Tokenized stocks hit $4.43B — still a rounding error against $151.9T 📊

Tokenized real-world assets diverge from traditional markets in both structure and trading patterns, according to a new Dune report comparing onchain and off-chain activity across equities, credit, commodities and cash-equivalent products. Dune valued the tokenized real-world asset market at $34.5 billion as of Aug. 31, up more than 140% from a year earlier, with cash equivalents still dominating supply while equities were the most actively traded segment. The gap between onchain and traditional activity was most pronounced in equities, where single stocks accounted for 81% of tokenized equity spot supply and exchange-traded funds made up 19%. Armand Khatri, head of ecosystem at Ondo Finance, said tokenization gives investors more control over asset selection by reducing dependence on local intermediaries' offerings. "The investor decides which they want," he said, referring to the choice between single-company and index exposure.

Tokenized equities remain a small fraction of global markets, according to separate Binance Research data cited by Binance co-CEO Richard Teng. That data put the tokenized equity market at $4.43 billion as of Sept. 15, up 390% in 2025, equivalent to just 0.0029% of the $151.9 trillion global listed-equity market. Binance Research projected tokenized equities could reach about $349 billion by 2030 under its base-case scenario. Teng said tokenization could reshape how investors access equity markets, but that the shift "won't happen overnight."

US regulators and exchanges have moved to expand tokenized trading. On Sept. 17, the US Securities and Exchange Commission granted a temporary exemption allowing limited onchain trading of tokenized US-listed stocks. The New York Stock Exchange and Blockchain.com also announced plans to offer tokenized US-listed stocks and ETFs through NYSE's planned digital trading platform, subject to regulatory approval. Separately, Base completed its Cobalt upgrade, adding new tools for tokenized assets on the network.