The number of people holding tokenized versions of publicly traded stocks more than doubled over the past month, climbing to 1.31 million as trading activity across the sector accelerated sharply. Monthly transfer volume for tokenized equities surged 179% to $23.13 billion, while the total value distributed across these products rose 5.9% to $2.38 billion, according to on-chain data.
Monthly active addresses interacting with tokenized stock products climbed 34.62% to 572,000, suggesting the growth is coming from broader participation rather than a handful of large holders repeatedly trading the same tokens.
Who's Leading the Category
Ondo holds the largest share of distributed value at $872 million, ahead of Kraken's xStocks platform at $557.8 million and Binance's bStocks, which launched in June 2026, at $521.8 million. Among individual tokenized assets, Securitize's offering leads at $145.2 million, followed by a Strategy variable-price xStock at $135.6 million, Ondo's tokenized Circle shares at $99.7 million, and Binance's tokenized SpaceX product at $67.9 million.
SpaceX has become something of a proving ground for the category. Binance, Coinbase, Kraken, Bybit, Bitget and Blockchain.com all rushed out SpaceX-linked products ahead of the company's June 12, 2026 listing, competing for early exposure to shares that remain otherwise hard for retail traders to access. Binance's campaign alone attracted $557 million, though Backed Finance's xStocks was later forced to cancel allocations and issue refunds after it came up short on the underlying shares needed to back the tokens — a reminder that the infrastructure behind these products is still maturing faster than its guardrails.
Related: ETF Launches Are on Pace to Shatter the All-Time Annual Record
Regulators Are Starting to Draw Lines
The growth is unfolding against a regulatory backdrop that only recently came into focus. In a joint statement issued on January 28, 2026, the SEC's Divisions of Corporation Finance, Investment Management, and Trading and Markets laid out how federal securities law applies to tokenized securities regardless of whether ownership records sit on-chain or off-chain. The staff drew a distinction between issuer-sponsored tokens representing genuine ownership and third-party products that only offer synthetic or custodial exposure — the same fault line that tripped up xStocks' SpaceX allocations.
That distinction matters because it shapes which products can plausibly scale into mainstream brokerage use and which remain a step removed from direct equity ownership. Aggregate tokenized-stock market capitalization went from under $30 million at the start of 2025 to roughly $1.2 billion by year's end — a roughly forty-fold expansion in twelve months — and the latest holder and volume figures suggest that pace has continued into the second half of 2026.
A Bigger Forecast Looms
Standard Chartered has projected that the broader real-world asset tokenization market, of which tokenized equities is one slice, could reach $4 trillion by the end of 2028. Reaching that figure would require tokenized stocks and similar products to move well beyond their current base of crypto-native traders into the kind of mainstream brokerage flows that Robinhood, Kraken and other platforms are now explicitly building toward.
