Tokenised Stock Holders Double to 1.31 Million as Monthly Trading Volume Jumps 179 Per Cent to 23.13 Billion Dollars

If you are still treating tokenised equity as a slow burn regulatory story, the retail adoption numbers out this week are a reminder that the market is not waiting for permission. The total number of holders of tokenised stocks climbed to 1.31 million, more than double the figure recorded 30 days earlier, according to data published by RWA.xyz. Monthly transfer volume rose 179 per cent over the same period to 23.13 billion dollars.

Monthly active addresses increased 34.62 per cent to nearly 572,000, and total distributed value across the sector grew 5.9 per cent to 2.38 billion dollars. The growth sits inside a wider expansion across real world asset tokenisation, with Standard Chartered forecasting that the total tokenised RWA market could reach 4 trillion dollars by the end of 2028.

Three platforms account for the bulk of the distributed value. Ondo Finance holds approximately 872 million dollars, Kraken's xStocks follows at 557.8 million dollars, and Binance's bStocks sits at 521.8 million dollars.

Binance only launched bStocks in June 2026, and it has already closed to within roughly 36 million dollars of xStocks, a fast catch up in a market most assumed the earlier movers would keep locked down.

Among individual tokenised assets, Securitize holds the largest distributed value at 145.2 million dollars, followed by Strategy PP Variable xStock at 135.6 million dollars and Ondo's tokenised Circle shares at 99.7 million dollars. Tokenised SpaceX exposure through Binance's bStocks has grown to 67.9 million dollars in distributed value since SpaceX's 12 June listing, placing it seventh among individual tokenised assets in the RWA.xyz dataset.

That SpaceX exposure came with a stumble worth noting for anyone weighing how resilient this infrastructure really is. A wave of crypto platforms, including Binance, Coinbase, Kraken, Bybit, Bitget and Blockchain.com, rolled out tokenised pre-IPO products, perpetual futures and proxy tokens ahead of SpaceX's public market debut, with a single Binance campaign drawing 557 million dollars in subscriptions before the listing date.

You might recall that Binance, Bybit and Bitget Wallet all cancelled their tokenised SpaceX pre-IPO campaigns after xStocks failed to secure enough underlying shares to fill demand, and customers were refunded. Demand for SpaceX exposure has continued since the listing through bStocks regardless.

So as momentum continues at pace, the general read is less about the individual tickers and more about what the volume growth signals: tokenised equity access is scaling fastest where it is easiest to reach, largely offshore exchange rails serving retail demand for US listed names.

Britain's own approach, built around PISCES trading events and regulated custody rather than exchange listed tokenised proxies, is deliberately slower and narrower in who can access it. The gap between the two models is exactly the terrain we keep returning to: whether a more permissive, faster moving offshore market pulls UK liquidity and attention away from the regulated path, or whether the regulated path proves to be the more durable one once the current wave of enthusiasm is tested by a downturn or a shortfall like the SpaceX subscription episode.

Key Takeaways

• Tokenised stock holders more than doubled in 30 days to 1.31 million, with monthly transfer volume up 179 per cent to 23.13 billion dollars, according to RWA.xyz.

• Ondo Finance, Kraken's xStocks and Binance's bStocks hold the largest share of distributed value, with Binance closing the gap on the earlier movers within two months of launch.

• Standard Chartered forecasts the total tokenised real world asset market could reach 4 trillion dollars by the end of 2028.

• The SpaceX tokenised pre-IPO episode, where Binance, Bybit and Bitget Wallet had to cancel campaigns and refund customers after failing to secure enough underlying shares, is a live case study in the operational limits of fast growing tokenised equity products.

• The volume growth sharpens the contrast between offshore, exchange led tokenised equity markets and the UK's slower, more tightly regulated PISCES model, a divergence UK founders and platforms should watch closely.

Sources

RWA.xyz data, CoinMarketCap Academy: https://coinmarketcap.com/academy/article/tokenized-stock-holders-volume-rwa-market

How the tokenised stock market grew: earlier milestones

The Ondo figures in this timeline are total value locked, while the figure of about 872 million dollars quoted above for August is distributed value as measured by RWA.xyz, so the two are not directly comparable.

