stocks Top $1 Billion as Ondo, xStocks Dominate RWA Market

Tokenized stocks bring exposure to traditional equities onto blockchain networks, allowing investors to hold and transfer representations of securities through crypto-market infrastructure. The segment is a prominent use case for real-world asset tokenization, or RWA, and its expansion signals accelerating links between conventional capital markets and digital assets, though activity remains concentrated among a small number of platforms.

Onchain transfers of tokenized US stocks surged more than 415% over the latest 30-day period to $29.5 billion, according to RWA.xyz. Monthly active addresses and the number of holders both roughly doubled during the period. Ondo, Kraken and Binance together accounted for about 81% of the market, underscoring their dominance as demand and blockchain-based activity accelerated.

Tokenized real-world assets, or RWAs, bring traditional securities such as government bonds onto blockchain networks, allowing investors to hold and transfer them onchain. Stellar, a public blockchain focused on payments and asset issuance, has emerged as a venue for institutional products. Its rapid expansion highlights growing demand for blockchain-based access to regulated financial instruments beyond crypto-native assets.

The value of tokenized RWAs on Stellar has climbed about 360% in 2026, rising from less than $1 billion to nearly $4 billion and more than quadrupling in size. The assets include US Treasuries as well as non-US sovereign debt. Issuance led by firms including Spiko, Franklin Templeton and Ondo has driven the increase, broadening the range of government-backed securities available on the network.

Tokenized equities, which represent shares of publicly traded companies on blockchains, are emerging as a fast-growing segment of the real-world asset market. The products can offer round-the-clock transfers and integration with decentralized finance, while giving crypto platforms another route into traditional capital markets. Their expansion signals rising demand for regulated, blockchain-based exposure to established securities.

The market value of tokenized equities reached $2.8 billion in 2026, lifting their share of on-chain real-world assets to 15%, triple the level at the start of the year. Ondo Finance, Binance and xStocks together controlled 77% of the segment, underscoring the concentration of issuance and distribution among a small group of platforms as the market expands.

Tokenized stocks bring exposure to publicly traded equities onto blockchains, allowing investors to trade or transfer digital representations through crypto platforms. The products have become a prominent segment of real-world asset, or RWA, tokenization, a market seeking to connect traditional securities with blockchain infrastructure. Rapid adoption is significant because it points to deeper integration between crypto markets and conventional finance, though product structures and investor protections can differ across providers and jurisdictions.

The number of tokenized stock holders more than doubled over the past month to 1.31 million, according to the latest RWA.xyz data. Monthly transfer volume jumped nearly 180% to $23.13 billion over the same period, signaling a sharp rise in on-chain activity. Ondo, Kraken’s xStocks and Binance’s bStocks are among the platforms leading the market, as issuers and exchanges expand access to blockchain-based equity products amid accelerating demand for tokenized assets.

Tokenized real-world asset perpetual futures give crypto traders leveraged, round-the-clock and borderless exposure to instruments normally confined to traditional brokerage hours and know-your-customer controls. The products have emerged as one of the crypto market’s fastest-growing segments in 2026, with equity-linked contracts drawing more activity than tokenized commodities. Their rise matters because it shifts stock speculation onto crypto-native venues while concentrating liquidity among a handful of large centralized and onchain exchanges.

The Block reported on July 22, 2026, that monthly RWA perp volume across exchanges climbed to about $470 billion in June from $85 billion in January, a 450% increase in six months. Tokenized equity perp volume rose roughly sevenfold, led by pre-IPO and semiconductor names. SpaceX’s SPCX contract was the most-traded equity perp in June, with more than $66 billion in volume. Binance, Hyperliquid and OKX together handled over 80% of RWA perp trading, with Binance alone accounting for nearly half.

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 (RWA) tokenization records ownership interests in traditional assets such as funds and bonds on a blockchain to improve trading and settlement efficiency. Token Terminal says institutional capital is adopting the model at a faster pace, with tokenized funds becoming the market's core segment as blockchain technology gradually enters traditional financial infrastructure.

Token Terminal's latest data showed that the market capitalization of tokenized RWAs had surpassed $43 billion as of July 2026, up 37% over the previous six months. Tokenized funds accounted for nearly 80% of the total, or about $34.4 billion. Ethereum remained the primary blockchain for custody, continuing to dominate the issuance and management of institutional-grade tokenized assets.

Ondo Global Markets turns U.S. stocks and ETFs into tokenized assets that can be held and traded through blockchain wallets, making it a notable example of real-world assets bridging traditional finance and onchain markets. Although trading is available around the clock, activity remains heavily concentrated during U.S. market hours. This suggests that the platform currently functions more as an extended-access layer for U.S. equities than as an independent 24/7 market.

An analysis published by the Bitget Wallet Research Institute on June 11, 2026, using data through May 12, showed that cumulative trading volume on Ondo had reached $5.5 billion across 2.8 million transactions and more than 180,000 unique wallets. Retail traders generated nearly 64% of transactions but accounted for only 5% of trading volume. AI-related stocks made up nearly 40% of volume, while almost 99% of trading occurred during U.S. market hours from Monday through Friday.

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.