Tokenized markets exhibit different trading and investment patterns compared to traditional markets, according to a Dune report that examined onchain and off-chain activity across equities, credit, commodities, and cash-equivalent products.
The differences are particularly pronounced in the equities segment. Single stocks account for 81% of tokenized equity spot supply, while exchange-traded funds (ETFs) comprise 19% of the market.
Armand Khatri, head of ecosystem at Ondo Finance, attributed this composition to the advantages tokenization provides investors. "The investor decides which they want," Khatri said, noting that tokenization reduces dependence on local intermediaries' offerings and gives investors more control over asset selection between single-company and index exposure.
Market Scale and Growth
Dune valued the tokenized real-world assets market at $34.5 billion as of Aug. 31, reflecting growth of more than 140% over the prior year. Cash equivalents remain the largest supply category, while equities generate the most trading activity.
Separate data from Binance Research, cited by Binance co-CEO Richard Teng, placed the tokenized equity market at $4.43 billion as of Sept. 15, representing a 390% increase in 2026 but equivalent to just 0.0029% of the $151.9 trillion global listed-equity market.
Binance Research projected tokenized equities could reach approximately $349 billion by 2030 under its base-case scenario. Teng noted that while tokenization could transform how investors access equity markets, the transition "won't happen overnight."
Regulatory Developments
US regulators and exchanges have begun implementing measures to support tokenized trading expansion. On Sept. 17, the US Securities and Exchange Commission granted a temporary exemption permitting limited onchain trading of tokenized US-listed stocks.
The New York Stock Exchange and Blockchain.com announced plans to offer tokenized US-listed stocks and ETFs through NYSE's planned digital trading platform, pending regulatory approval.
