Tokenized equities are still a rounding error next to the stock market they copy. A year ago they were close to invisible, and now millions of wallets hold them.
Start with the size problem. Global equities are worth roughly $145 trillion. As of November 5, RWA.xyz measured tokenized stocks at $3.99 billion in distributed value. Divide one by the other and tokenized equities come to about 0.003% of the market.
Now look at the speed. CoinGecko’s 2026 RWA report shows the category going from about $2 million in mid-2025 to nearly $500 million by March 2026. By then RWA.xyz data showed the market passing $1 billion, with Forklog reporting a rise of 2,900% in a year. By June 9, RWA.xyz had the total at $1.5 billion.
The latest reading, from the research brief behind this piece, puts the total at $3.99 billion, up 19.4% in 30 days.
Tokenized equities: The growth survived a bad crypto year
The easy explanation is a crypto boom, but that isn’t what happened. Bitcoin was near $82,000 in mid-October 2026, in what that report called a recovery. Tokenized stocks kept growing through the correction anyway.
Glassnode’s data fits the same pattern. It tracked about 254,000 addresses holding xStocks tokens in September, five times more than a year earlier. xStocks and bStocks together held roughly $1.37 billion on-chain. That is still small, but it grew while most of crypto was struggling.
The story inside the numbers: more people than money
Here is the stat that gets less attention than the dollar totals. On September 28, RWA.xyz counted 4,010,763 addresses holding tokenized stocks, up 67% in thirty days.
Compare that with the money. The Block’s research put total tokenized-stock value at $3.15 billion in September, up from $678 million in January. Spread $3.15 billion across about 4 million wallets and each holds roughly $800. That is my own division, and the two figures come from different dates and methods, so treat it as a rough guide.
It still suggests the growth is coming from many small accounts rather than a few big ones. People are buying a slice of a stock, not a block of it.
The platform breakdown supports this. bStocks had 1,402,291 holders, Robinhood had 1,525,585 across two products, and xStocks had 666,831. Those are retail-scale numbers.
Trading is busier than the totals suggest
The market also trades far more than it holds. RWA.xyz showed $34.68 billion in monthly transfer volume against $3.99 billion in value on November 5. That is roughly nine times the value moving in a single month.
Volume is uneven, though. In September, monthly transfer volume fell 71% in thirty days to $12.29 billion, even as holders rose 67%. That suggests new users arrive in waves, and trading doesn’t always follow them.
Individual platforms show the same thing. About 70% of bStocks’ $35 billion in cumulative trading volume happened on-chain. Kraken said xStocks passed $25 billion in total volume, including more than $3.5 billion on-chain and 80,000+ unique on-chain holders as of its February update.
Three issuers, and a new one came fast
The market is concentrated. In March, RWA.xyz showed Ondo holding about 58% of the segment and xStocks about 24%, which Foresight Ventures called an early duopoly.
That picture changed within months. Binance launched bStocks on June 11. By September they held $772 million, close behind Ondo’s $881 million and ahead of xStocks’ $574 million. That is about a quarter of the market, three months after launch.
The November 5 RWA.xyz reading in the research brief puts bStocks first at $1.6 billion, ahead of xStocks at $685.5 million. Ondo was at about $912.6 million in late October. This race is moving faster than the overall market.
Why the numbers disagree
The figures in this story don’t always match, and that is normal for a young market. RWA.xyz reported $3.99 billion on November 5. CoinGecko’s tokenized-stock category showed $3.13 billion the same day. Binance Research separated a $4.0 billion “active” market cap from a $4.7 billion on-chain total in September.
These measures count different things, such as distributed versus represented products, so a headline number is only as good as its definition. Quote the source and the date, and don’t mix series.
Why it matters
This data shows the market’s shape before the dollar totals do. Millions of people are holding tokenized stocks, and a $4 billion market that gains new wallets this fast can attract regulators, banks and exchanges. Regulators have started to move. An SEC exemption would let qualifying venues offer tokenized US equities domestically, which Ondo and xStocks generally can’t do today. If US access opens up, a market this small could change quickly.
Dan is a seasoned crypto writer for Blockchaindose who got his start in the space back in 2019. Over the past four years, he’s built a solid grasp of how the industry moves, focusing heavily on DeFi, NFTs, GameFi, and promising new projects.
Off the clock, you’ll usually find him buried in a good book or kicking back with a movie. His blend of hands-on market experience and straightforward commentary makes him a clear, trusted voice across the platform.
