Tokenized Equities Hit $3.8 Billion as Market Expands and Competitors Enter

Tokenized stock market passes $3.8 billion in 2026

Tokenized equities reached $3.8 billion this year, up from $654 million in early January, according to a report published Oct. 16 by DWF Labs, a market maker and digital-asset investor.

That is a 483% increase in just a few months. The growth comes as more platforms launch tokenized versions of real company shares, letting people buy and trade stock-like assets on blockchains.

Key numbers from the report

• Total tokenized equity market value: $3.8 billion, up from $654 million in early January.


• Weekly onchain transfer volume: $17.5 billion, a 41.8 times increase.


• Weekly spot trading on decentralized exchanges (crypto trading platforms that let users trade directly without a middleman): $2.54 billion in early October, 55 times the January level.


• Active DeFi value locked in tokenized equities: $313 million, about 20 times the start-of-year level.


• Ondo Finance market share: down to 26% from 56%.


• Ethereum's share of tokenized equities: down to 22% from 50%.


• BNB Chain's share: up to 32% from 9%.

Ondo leads but faces growing competition

DWF Labs values Ondo Finance at $1 billion, making it the largest issuer of tokenized equities. However, its share of the overall market dropped from 56% to 26% as new competitors entered the space.

Binance's bStocks is valued at $905 million with a 24% market share, while xStocks is valued at $954 million. DefiLlama, a separate data tracker, reported different figures: $975.98 million for bStocks, $946.03 million for xStocks, and $3.829 billion for Ondo across 556 assets, though that count includes products beyond just equities.

More platforms are adding tokenized stocks

The expansion is drawing both interest and pushback. Robinhood recently reported $15 billion in stock token trading since its chain launched 100 days ago. EQX plans to add 11 tokenized stock and ETF markets on Hyperliquid. Meanwhile, CoreWeave and Broadcom joined objections to a stock tokenization plan by OKX and Intercontinental Exchange.

Why the shift in blockchain usage matters

Tokenized equities started largely on Ethereum, but that dominance has faded. Ethereum now holds just 22% of the market, down from 50%. BNB Chain has risen to 32%, and Avalanche has reached 9%. The move reflects traders and issuers looking for faster, cheaper alternatives to Ethereum's network.

What remains unclear

Data from DWF Labs and DefiLlama do not always match. DefiLlama lists a much higher total for Ondo than DWF Labs does, likely because it counts a broader range of assets. How much of the current tokenized equity market consists of actual company stocks versus other financial products is also not fully clear.

• The Defiant