CoinGecko data shows tokenized equities, commodities, and forex on Binance, OKX, Bybit, and others surged from $1.4B to $6.6B since Jan 2025. Perpetual futures dominate, spot lags.
Alpha Score of 37 reflects weak overall profile with strong momentum, poor value, poor quality, moderate sentiment.
The market capitalization of tokenized traditional finance products on crypto exchanges has swollen fivefold since January 2025, hitting $6.6 billion by June 2026, according to CoinGecko data. The figure covers tokenized equities, commodities, precious metals, indexes and foreign exchange listed on Binance, OKX, Bybit, Bitget, Gate and MEXC.
The expansion began with tokenized precious metals. But U.S. stock perpetual futures had overtaken them in both trading volume and open interest by mid-2026. Interest centered on semiconductor companies and anticipated initial public offerings, reflecting how quickly crypto traders pursue familiar market narratives through new instruments. Tokenized equities are now driving activity more forcefully than the assets that initially built the sector, CoinGecko said.
Perpetual futures account for most trading activity, while spot markets remain comparatively small. Traders favor derivatives because they offer leverage, and exchanges can list perpetual contracts without issuing or custodying the underlying tokenized securities or commodities. The market's headline growth is therefore being powered primarily by synthetic exposure rather than direct ownership. CoinGecko noted that the distinction matters because a $6.6 billion market can sound like widespread asset tokenization even when much of the volume comes from contracts tracking prices instead of blockchain representations that grant ownership or claims on underlying assets.
Centralized exchanges are broadening their product menus as competition intensifies from decentralized venues and traditional brokerages expanding into digital assets. CoinGecko's findings show those boundaries becoming increasingly difficult to separate, with crypto platforms offering stocks and commodities while brokers add crypto services. The convergence is turning exchanges into competitors across both digital and conventional markets. The unresolved issue is whether tokenized TradFi can maintain its momentum beyond leveraged speculation. Sustained growth may depend on deeper spot liquidity, clearer investor protections and products that offer practical advantages over existing brokerage accounts, CoinGecko said.
For more on how crypto markets are evolving, see crypto market analysis.
The data covers products across six exchanges, with perpetual futures representing the bulk of activity. The shift from precious metals to equities suggests the market is following familiar equity narratives rather than inventing entirely new ones.
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