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Tokenized stock trading on decentralized exchanges reached USD 48.7 billion over the past year, marking a 10,163.7% increase from the previous 12 months. Uniswap led the market with USD 17.1 billion across its v3 and v4 pools. The rapid increase shows more trading around blockchain-based equities, although trading volume differs from ownership and available liquidity.
The growth comes as exchanges expand tokenized stock access and more blockchain addresses hold these products. At the same time, market data shows that trading remains concentrated among several popular assets.
The central question is whether rising activity can develop into a broad secondary market with enough buyers and sellers across a wider range of tokenized stocks.
The USD 48.7 billion figure measures trading activity rather than the value of tokenized stocks currently in circulation. RWA.xyz reported USD 3.20 billion in distributed tokenized stock value as of October 3.
Distributed value measures tokens that issuers have created and distributed. Meanwhile, Binance Research uses the broader onchain equities category. It valued that market at USD 4.43 billion as of September 15.
That figure followed a 390.4% increase during the year. Despite that growth, onchain equities represented just 0.0029% of the estimated USD 151.9 trillion global listed equity market.
Ownership figures also require context. Token Terminal counted 4.3 million tokenized stock owners in September, nearly 43 times last year's total.
Still, those figures represent blockchain addresses rather than verified individuals. One investor can control several wallets, making wallet counts different from the number of individual investors.
Pantera Capital's September State of Tokenization report found tokenized equity spot turnover reached about 204.6% in June. More than twice the issued token value changed hands during that month.
Yet Pantera noted that category-wide turnover can rise because of a small group of heavily traded products. Other tokenized equities may still record limited activity.
Token Terminal's one-year data shows that concentration clearly. ETF-linked products generated 44.0% of trading volume by reference stock. Nvidia followed at 10.0%, while SPCX represented 7.3%.
The gap becomes clearer at the asset level. QQQb accounted for 28.9% of decentralized exchange volume. SPYx represented 5.3%, while NVDA accounted for 4.9%.
Meanwhile, equity derivatives recorded much greater activity. Hyperliquid and Lighter processed about $67.8 billion in equity perpetual volume during June.
By comparison, tokenized-equity spot trading reached only $4.2 million during the same period. The difference shows that derivatives attracted far more trading activity than tokenized-equity spot markets.
FalconX identifies fractional ownership, near-instant settlement, potential round-the-clock trading, and DeFi utility among the features driving interest in tokenized stocks.
Exchanges have responded by expanding access. Kraken started offering tokenized stocks in 2025, followed by Bybit and OKX. Binance launched bStocks in June 2026.
Binance Research also found that the Capital Activation Rate for equities increased from 1.95% to 7.54% this year. Liquidity pools and lending accounted for most deployed capital. Regulation has also started adapting. On September 17, the SEC issued a temporary Innovation Exemption covering qualifying Tokenized Securities Venues.
Read More: Bullish Coalition Pushes Real Ownership for Tokenized Stocks
The exemption allows eligible venues to trade tokenized NMS stocks through permissioned automated market makers without registering as exchanges. The relief includes limits on trading volume and eligible symbols.
Tokens must also carry the same rights as equivalent shares. The exemption expires five years after publication.
Longer-term estimates remain much larger than today's market. Citi projects a USD 5.5 trillion tokenized-asset market by 2030 under its base case. Citi also estimates that moving 10% of U.S. retail investors onchain could create about USD 2.6 trillion in tokenized-equity demand.
Still, IMF analysis identifies risks involving the legal connection between a token and its underlying asset. That relationship becomes important when investors seek to enforce ownership rights or exit positions.
Tokenized stock trading has expanded rapidly, led by Uniswap and concentrated activity in several major products. Yet trading volume remains distinct from issued value, liquidity, and verified ownership. Regulation and the legal link between tokens and underlying shares will remain central as onchain equities expand.
