Tokenized stocks hit $2.6B onchain, up 5x in a year

Two to three issuers control over 80% of the tokenized stock market, a concentration level that reflects the sector's youth and the regulatory complexity of bringing traditional securities onchain. Ondo Finance, Kraken's xStocks, and Binance's bStocks are the top players. The concentration introduces counterparty risk: the tokenized stock a buyer holds is only as reliable as the entity that wrapped it, traders said.

A large portion of demand comes from outside the United States. Many products are structured under Regulation S, allowing offerings to non-US investors without full SEC registration. Data platforms such as RWA.xyz have become essential for institutional allocators seeking transparency.

Tokenized stocks remain a small fraction of the $100 trillion global equity market. But the growth rate is what draws attention. A fivefold increase in one year, with projections that the number of wallets holding tokenized equities could reach 1 million by the end of 2026, suggests adoption is accelerating, according to Token Terminal's analysts.