The market for tokenized equities has expanded rapidly in 2026, with total value rising from roughly $654 million in the week of January 5 to $3.8 billion in the week of October 5—an increase of 483 percent—according to research published by DWF Labs.
While overall capitalization has grown substantially, leadership has become more fragmented as additional issuers entered and existing platforms gained traction.
Ondo Finance remains the largest single issuer by value, holding about $1 billion.
Its share of the category, however, declined from 56 percent early in the year to 26 percent by early October. Much of the shift is attributable to newer products.
Binance’s bStocks, introduced in June 2026, reached approximately $905 million (about 24 percent of the market) after an initial surge past $100 million within two weeks of launch.
Robinhood’s tokenized equities offering, which began in July, grew from around $20 million to $170 million over the same period.Other platforms also advanced.
xStocks increased from $187 million to $954 million and retained roughly a 25 percent share.
Securitize reached about $290 million (8 percent), driven in part by the tokenization of a portion of its own newly listed shares.
These movements illustrate how entry by established trading platforms and specialized issuers has redistributed activity that was previously more concentrated.
Network distribution has shifted alongside the issuer landscape.
Ethereum accounted for half of tokenized equity value at the start of the year but fell to 22 percent by October.
BNB Chain rose from 9 percent to 32 percent, reinforced by Binance’s bStocks launch; several of the largest individual tokenized equities by value now reside on that network.
Avalanche, which held no measurable share at the beginning of the year, reached about 9 percent after Securitize’s activity began there in July.
Usage metrics show that growth has not been limited to idle capitalization.
Weekly transfer volume (covering any movement of tokens between addresses) rose more than 40-fold to $17.5 billion, while weekly spot trading volume on decentralized exchanges increased roughly 55-fold to $2.54 billion.
Trading velocity relative to market capitalization improved markedly.
DeFi deployment also expanded, with active total value locked rising from about $15.5 million at the start of January to $313 million by mid-October—roughly 8 percent of category market capitalization, up from around 2 percent earlier in the year.
Activity has spread beyond any single chain, with meaningful volumes appearing on Solana, Robinhood Chain, BNB Chain, and Base.
Even with these gains, tokenized equities remain a small fraction of traditional equity markets, which DWF Labs estimates at approximately $75 trillion in the United States and $150 trillion globally.
The report highlights both the scale of potential further growth and the importance of genuine on-chain utility beyond simple tokenization.
It is essential for all industry participants to recognize that products commonly described as “tokenized stocks” or “tokenized equities” are not necessarily digital securities that represent direct ownership of the underlying shares with the full suite of associated rights (such as voting).
Many of the offerings driving current volume provide economic or price exposure through certificates, structured notes, tracker instruments, or similar arrangements issued by third parties.
Holders typically do not appear on the issuer’s share register and may lack direct shareholder privileges, even when the tokens are backed by underlying assets held in custody.
Regulatory treatment, investor protections, and economic claims vary by structure and jurisdiction.
Clear communication of these distinctions—rather than treating the category as interchangeable with traditional or fully tokenized securities—helps reduce the risk of misunderstanding among users, platforms, and other market participants as the sector continues to develop.
