Tokenized stocks are driving significant activity on decentralized exchanges, with three tokens accounting for nearly 45% of total trading volume in the category. According to Token Terminal data from September 7, SPY deployed on Robinhood Chain, rGOOGL on Arbitrum, and HOODb saw the largest gains over the previous 30 days.
SPY on Robinhood Chain led the movement, climbing 1,314% to reach a $17.4 million market cap. Reality's rGOOGL followed with a 530.9% increase to $18.8 million, while Binance bStocks' HOODb rose 428.7% to $5.7 million. Binance bStocks' MSTRb became the largest asset by market cap among the top five movers, reaching $53.8 million after a 334.6% gain.
Additional Robinhood-based tokens also posted substantial increases. NVDA climbed 284.4% to $15.2 million, SPACEX rose 276.6% to $8.7 million, AAPL gained 249.9% to $5.6 million, and GME increased 219.4% to $3.9 million. Dozens of other tokenized stocks recorded gains of at least 50% during the same period.
Trading volume remained concentrated among the largest tokens. Over 90 days, QQQb led with $4.5 billion in volume, followed by SPYx at $1.5 billion and SPCXb at $1.1 billion. These three tokens accounted for $7.1 billion of the category's total $15.9 billion in decentralized exchange volume, which itself rose 1,250.8%.
The activity reflects broader momentum in tokenized equities. Tokenized stocks expanded from 14 listed coins to 478 between January 2024 and May 2026, a gain exceeding 3,300%, outpacing growth in real-world assets and AI-linked tokens over the same period. Robinhood Chain, which launched in early July, contributed to this trend by accumulating over $200 million in total value locked within its first week.
However, the International Monetary Fund cautioned in April that tokenization removes settlement delays that normally allow banks and regulators to manage liquidity and intervene during market stress, suggesting efficiency gains come with reduced oversight opportunities.
