Tokenized stocks reach record $2.3B market cap as adoption grows

Tokenized stocks just crossed a threshold that would have seemed ambitious two years ago. The sector hit a record market cap of $2.3 billion around mid-July 2026, according to data from Token Terminal, nearly doubling since March 2026 when the total first cleared $1 billion.

Who’s building it and where it lives

Ethereum leads the chain-level race with 34% of tokenized stock market share, followed closely by BNB Chain at 30% and Solana at 23%.

On the issuer side, Ondo Finance sits at the top with $955 million in onchain equities, making it by far the largest single player in the space. Kraken’s xStocks product holds $507 million, and Binance’s bStocks rounds out the top three at $334 million.

Kraken’s xStocks launched in April 2025, and cumulative trading volume on the platform exceeded $25 billion within eight months of launch.

Solana’s tokenized stock market cap reached $539 million by June 2026, and trading volumes on the network saw a sixfold increase totaling $4.9 billion in the first half of 2026 compared to the second half of 2025.

Why this is bigger than the numbers suggest

Tokenized stocks currently represent about 5.5% of the overall tokenized real-world asset market.

The core value proposition here is access. Tokenized stocks enable fractional ownership, run on blockchains that operate around the clock, and are accessible to non-U.S. investors who historically faced the highest barriers.

NYSE’s partnership with Securitize is working to expand tokenized equity offerings and enable 24/7 trading, which would be a structural change from the current model of market hours constrained by exchange operating times.

What this means for investors

Liquidity is improving as platforms scale, but it is still nowhere near the depth of conventional exchanges. Ondo Finance, Kraken, and Binance each have different structures for how underlying shares are held, custodied, and redeemable, and those structural differences carry different risk profiles.

Ondo Finance’s lead comes partly from its integration with DeFi protocols, meaning tokenized stocks can be used as collateral, lent out, or traded in automated markets, not just held.

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