Tokenized equities hit $5.16B daily volume in June as altcoin market cap shrank 31.6%. Coinbase, Binance, and Hyperliquid lead the shift toward on-chain stocks.
The on-chain casino ran on altcoins for years. Lately, a chunk of that energy has swung toward stocks.
On Gate, a tokenized SpaceX product cleared more than $100 million on day one. Before its first Nasdaq trade, more than $270 million had already moved through SPCX perpetual futures on Hyperliquid. The same day, a tokenized SPCX went live on Solana, issued by Backpack and redeemable for the underlying shares.
Daily trading volume for tokenized equities hit a record $5.16 billion in June, mostly on Binance and Hyperliquid, according to data from The Block. Their combined market cap has climbed from about $20 million in late 2024 to roughly $1.4 billion, up 114% in the last six months alone.
Meanwhile, the 'Others' market cap – all altcoins excluding ETH – has shrunk from a peak of over $1 trillion in late 2024 to $433 billion. It is down 31.6% in the last year. The Altcoin Season Index sits at around 46 out of 100, well short of the 75 that signals a real altseason.
The mechanism that broke
Back in 2020, Terra's Mirror Protocol let people trade synthetic versions of Tesla, Apple, and the S&P 500 as "mAssets." By May 2022, it had all unwound: Terra collapsed, Mirror got drained by a $90 million exploit, and the SEC came knocking over unregistered securities.
Despite clear demand, the industry stopped dead. Builders did not want regulators breathing down their necks.
That changed in mid-2025, when SEC chair Paul Atkins dropped the Gensler-era habit of regulation by enforcement.
The dominant model is asset-backed. A regulated custodian holds real shares 1:1 and issues tokens against them through a special purpose vehicle (SPV). Backed Finance's xStocks works this way and dominates the market, with tokens on Solana, Ethereum, and other chains.
A few rules hold across most of these. You get no voting rights. Dividends rarely arrive as cash; instead, the token rebases, so your balance grows to reflect the payout. Redemption depends on the issuer: some pay cash, while a few, like Backpack's SPCX, hand back the actual shares.
Where the volume lives
By the numbers, individual tokenized stocks are still niche on-chain. The most popular names do upwards of $10 million a day, though most trade a few million or less. By 24-hour volume, the top tokenized stocks barely crack the top 100 altcoins, and only about 40 of the roughly 200 trade in meaningful size.
On June 1, Binance opened real US stock trading. Not tokenized – just 7,000-plus actual shares through a regulated broker, settled in stablecoins and BNB. Within nine days, it was turning over around $143 million a day, several times the entire tokenized-equity spot market.
Hyperliquid has become the main venue for trading stocks on-chain, with equity and commodity perps now about 35% of its volume. Each builder that lists new markets locks up 500,000 HYPE (currently ~$37 million).
Tokenized stocks are turning up across the rest of the stack too. Kraken and Bybit list dozens of xStocks for spot trading. Lending markets like Kamino take them as collateral. Perp venues like Aster accept them as margin. Trust Wallet just added Binance's bStocks, letting users swap into tokenized NVDA, TSLA, and others and put them to work across BNB Chain DeFi.
The biggest US exchange steps in
In mid-June, Coinbase unveiled its own tokenized stocks, backed 1:1 by real equities with automatic dividends. CEO Brian Armstrong called it real on-chain ownership, not a derivative or IOU.
That access is spreading to the wallets people already use. Trust Wallet just added Binance's bStocks, letting users swap into tokenized NVDA, TSLA, and others and put them to work across BNB Chain DeFi.
Convergence, not replacement
Neither side is eating the other. Tokenized stocks hand crypto users 24/7 access to real companies. That same competition is pushing altcoins to back their valuations with revenue instead of vibes. Venice's VVV funds a buyback from subscription revenue. Both are valued on the cash they throw off, a sign that tokens with real revenue are starting to be judged like stocks.
A handful of stocks are picking up crypto's worst habits in return. The two markets are converging.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.