Tokenized stocks hit record $2.3B cap — Wall Street quietly moved onchain without telling Wall Street 📈

The global market capitalization of tokenized stocks climbed to a record $2.3 billion on Wednesday, according to data aggregator Token Terminal, as more investors turned to blockchain-based equity products for exposure outside traditional venues. Ethereum held the largest network share at 34%, followed by BNB Chain at 30% and Solana at 23%, Token Terminal said in a Wednesday X post. The largest contributor was Kraken exchange's xStocks at $507 million, followed by Binance's bStocks at $334 million. Ondo Finance remained the largest tokenized stock issuer with $955 million in onchain equities.

More crypto platforms have been migrating traditional investment products onto blockchain rails, often extending access to investors outside the United States and enabling fractional ownership and around-the-clock trading. Binance opened zero-commission trading to more than 7,000 US tokenized stocks for eligible users on June 1, as part of its strategy to position the exchange as a multi-asset platform. Coinbase introduced commission-free US stock and ETF trading with 24/5 availability in December 2025. Kraken launched access to 11,000 US-listed stocks and ETFs through xStocks in April 2025, and the cumulative trading volume of xStocks exceeded $25 billion within about eight months of launch. In April, crypto exchange Bitget launched a proxy offering tied to the pre-initial public offering phase of Elon Musk's aerospace manufacturing and space transportation company, SpaceX, and in January, Vienna-based crypto exchange Bitpanda outlined plans to expand its offering to roughly 10,000 stocks and exchange-traded funds.

The growth in tokenized equities is part of a wider surge in tokenized real-world assets, which expanded 589% from early 2025 to June 2026, according to a June report from Binance Research, led by government bonds and money market funds. Tokenized precious metals attracted about $1.5 billion in value, a 39% rise over the period. Stocks, however, remain a small slice of the broader tokenized RWA market, accounting for only about 5.5% of the $34 billion RWA market capitalization, according to data provider RWA.xyz. About $15 billion in tokenized US Treasury debt represents the largest segment at 44%, followed by $4.5 billion in tokenized commodities at 13%, per RWA.xyz.