Dune stated in a new report that tokenized markets show different trading and investment patterns compared to traditional ones. The value of tokenized RWA reached $34.5 billion as of August 31. In the tokenized equities segment, 81% of the spot supply is in single stocks and 19% in ETFs.

Single Stocks Dominate Tokenized Equities

Comparing on-chain and off-chain activity in stocks, credit, commodities, and cash equivalents, Dune noted that the most pronounced differences are seen in equities. According to Armand Khatri, Head of Ecosystem at Ondo Finance, tokenization reduces reliance on local intermediaries and gives investors more control over their exposure—“the investor decides what they need.” Cash equivalents remain the dominant category by supply, while equities are the most actively traded segment.

US Expands Regime for Tokenized Trading

On September 17, the US Securities and Exchange Commission (SEC) granted a temporary exemption allowing limited trading of tokenized stocks listed in the US on certain on-chain platforms, subject to volume limits, transparency requirements, and other conditions. On September 22, CFTC Chair Michael Selig called on US markets to prepare for “mass tokenization” during a US Treasury market conference.

NYSE and Blockchain.com Agree on Access to Tokenized Stocks

On September 23, the New York Stock Exchange and Blockchain.com announced the signing of a memorandum of understanding aimed at providing Blockchain.com users access to tokenized stocks and ETFs listed in the US through a planned NYSE digital trading platform. The initiative is subject to regulatory approval.

Tokenized Stocks Still a Fraction of the Global Market

According to Binance Research, as of September 15, the tokenized stock market totaled $4.43 billion—a 390% increase projected by 2026, but only 0.0029% of the global listed equity market valued at $151.9 trillion. The base case projects tokenized stocks to grow to about $349 billion by 2030. Binance Co-CEO Richard Teng noted that tokenization could change investor access to the equity market, but this shift “will not happen overnight.”