TL;DR:
- Tokenized shares reached a report $2.3 billion market capitalization as demand unfold throughout Ethereum, BNB Chain and Solana networks.
- Kraken’s xStocks accounted for $507 million, Binance’s bStocks reached $334 million and Ondo remained the biggest issuer with $955 million onchain.
- Regardless of the report, tokenized shares characterize solely 5.5% of the $34 billion RWA market, whereas tokenized U.S. authorities debt nonetheless leads with $15 billion and commodities comply with at $4.5 billion.
Tokenized shares climbed to a report $2.3 billion in market capitalization on Wednesday, marking a brand new excessive for blockchain-based fairness merchandise as crypto exchanges push deeper into conventional funding territory. Demand is spreading throughout a number of networks, with Ethereum holding 34% market share, BNB Chain at 30% and Solana at 23%. The enlargement is hanging as a result of tokenized equities are not a fringe wrapper, however a rising distribution channel for buyers in search of fractional possession, always-on buying and selling and entry outdoors standard brokerage rails.
The full market cap of tokenized shares is at an all-time excessive of $2.3B, led by @ethereum, @BNBCHAIN, and @solana. pic.twitter.com/1RbDu237uD
— Token Terminal 📊 (@tokenterminal) July 15, 2026
Change-led merchandise drove a lot of the most recent climb. Kraken’s xStocks accounted for $507 million value of tokenized shares, whereas Binance’s bStocks reached $334 million. Ondo Finance remained the biggest issuer, with $955 million in onchain equities. Binance opened zero-commission buying and selling for greater than 7,000 U.S. tokenized shares to eligible customers on June 1, whereas Coinbase rolled out commission-free U.S. inventory and ETF buying and selling with 24/5 availability in December 2025. The race is shifting from itemizing tokens to proudly owning distribution, as platforms compete to turn out to be multi-asset gateways.
Tokenized equities develop, however RWAs nonetheless dwarf them
The market’s momentum additionally displays broader real-world asset progress. Tokenized RWAs surged 589% from early 2025 to June 2026, led by authorities bonds and cash market funds. Tokenized valuable metals attracted about $1.5 billion in worth, rising 39% throughout the identical interval. Shares, regardless of their new report, nonetheless characterize solely about 5.5% of the $34 billion tokenized RWA market. Equities are rising quick from a small base, which makes the headline highly effective but in addition places scale in perspective.
Treasury debt stays the dominant class, with about $15 billion in tokenized U.S. authorities debt representing 44% of the RWA market, adopted by $4.5 billion in tokenized commodities at 13%. Tokenized shares due to this fact sit between retail-friendly branding and institutional competitors for compliant asset rails. Bitget has experimented with a proxy providing tied to SpaceX’s pre-IPO section, Bitpanda plans to develop towards 10,000 shares and ETFs, and Kraken’s xStocks handed $25 billion in cumulative buying and selling quantity inside about eight months of launch. The following check is liquidity high quality, as a result of market capitalization alone is not going to resolve whether or not tokenized shares turn out to be an enduring funding layer. Buyers could like simpler entry, however issuers, brokers and regulators will resolve how far these markets transfer past crypto-native early adopters globally over time.
