Tokenized Stocks Hit Record $2.3B Market Cap
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- Tokenized stocks reached a record $2.3 billion market capitalization as crypto-native platforms expanded their equities offerings
- Kraken launched xStocks in April 2025 granting access to 11,000 US-listed stocks and ETFs, surpassing $25 billion in cumulative trading volume within roughly eight months
- Bitget debuted a proxy offering tied to SpaceX's pre-IPO phase in April, while Vienna-based Bitpanda announced plans in January to expand its lineup to about 10,000 stocks and ETFs
- Despite the record, tokenized stocks make up only about 5.5% of the broader tokenized RWA market, which jumped 589% from early 2025 to June 2026 to reach $34 billion
- Tokenized US Treasury debt dominates the RWA space at $15 billion (44%), followed by tokenized commodities at $4.5 billion (13%), with tokenized precious metals adding roughly $1.5 billion after a 39% rise
Why it matters: The $2.3 billion headline looks impressive, but tokenized stocks are still a sliver of the $34 billion tokenized RWA market that is overwhelmingly anchored by $15 billion in US Treasuries — meaning the institutional onchain flows are chasing yield in tokenized fixed income, not tokenized equity exposure.
