Tokenized stocks market cap hits record $2.3B as crypto exchanges expand offerings
The global market capitalization of tokenized stocks climbed to a record $2.3 billion on Wednesday as investors poured into blockchain-based equity products launched by cryptocurrency exchanges.
Ethereum held the largest share of the market at 34%, followed by BNB Chain with 30% and Solana with 23%, according to data shared by Token Terminal on X.
Kraken’s xStocks led the latest growth, accounting for $507 million in tokenized stocks, while Binance’s bStocks reached $334 million. Ondo Finance remained the largest issuer overall, with $955 million in tokenized equities, Token Terminal data showed.
The rise comes as crypto platforms race to bring traditional financial assets onchain, giving investors outside the United States broader access to US-listed stocks. Tokenized stocks also offer fractional ownership and near 24/7 trading, features that are not available in traditional markets.
Binance launched commission-free trading for more than 7,000 tokenized US stocks for eligible users on June 1 as part of its push to become a multi-asset platform. Coinbase introduced commission-free US stock and ETF trading with 24/5 availability in December 2025.
The trend has spread across the industry. Bitget launched a tokenized product linked to SpaceX’s pre-IPO shares in April, while Bitpanda said in January it plans to expand its offering to roughly 10,000 stocks and ETFs. Kraken also expanded xStocks to include 11,000 US-listed stocks and ETFs in April 2025, with cumulative trading volume surpassing $25 billion within about eight months.
Tokenized RWAs continue to grow
The broader market for tokenized real-world assets (RWAs) grew 589% between early 2025 and June 2026, driven mainly by tokenized government bonds and money market funds, according to Binance Research. Tokenized precious metals also gained momentum, rising 39% to about $1.5 billion over the same period.
Despite the rapid growth, tokenized stocks remain a relatively small part of the RWA market, making up about 5.5% of the sector’s $34 billion market capitalization.
Tokenized US Treasurys remain the largest RWA category at roughly $15 billion, or 44% of the market, followed by tokenized commodities at $4.5 billion, or 13%.
Featured image from: cointelegraph.com