• July 2026: Token Terminal data put the tokenised stocks market at an all time high of 2.2 billion dollars, with tokenised US Treasuries on BNB Chain, built on Circle and Securitize infrastructure, at a separate 4.6 billion dollars. Base founder Jesse Pollak publicly acknowledged that Robinhood Chain's derivative based tokenised stock model had pulled ahead of Base's fully backed approach.

• July 2026: the DTCC's first production trades in tokenised securities were scheduled for this month, under a three-year pilot authorised by the SEC covering Russell 1000 constituents, major index ETFs and US Treasury instruments.

• June 2026: on 12 June the wallet company Exodus launched Exodus Markets with Ondo, offering more than 200 tokenised stocks, ETFs and real world assets on Solana. On 16 June Coinbase set out plans to issue tokenised stocks backed one for one by the underlying shares, with dividends paid onchain. Citi went live with Digital Depositary Receipts for tokenised interests in private companies and projected the tokenised securities market could reach 5.5 trillion dollars by 2030.

• June 2026: Ondo Global Markets passed 1.5 billion dollars in total value locked less than nine months after launch, having been the first tokenised stock and ETF platform to pass 1 billion dollars. It offered more than 260 tokenised US stocks and ETFs across Solana, Ethereum and BNB Chain, held more than 70 per cent of market share among tokenised equity issuers and had cumulative trading volume above 18 billion dollars. Ondo's management projected the tokenised stock market could reach 2.5 to 3 billion dollars by the end of 2026.

• May 2026: Ondo opened a LayerZero-powered bridge to Hyperliquid's HyperEVM, bringing 35 tokenised stocks and funds, including SPY, QQQ, NVDA, TSLA and GOOGL, to an environment where spot positions can be paired with perpetual futures. Ondo had filed a confidential registration statement with the SEC and already held approval to offer tokenised stocks and ETFs across 30 European countries in the EU and EEA.

• March 2026: the total value of tokenised equities on public blockchains passed 1 billion dollars, up from 32 million dollars a year earlier, growth of approximately 2,878 per cent. Ondo announced a partnership with Broadridge to bring onchain proxy voting to tokenised stock holders.

• December 2025: the SEC issued guidance permitting broker-dealer custody of tokenised securities with appropriate key management.

• September 2025: Ondo Global Markets launched and became the largest tokenised stock platform within 48 hours.

Frequently asked questions

How many people hold tokenised stocks?

According to RWA.xyz data reported in August 2026, the number of tokenised stock holders climbed to 1.31 million, more than double the figure recorded 30 days earlier. Monthly transfer volume rose 179 per cent over the same period to 23.13 billion dollars.

Which platforms hold the most tokenised stock value?

Ondo Finance holds approximately 872 million dollars of distributed value, Kraken's xStocks 557.8 million dollars and Binance's bStocks 521.8 million dollars. Binance launched bStocks in June 2026 and has closed to within roughly 36 million dollars of xStocks.

What happened with the tokenised SpaceX pre-IPO campaigns?

Binance, Bybit and Bitget Wallet cancelled their tokenised SpaceX pre-IPO campaigns after xStocks failed to secure enough underlying shares to fill demand, and customers were refunded. A single Binance campaign had drawn 557 million dollars in subscriptions before the listing date.

How big could the tokenised real world asset market become?

Standard Chartered forecasts that the total tokenised real world asset market could reach 4 trillion dollars by the end of 2028.

How does the UK approach to tokenised equity differ from offshore exchanges?

The UK approach is built around PISCES trading events and regulated custody rather than exchange listed tokenised proxies. It is deliberately slower and narrower in who can access it than offshore exchange rails serving retail demand for US listed names.

How fast have tokenised stocks grown compared with stablecoins and tokenised Treasuries?

Stablecoins took roughly three years to reach 1 billion dollars in total value and tokenised US Treasuries took about two years. Ondo Global Markets, the largest tokenised stock platform, reached the same mark in under eight months.

What is the difference between fully backed and derivative based tokenised stocks?

Fully backed tokens, the model favoured by Coinbase's Base network, correspond to real shares held in custody one for one. Robinhood Chain's tokenised stocks are structured as derivatives that track the share price without the platform holding the underlying security one for one. In July 2026 Base founder Jesse Pollak acknowledged that Robinhood's model had pulled ahead in the market.