Key facts
- The global market capitalization of tokenized stocks has reached a record $2.3 billion.
- Ethereum, BNB Chain, and Solana are the leading networks for tokenized stocks.
- Kraken's xStocks and Binance's bStocks are significant contributors to the market.
- Ondo Finance is the largest issuer of tokenized equities.
- Tokenized RWAs, including government bonds and money market funds, saw substantial growth.
The market capitalization for tokenized stocks has surged to a record $2.3 billion, indicating growing investor appetite for blockchain-based equity products. Data aggregator Token Terminal reported that the Ethereum network holds the largest market share at 34%, followed by BNB Chain with 30% and Solana with 23%.
Key contributors to this growth include Kraken exchange's xStocks, which accounted for $507 million, and Binance's bStocks, with $334 million. Ondo Finance remains the leading issuer of tokenized equities, boasting $955 million in on-chain assets. Several cryptocurrency platforms are increasingly integrating traditional investment products onto blockchain technology, offering benefits such as fractional ownership and 24/7 trading, and potentially broadening access for investors outside the U.S.
Binance, the world's largest crypto exchange, launched zero-commission trading for over 7,000 U.S. tokenized stocks for eligible users on June 1, as part of its strategy to evolve into a multi-asset platform. Coinbase is also set to roll out commission-free U.S. stock and ETF trading with 24/5 availability in December 2025. Other exchanges are expanding their tokenized offerings; Bitget launched a proxy for SpaceX pre-IPO shares in April, and Bitpanda plans to include approximately 10,000 stocks and ETFs. Kraken's xStocks, launched in April 2025, has already seen cumulative trading volume exceed $25 billion within eight months.
While tokenized stocks are gaining traction, they represent a small portion of the broader tokenized real-world asset (RWA) market. A June report from Binance Research indicated that the RWA market surged 589% from early 2025 to June 2026, led by tokenized government bonds and money market funds. Tokenized precious metals also attracted around $1.5 billion. Data from RWA.xyz shows that tokenized U.S. Treasury debt, valued at approximately $15 billion, constitutes the largest segment (44%) of the RWA market, followed by tokenized commodities at $4.5 billion (13%).