The number of tokenized stock holders more than doubled over the past month to 1.31 million, according to RWA.xyz data. Monthly transfer volume surged 179% to $23.13 billion, while monthly active addresses increased 34.62% to nearly 572,000. Distributed value of tokenized equities rose 5.9% to $2.38 billion. Ondo currently leads the market with approximately $872 million in distributed value, followed by Kraken’s xStocks at $557.8 million and Binance’s bStocks at $521.8 million.
Tokenized Stock Adoption Accelerates
Tokenized equities are experiencing rapid growth as more investors gain access to traditional stocks through blockchain-based financial products.
According to RWA.xyz data, the number of tokenized stock holders reached 1.31 million, more than doubling over the past month.
The growth was accompanied by a significant increase in transaction activity.
Monthly transfer volume surged approximately 179% to $23.13 billion, while monthly active addresses increased 34.62% to nearly 572,000.
The total distributed value of tokenized stocks also increased 5.9% to approximately $2.38 billion.
Ondo Leads Tokenized Stock Market
Ondo currently holds the largest share of the tokenized equity market based on distributed value.
The platform has approximately $872 million in distributed value.
Kraken’s xStocks ranks second with approximately $557.8 million, followed by Binance’s bStocks at approximately $521.8 million.
Binance’s bStocks launched in June and has rapidly closed the gap with xStocks, sitting only about $36 million behind the platform in distributed value.
The relatively narrow difference between the two platforms highlights the speed at which new tokenized equity products can gain market share.
Individual Tokenized Assets Expand
Several individual tokenized assets also represent substantial portions of the market.
According to RWA.xyz, the largest individual tokenized assets by distributed value include Securitize at $145.2 million, Strategy PP Variable xStock at $135.6 million and Ondo’s tokenized Circle shares at $99.7 million.
The figures demonstrate that tokenization is moving beyond a small number of experimental products and into a broader range of individual publicly traded assets.
Crypto Platforms Push Into Private Markets
The latest growth in tokenized equities follows a broader expansion by cryptocurrency platforms into private-market and pre-IPO products.
The trend accelerated earlier this year around SpaceX ahead of its June 12 public-market debut.
Binance, Coinbase, Kraken, Bybit, Bitget and Blockchain.com introduced products connected to SpaceX, offering various forms of pre-IPO exposure, tokenized products, perpetual futures and proxy instruments.
The activity demonstrated strong demand for blockchain-based access to private companies before they become publicly traded.
SpaceX Exposes Challenges of Pre-IPO Tokenization
The rapid growth of pre-IPO products also exposed challenges within the emerging market.
Binance, Bybit and Bitget Wallet canceled their tokenized SpaceX IPO campaigns after xStocks was unable to secure enough underlying shares to meet demand.
Subscribers were subsequently offered refunds.
Binance’s campaign had attracted approximately $557 million before the public listing, demonstrating the scale of investor demand for private-market exposure.
Although the pre-IPO allocation campaigns encountered difficulties, tokenized SpaceX exposure continued to grow following the company’s June 12 listing.
Binance’s bStocks product had reached approximately $67.9 million in distributed value, ranking seventh among individual tokenized assets tracked by RWA.xyz.
Tokenization Market Moves Toward Scale
The expansion of tokenized equities forms part of a broader increase in real-world asset tokenization.
The market is attracting increasing interest from financial institutions, cryptocurrency exchanges and blockchain infrastructure providers seeking to bring traditional financial assets onto blockchain networks.
Standard Chartered has forecast that the tokenized real-world asset market could reach approximately $4 trillion by the end of 2028.
The rapid increase in tokenized stock holders and transaction volume provides an early indication of how quickly blockchain-based representations of traditional assets can gain adoption.
Market Infrastructure Continues to Develop
The growth in tokenized equities is also creating a new layer of market infrastructure connecting traditional securities with blockchain-based settlement and trading.
The increase in active addresses suggests that adoption is expanding beyond simply holding tokenized assets.
At the same time, the surge in transfer volume indicates increasing activity across the market, although the available data does not by itself establish how much of that activity represents long-term investment, trading or transfers between wallets.
The continued development of issuance platforms and exchange-based products could further expand the range of traditional assets available through blockchain infrastructure.
Closing Insights
The tokenized equity market is entering a period of rapid expansion, with holders surpassing 1.31 million and monthly transfer volume reaching $23.13 billion. Ondo remains the leading platform by distributed value, while Kraken’s xStocks and Binance’s bStocks are competing closely for the second position. The earlier difficulties surrounding SpaceX pre-IPO allocations demonstrate that demand alone does not guarantee sufficient access to underlying securities, but the continued growth of tokenized equities following public listings suggests that blockchain-based market access is becoming increasingly established. With the broader real-world asset tokenization market projected to reach $4 trillion by 2028, tokenized stocks could become an increasingly important bridge between traditional capital markets and digital asset infrastructure.
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