TL;DR:
- Tokenized stocks reached a record $2.3 billion market capitalization as demand spread across Ethereum, BNB Chain and Solana networks.
- Kraken’s xStocks accounted for $507 million, Binance’s bStocks reached $334 million and Ondo remained the largest issuer with $955 million onchain.
- Despite the record, tokenized stocks represent only 5.5% of the $34 billion RWA market, while tokenized U.S. government debt still leads with $15 billion and commodities follow at $4.5 billion.
Tokenized stocks climbed to a record $2.3 billion in market capitalization on Wednesday, marking a new high for blockchain-based equity products as crypto exchanges push deeper into traditional investment territory. Demand is spreading across multiple networks, with Ethereum holding 34% market share, BNB Chain at 30% and Solana at 23%. The expansion is striking because tokenized equities are no longer a fringe wrapper, but a growing distribution channel for investors seeking fractional ownership, always-on trading and access outside conventional brokerage rails.
The total market cap of tokenized stocks is at an all-time high of $2.3B, led by @ethereum, @BNBCHAIN, and @solana. pic.twitter.com/1RbDu237uD
— Token Terminal 📊 (@tokenterminal) July 15, 2026
Exchange-led products drove much of the latest climb. Kraken’s xStocks accounted for $507 million worth of tokenized stocks, while Binance’s bStocks reached $334 million. Ondo Finance remained the largest issuer, with $955 million in onchain equities. Binance opened zero-commission trading for more than 7,000 U.S. tokenized stocks to eligible users on June 1, while Coinbase rolled out commission-free U.S. stock and ETF trading with 24/5 availability in December 2025. The race is shifting from listing tokens to owning distribution, as platforms compete to become multi-asset gateways.
Tokenized equities grow, but RWAs still dwarf them
The market’s momentum also reflects broader real-world asset growth. Tokenized RWAs surged 589% from early 2025 to June 2026, led by government bonds and money market funds. Tokenized precious metals attracted about $1.5 billion in value, rising 39% during the same period. Stocks, despite their new record, still represent only about 5.5% of the $34 billion tokenized RWA market. Equities are growing fast from a small base, which makes the headline powerful but also puts scale in perspective.
Treasury debt remains the dominant category, with about $15 billion in tokenized U.S. government debt representing 44% of the RWA market, followed by $4.5 billion in tokenized commodities at 13%. Tokenized stocks therefore sit between retail-friendly branding and institutional competition for compliant asset rails. Bitget has experimented with a proxy offering tied to SpaceX’s pre-IPO phase, Bitpanda plans to expand toward 10,000 stocks and ETFs, and Kraken’s xStocks passed $25 billion in cumulative trading volume within about eight months of launch. The next test is liquidity quality, because market capitalization alone will not decide whether tokenized stocks become a lasting investment layer. Investors may like easier access, but issuers, brokers and regulators will decide how far these markets move beyond crypto-native early adopters globally over time.
