Wall Street's Onchain Expansion Pushes Tokenized Stocks to Record $2.3 Billion

Tokenized stocks have reached a new milestone, with the sector's market capitalization climbing to a record $2.3 billion as cryptocurrency exchanges rapidly expand their offerings and investors increasingly embrace blockchain-based versions of publicly traded companies.

The latest figures, first reported by Cointelegraph using data from Token Terminal, highlight how tokenized equities are evolving from an experimental product into one of crypto's fastest-growing sectors.

Rather than competing solely on crypto trading, exchanges are now competing to become full-service investment platforms—offering everything from Bitcoin and stablecoins to tokenized shares, ETFs and, increasingly, private market opportunities.

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Three Chains Are Winning the Battle

Ethereum continues to dominate tokenized equities, hosting 34% of the market, while BNB Chain has captured 30%. Solana has quickly established itself as the third major ecosystem with 23%, reflecting growing demand for lower-cost, high-speed trading infrastructure.

The exchange landscape has become equally competitive.

Kraken's xStocks platform has accumulated approximately $507 million in tokenized equities, while Binance's bStocks has grown to roughly $334 million. Meanwhile, Ondo Finance remains the largest issuer overall, with nearly $955 million worth of tokenized stocks circulating onchain.

The numbers suggest that investors are increasingly treating blockchain as another venue for equity markets rather than simply a place to trade cryptocurrencies.

Exchanges Are Expanding Beyond Crypto

The surge comes after a wave of product launches aimed at blurring the line between traditional finance and digital assets.

Binance recently expanded access to more than 7,000 tokenized US stocks with zero-commission trading for eligible users, while Coinbase previously introduced commission-free stock and ETF trading with extended market hours.

Elsewhere, Bitpanda plans to add around 10,000 stocks and ETFs to its platform, and Bitget has experimented with tokenized exposure to private companies by offering blockchain-based access tied to SpaceX's pre-IPO shares.

Kraken has arguably become one of the biggest success stories. Since launching xStocks, cumulative trading volume has surpassed $25 billion, demonstrating that investor demand extends well beyond early crypto adopters.

Why Investors Are Interested

Unlike traditional brokerages, tokenized stocks can offer fractional ownership, faster settlement and, in many jurisdictions, significantly longer trading hours—sometimes operating around the clock.

For investors outside the United States, they also provide easier access to US-listed companies without relying on legacy brokerage infrastructure.

While regulatory frameworks continue to evolve, exchanges clearly see tokenized equities as a key battleground for attracting the next generation of investors.

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Equities Are Still Just the Beginning

Even after reaching a record valuation, tokenized stocks remain only a small part of the broader real-world asset (RWA) economy.

According to Binance Research, the tokenized RWA sector has expanded nearly 589% since early 2025 to approximately $34 billion, led primarily by tokenized US Treasuries, money market funds and commodities.

US Treasury products alone account for roughly $15 billion, or 44% of the market, while tokenized commodities represent another $4.5 billion. By comparison, tokenized equities currently make up just 5.5% of the sector.

That gap highlights how early the market still is. If exchanges continue bringing thousands of listed companies onto blockchain rails—and investors continue embracing 24/7 trading—the current $2.3 billion market may prove to be only the opening chapter of Wall Street's migration onchain.