Tokenized Stocks Hit $2.3B Market Cap, Surpassing Record Gains

Tokenized stock products are continuing to gain traction even as wider crypto markets fluctuate. According to data aggregator Token Terminal, the total market capitalization of tokenized stocks climbed to a record $2.3 billion on Wednesday, reflecting renewed demand for blockchain-based access to equities.

The Ethereum ecosystem led the distribution of tokenized-stock market value with a 34% share, followed by BNB Chain at 30% and Solana at 23%, Token Terminal said in an X post. As more platforms expand “multi-asset” offerings, the shift highlights how tokenized equities are increasingly being treated as a mainstream bridge between traditional finance and onchain infrastructure.

Key takeaways

• Tokenized stocks reached a record $2.3 billion market capitalization, signaling stronger institutional-style exposure to equities onchain.
• Ethereum remains the largest venue for tokenized stocks by share (34%), with BNB Chain (30%) and Solana (23%) close behind.
• Kraken’s xStocks and Binance’s bStocks are among the biggest contributors to tokenized-stock market value, while Ondo Finance remains the top issuer.
• Despite rapid growth in tokenized real-world assets (RWAs), stocks still represent only about 5.5% of the overall tokenized RWA market.

Tokenized stocks hit a new high as access expands

The record figure—$2.3 billion—adds to a broader pattern of capital moving into tokenized versions of traditional financial instruments. Token Terminal’s breakdown points to a multi-chain race for distribution, with Ethereum still setting the pace for market share.

The issuer landscape also shows where liquidity is concentrating. Token Terminal data indicates Ondo Finance is the largest tokenized stock issuer, with $955 million in onchain equities. Two other large products—Kraken exchange’s xStocks and Binance’s bStocks—account for substantial portions of tokenized-stock market value, at $507 million and $334 million respectively, according to Token Terminal’s figures.

For investors, the practical appeal of tokenized stocks is often tied to two features: fractional ownership and the potential for faster, more continuous trading compared with traditional market schedules. For platforms and developers, these same characteristics support a broader product strategy—bringing familiar asset classes onto blockchain networks without requiring users to interact directly with settlement layers.

Which chains and products are driving tokenized-equity adoption

Token Terminal’s chain-level shares show a distribution that is increasingly difficult to ignore. Ethereum’s 34% share underscores that tokenized equities still find deep liquidity on the network with the longest track record for onchain asset issuance and trading. However, BNB Chain’s 30% share indicates that large centralized exchange ecosystems are successfully positioning themselves as distribution channels for tokenized financial products.

Solana’s 23% share suggests that speed and low fees—often associated with the network’s design—remain a meaningful part of the user experience for tokenized assets. Together, the three networks account for 87% of tokenized stock market share in Token Terminal’s dataset, implying that competition for tokenized-equity flows is currently concentrated rather than fragmented across dozens of chains.

On the product side, Kraken and Binance stand out for the scale of their tokenized equity offerings. Token Terminal’s numbers place Kraken’s xStocks as the largest single category contribution ($507 million), ahead of Binance’s bStocks ($334 million). These figures reinforce how exchange-led distribution can materially accelerate adoption by lowering friction for retail and active traders.

Push toward traditional assets keeps widening the onchain map

The tokenized-stock surge sits inside a larger expansion of crypto platforms adding regulated-style investment products to blockchain rails. Binance, for example, has been moving toward a multi-asset platform model. Earlier coverage noted that Binance opened zero-commission trading for eligible users in tokenized stocks—covering more than 7,000 US tokenized stocks—beginning June 1, as part of that strategy.

Coinbase has also signaled its intent to compete in traditional asset access. The exchange rolled out commission-free US stock and ETF trading with 24/5 availability in December 2025, according to its own update on its system changes. While these developments differ in implementation details from tokenized onchain equity products, they contribute to the same competitive direction: mainstream crypto platforms seeking to offer familiar “traditional” instruments in an exchange-like experience.

Kraken’s progress has likewise been rapid. Earlier reporting described Kraken launching access to 11,000 US-listed stocks and ETFs through xStocks in April 2025, positioning it as one of the first major crypto-native platforms to do so. That reporting also stated that cumulative xStocks trading volume exceeded $25 billion within about eight months of launch—an indicator of how quickly demand can build when liquidity and product choice meet user access.

Beyond stocks, tokenization efforts are showing up in other asset classes tied to traditional finance. For instance, in April, Bitget launched a proxy offering related to the pre-initial public offering phase of Elon Musk’s SpaceX. In January, Bitpanda outlined plans to expand its offering to include roughly 10,000 stocks and exchange-traded funds (ETFs). Earlier coverage from Cointelegraph also documented these moves as part of the broader push to bring traditional exposure onto blockchain-connected platforms.

Tokenized RWAs keep growing, but stocks are still a minority

Even with tokenized stocks hitting new highs, broader tokenized real-world assets (RWAs) remain dominated by fixed-income and cash-like instruments. Binance Research, in a June report, found that the tokenized RWA market surged 589% from early 2025 to June 2026. The growth was led by government bonds and money market funds.

In the same period, tokenized precious metals reportedly attracted about $1.5 billion in value, rising 39% during the timeframe. Those figures point to an increasingly diversified tokenized-assets landscape rather than a market focused exclusively on equities.

Still, stocks are a small piece of the total pie. The source data indicates that stocks account for roughly 5.5% of the $34 billion tokenized RWA market capitalization. In other words, tokenized stocks may be expanding quickly, but most tokenized RWA capital continues to flow into categories such as US Treasury debt.

According to RWA.xyz data cited in the report, about $15 billion in tokenized US Treasury debt is the largest segment—44% of the RWA market. Tokenized commodities represent a smaller share at $4.5 billion (13%). For readers, this matters because it helps explain why tokenized-stock headlines—while important—should be interpreted within a market where fixed income and cash-management-style products are currently the primary growth engines.

Going forward, investors should watch whether tokenized stocks can convert broader RWA growth into more sustained equity share, and whether chain distribution changes as exchanges scale their product offerings. The key unknown is how quickly tokenized equities can expand from a niche slice of RWAs into a larger allocation category without running into liquidity fragmentation or regulatory friction across jurisdictions.