Tokenized stocks hit $3.1B record as BNB Chain takes lead

Tokenized equities hit a record $3.1 billion market cap on Sept. 5 as BNB Chain's bStocks platform took the lead in trading volume.

"Tokenized stocks have found liquidity; financial utility is next," Grayscale Investments said in a research note citing Allium data, pointing to weekly spot volume of about $3 billion in August across Robinhood Chain, BNB Chain and Solana.

BNB Chain's bStocks platform reported roughly $676.8 million in average daily DEX volume by late July, contributing $9.41 billion of the market's $11.3 billion total for the month — more than 83 percent of all tokenized equity volume. On-chain total value locked across major tokenized-stock protocols climbed above $110 million, up from below $10 million for much of 2025, though only about 5 percent of the market is deployed in onchain finance.

The record caps a year in which tokenized equities went from a rounding error to a functioning parallel market for securities. Solana built the category first, processing roughly $5.8 billion in tokenized equity volume during the second quarter — between 95 and 97 percent of global DEX trading — before Robinhood Chain launched July 1 and Binance's bStocks scaled. The SpaceX IPO in June sent Solana's year-over-year volume from $1.34 million to $3.32 billion, a jump of about 2,400 percent.

The holder base is expanding in step. RWA.xyz data shows roughly 3.31 million people now hold tokenized real-world assets, more than double the count 30 days earlier, with consumer platforms including Robinhood adding over 200,000 holders in recent weeks. Token Terminal now tracks more than 4,600 tokenized assets across 45 chains and 310 issuers, though stablecoins account for about 94 percent of the $345 billion it monitors.

Much of the trading volume carries caveats. Platforms have offered trading rewards and liquidity mining incentives that inflate activity beyond organic demand, and a portion of Robinhood Chain's early flow came from memecoins rather than genuine equity tokens. Lending remains thin: tokenized equities deposited in Solana protocols Kamino and Jupiter reached roughly $19 million by August, up tenfold over the past year from a low base.

The pitch for tokenized stocks rests on 24/7 trading, fractional ownership and composability with DeFi — a genuine draw for investors outside the United States without easy access to US markets. For US-based users who already buy fractional shares commission-free, the value is less clear. Further growth in lending and collateral use may hinge on regulatory clarity, with US officials discussing an innovation exemption with safeguards including verified participants and compliance-enabled token standards.

BNB Chain's lead is not guaranteed. Solana venues still process about $24.5 million daily, Robinhood Chain averages $29.7 million, and issuers such as Anchored Finance deploy ERC-20 stocks like aAAPL and aTSLA across multiple EVM chains, fragmenting liquidity in ways single-chain analytics cannot capture. The race for tokenized equity volume now pits an exchange-backed chain against the category's original home and a retail brokerage's new network.

This article is for informational purposes only and does not constitute investment advice.