STANDBY TO STANDBY! Tokenised Equities Break the $1 Billion Mark
- Shawn Jhanji
- Apr 24
- 2 min read
— and This Is Just the Beginning!
A milestone that seemed ambitious at the start of 2025 has been quietly crossed: the total value of tokenised equities on public blockchains has surpassed $1 billion. The figure represents a year-on-year growth of approximately 2,878% — from just $32 million twelve months ago — and is accelerating.
For a sector that spent years in proof-of-concept mode, the numbers are finally moving in a direction that demands attention from founders, investors, and regulators alike.
How We Got Here
The tokenised equity market existed in embryonic form for several years, primarily as a feature of niche DeFi protocols offering synthetic exposure to US stocks. The transformation began in late 2025, when a confluence of infrastructure improvements, regulatory clarity, and institutional interest combined to produce genuine market momentum.
Ondo Global Markets, which launched in September 2025, became the largest tokenised stock platform within 48 hours of going live — reflecting pent-up demand, particularly from non-US investors seeking blockchain-based access to US equities. BlackRock's BUIDL fund, now with over $2.2 billion in total value locked across Ethereum, Solana, and Polygon, demonstrated that institutional appetite for tokenised financial instruments was real.
On the infrastructure side, Fireblocks, BitGo, and Anchorage Digital now provide institutional-grade custody for tokenised securities. In December 2025, the SEC issued guidance explicitly permitting broker-dealer custody of tokenised securities with appropriate key management — removing one of the key legal uncertainties that had prevented institutional participation.
The DTCC Pilot
Perhaps the most significant institutional development yet: the SEC authorised a three-year pilot enabling the DTCC (the Depository Trust and Clearing Corporation — the backbone of US financial markets) to tokenise Russell 1000 equities, US Treasury securities, and major index ETFs. This pilot is expected to launch in H2 2026. If successful, it would mean the core infrastructure of US public markets is running on blockchain rails.
What This Means for UK Founders
The rise of tokenised equities is not purely a US story. For UK startup founders and investors, the trend signals three important shifts:
First, the infrastructure for tokenised private equity is maturing rapidly, borrowing from the public equity playbook. The custody solutions, compliance frameworks, and settlement rails being built for public tokenised equities will flow downstream into private markets.
Second, international investors — particularly from Asia and the Middle East — are increasingly comfortable accessing equity exposure via blockchain rails, expanding the potential investor base for tokenised UK startups.
Third, the gap between public and private tokenised equity is narrowing, strengthening the commercial case for platforms like PISCES and tokenised secondary markets for private shares.
Key Takeaways
Tokenised equities on public blockchains crossed the $1 billion mark in March 2026, up from $32 million a year earlier — a 2,878% increase
Ondo Global Markets became the largest tokenised stock platform within 48 hours of its September 2025 launch
The DTCC has been approved for a three-year pilot to tokenise Russell 1000 equities and US Treasuries, expected to launch H2 2026
Institutional custody solutions from Fireblocks, BitGo, and Anchorage now support the asset class at scale
The milestone strengthens the commercial case for tokenised private equity in the UK and beyond
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