Trading in tokenized equities has hit a fresh record in 2026, with total onchain volume climbing 207% quarter-over-quarter and roughly 800% year-to-date, according to data cited by The Kobeissi Letter. The surge is being driven largely by retail demand for round-the-clock exposure to high-momentum technology names, particularly memory and storage stocks that have seen outsized gains this year.
The pace of growth has been especially sharp month to month. Monthly onchain tokenized-equity volume hit a then-record $3.86 billion in June, up 145% from May, before roughly tripling again in July to a fresh record of $11.3 billion — a 288% jump. But that July figure came with an important caveat: a single Binance-listed token tracking the Invesco QQQ ETF, ticker QQQB, generated $9.27 billion of it on its own, about 82% of the month’s total. Strip that one product out, and underlying market volume actually fell roughly 30% from June, to $2.03 billion.
One chain, one token, most of the volume
Solana continues to dominate the category, capturing about 95% of all onchain tokenized-equity volume globally, according to rwa.xyz’s tokenized stocks dashboard, which now tracks 2,613 tokenized equities with roughly 538,740 holders and about 120,000 monthly active addresses. QQQB’s outsized share was helped along by Binance’s own incentive structure: the exchange ran zero maker fees on the token from its June 30 launch through August 31, and beginning July 23 began counting its trading volume at three times face value toward VIP-tier qualification — a mechanic that inflated headline volume figures even as it genuinely drew in traders.
Related: Robinhood's Tenev Presses US to Unlock Tokenized Stock Trading
Structural demand, concentrated in a few products
The broader growth trend lines up with a wave of institutional moves into the space — the DTCC’s own plan to tokenize Russell 1000 constituents later this year is one sign traditional finance infrastructure providers see the same demand Kobeissi is flagging. But the QQQB concentration is a reminder that headline tokenized-equity volume figures can be misleading: much of 2026’s growth so far has come from a handful of exchange-incentivized products rather than broad-based organic demand across the full universe of tokenized names.
What to watch next
Whether volume outside QQQB recovers will be the real test of whether tokenized equities are building durable trading infrastructure or simply riding a single exchange’s promotional push. With Solana holding roughly 19-to-1 dominance over rival chains in this category, the next few months of onchain data should show whether other tokenized products — and other chains — can capture a meaningful share of the growth Kobeissi is highlighting.
