TL;DR
- Dune found that tokenized markets display trading patterns that differ from traditional equities and credit, with tokenized real-world assets reaching $34.5 billion by Aug. 31.
- Single stocks represented 81% of tokenized equity spot supply, while ETFs accounted for 19%.
- Tokenized equities remain a tiny share of global markets, but their rapid growth and expanding institutional infrastructure are increasing access to blockchain-based financial products.
Tokenized markets are developing their own trading dynamics rather than simply reproducing traditional financial markets on blockchain networks. A new Dune report found meaningful differences across equities, credit, commodities and cash-equivalent products, offering a closer look at how investors are using onchain financial assets.
Dune valued tokenized real-world assets at $34.5 billion as of Aug. 31, representing growth of more than 140% from the previous year. Cash-equivalent products continued to account for the largest portion of supply, while equities emerged as the most actively traded segment.
Tokenized Markets Show Different Equity Preferences
The contrast is particularly visible in tokenized equities. Dune found that single-company stocks represented 81% of tokenized equity spot supply, compared with 19% for exchange-traded funds. That distribution differs from traditional markets, where ETFs provide investors with a widely used route to diversified exposure.
Armand Khatri, head of ecosystem at Ondo Finance, said tokenization can give investors greater control over the assets they select instead of limiting choices to products offered by local intermediaries. The structure of blockchain-based markets can therefore expand access to individual securities alongside broader investment vehicles.
The trend is still small relative to the global financial system. Binance Research data cited by Binance co-CEO Richard Teng placed the tokenized equity market at $4.43 billion on Sept. 15. Despite growing 390% during 2026, that figure represented only 0.0029% of the $151.9 trillion global listed-equity market.
Regulation And Infrastructure Expand Onchain Access
The growing gap between tokenized and traditional market behavior comes as financial institutions and regulators continue developing infrastructure for blockchain-based securities. Binance Research estimates that tokenized equities could reach approximately $349 billion by 2030 under its base-case scenario, although that projection depends on continued adoption and regulatory development.
US regulators have also begun testing frameworks that allow tokenized securities to operate more directly within established financial markets. On Sept. 17, the Securities and Exchange Commission granted a temporary exemption permitting limited onchain trading of tokenized US-listed stocks.
Meanwhile, the New York Stock Exchange and Blockchain.com announced plans to offer tokenized US stocks and ETFs through the NYSE’s planned digital trading platform, subject to regulatory approval.
