BNB Chain emerged as the dominant blockchain for tokenized equities in the third quarter, with trading volume reaching approximately $25.6 billion and total supply climbing to $1.13 billion.
The growth represented a significant acceleration for the tokenized-equity market. Trading volume surged roughly eleven times from the previous quarter's $2.4 billion, with $24.4 billion flowing through decentralized exchanges and an additional $1.2 billion processed by Ondo Global Markets.
Market Leadership and Competition
BNB Chain captured more than half of the $45.8 billion in tokenized-asset decentralized exchange volume tracked across major blockchains during the quarter. Robinhood Chain followed with $10.2 billion in volume, while Solana processed $6.4 billion.
Tokenized-asset trading pairs expanded to represent 32.3% of all spot decentralized exchange volume on BNB Chain, up from 0.2% in the second quarter.
Supply and User Growth
BNB Chain's tokenized equity supply doubled from $560 million at the end of Q2, representing approximately 39% of the $2.89 billion in tokenized public equities tracked across all blockchains. The network also led in holder distribution, with approximately 1.8 million tokenized-equity holders representing 38% of the cross-chain total.
Broader real-world asset markets expanded alongside tokenized equities. Non-stablecoin RWA supply increased 24% to $4.96 billion, including $3.77 billion in tokenized Treasuries.
Network Economics
The tokenized equity surge translated into increased network revenue. BNB Chain's network revenue climbed 54% quarter over quarter to $54.2 million, while token-holder net income rose 57% to $45.1 million. Total quarterly transactions increased 7.5% to 1.51 billion.
Growth in tokenized equities was led by bStocks, which completed its first full quarter after launching in June. The expansion has raised questions about sustainability, as trading has concentrated heavily in a single product, with one tokenized ETF accounting for roughly 80% of bStocks decentralized exchange volume.
