TL;DR
- Binance Research says tokenized equities are moving beyond trading, as issuance, settlement and financial infrastructure increasingly shift onchain.
- Tokenized equity market activity has expanded rapidly, with active market capitalization reaching about $4 billion by September 2026.
- France’s Lise completed ST Group’s fully tokenized IPO, while Nasdaq and NYSE developments show that traditional markets are also adopting blockchain-based securities infrastructure.
Binance is highlighting a major change in equity markets as IPOs and other parts of the stock lifecycle begin moving onchain. The shift comes as tokenized equities gain traction, with blockchain infrastructure increasingly being used for trading, settlement and eventually primary issuance.
According to Binance Research, active tokenized equity market capitalization reached about $4 billion by September 2026, up sharply from the start of the year. Monthly issuer volume also climbed from $237 million in January to $7.9 billion in August, showing that trading activity has expanded faster than the underlying asset base.
What An Onchain IPO Could Change
An onchain IPO refers to a public offering in which shares are represented through tokenized securities and key elements of ownership, transfer restrictions and settlement are handled through blockchain infrastructure. Unlike an ICO, the structure remains connected to securities regulation and shareholder rights.
The development is already moving beyond theory. France’s Lise exchange completed the IPO of ST Group in April using a DLT-based market infrastructure. The transaction has been described as the world’s first fully tokenized IPO, conducted under the European Union’s DLT Pilot Regime and open to both retail and institutional investors.
The model can combine trading and settlement infrastructure, reducing the number of separate systems involved in transferring securities. If cash and shares settle simultaneously, blockchain-based markets can reduce settlement delays and provide a more direct record of ownership.
Binance Sees Tokenization Expanding Beyond Trading
Binance Research argues that the next phase involves more than simply putting stock exposure on a blockchain. Its data shows tokenized equities are developing additional utility through decentralized finance, with DeFi TVL connected to these assets rising to $289.1 million by September.
The United States is also moving toward blockchain-based equity infrastructure. Nasdaq received SEC approval in March to enable certain securities to trade in tokenized form, while the NYSE filed rules in April to support tokenized securities trading during a DTC pilot.
Regulation remains important because tokenized shares must address investor eligibility, disclosures, dividends, voting and corporate actions. In September, the SEC introduced a five-year exemption for certain platforms trading tokenized stocks, while requiring qualifying tokens to preserve shareholder rights and excluding synthetic products that merely track stock prices.
