Tokenized stock market cap hits record $2.3bn
Crypto exchanges are driving a record $2.3 billion market for tokenized equities, offering 24/7 trading to bypass traditional brokerage limits and reach global investors.
The market capitalization of tokenized stocks reached a record $2.3 billion on Wednesday, marking a notable milestone for blockchain-based equity products. This growth coincides with a broader push by major cryptocurrency exchanges to integrate traditional financial assets into their digital infrastructure.
For market professionals, this evolution represents a direct challenge to conventional brokerage models. By migrating equities onto blockchain rails, crypto platforms are providing fractional ownership and continuous trading that standard exchanges cannot support. These capabilities are specifically designed to grant international investors seamless access to US equities, bypassing traditional geographic and temporal barriers.
The market is currently dominated by a few key issuers. Ondo Finance leads the sector with $955 million in onchain equities. Kraken’s xStocks product holds $507 million, having processed more than $25 billion in cumulative trading volume since its April 2025 debut offering 11,000 US-listed stocks and ETFs. Binance accounts for $334 million through its bStocks, a figure likely to rise after the exchange introduced zero-commission trading for over 7,000 US tokenized stocks on June 1.
Competing blockchain networks are vying to host these assets. Ethereum currently captures the largest share of tokenized stock volume at 34%, according to Token Terminal. BNB Chain follows with a 30% share, while Solana accounts for 23%. The competitive landscape is expanding rapidly beyond these early leaders; Coinbase introduced commission-free, 24/5 US stock and ETF trading in December 2025, and Vienna-based Bitpanda outlined plans in January to add roughly 10,000 stocks and ETFs to its platform.
While the equity subset is growing, tokenized stocks represent only about 5.5% of the $34 billion tokenized real-world asset (RWA) market capitalization. The broader sector has expanded dramatically, surging 589% between early 2025 and June 2026. However, that growth is driven primarily by government debt rather than corporate equity. Tokenized US Treasury debt dominates the space, representing $15 billion or 44% of the total market, followed by $4.5 billion in tokenized commodities.
