RWA Growth: Binance Overtakes Ondo in Tokenized Stocks
RWA Signal Insight
StocksThe tokenized asset market experienced significant growth between early 2025 and late 2026, with total market capitalization rising from $5.42 billion to $19.32 billion. Evan Ceolini of SwapSpace attributes this expansion to improved infrastructure, including better wallet support, liquidity, and cross-exchange routing. Data from RWA.xyz reveals a divergence between asset accumulation and trading activity, as holder counts increased by 21.54% while monthly transfer volumes dropped by 71.62%. Binance’s bStocks, launched in June 2026, has rapidly captured the lead in the tokenized stock sector with $930.5 million in value across 91 listings. This shift highlights that exchange-led distribution is currently driving growth more effectively than the sheer number of available assets. While tokenized Treasuries and commodities remain the largest segments, tokenized equities and ETFs have emerged as significant new categories. The market now faces a critical juncture where the widening ownership base contrasts with thinning turnover, raising questions about the long-term liquidity of these products. Future growth is expected to be influenced by institutional entrants like Morgan Stanley, which plans to support tokenized equities by early 2027.
Key points
- Binance's bStocks leads tokenized stocks with $930.5 million in value four months post-launch.
- Total RWA market cap reached $19.32 billion by March 2026, a 256.7% increase over 15 months.
- Monthly transfer volume for tokenized stocks fell 71.62% despite a 21.54% rise in holders.
- Tokenized equities and ETFs launched in mid-2025, reaching over $3 billion in value by October 2026.
Background
Tokenized stocks are digital representations of equity shares issued on a blockchain, allowing for fractional ownership and 24/7 trading. These assets are typically backed by the underlying securities held in custody by a regulated financial institution. They aim to improve settlement efficiency and accessibility compared to traditional brokerage systems.