Tokenized Equities Have Grown Significantly on Blockchain
RWA Signal Insight
StocksTokenized equities have emerged as the fastest-growing category by holder count within the broader real-world asset (RWA) market, despite representing a small fraction of the $100 trillion global equity sector. According to a report by CoinShares and Token Terminal, approximately $2.2 billion in equity exposure is now tokenized on-chain, driven by lower minimum investment requirements that attract a broader retail investor base. While institutional capital remains concentrated in high-yield collateral like BlackRock’s BUIDL, retail participation is expanding through platforms like xStocks. Data shows that while crypto-native spot volumes declined by 70% between Q2 2025 and Q2 2026, RWA spot volumes surged by 220%. Furthermore, RWA deposits on lending platforms grew from $2.3 billion to $7.4 billion, with 70% of this activity concentrated on Ethereum. This shift highlights a growing investor preference for yield-bearing assets that can be utilized as collateral in decentralized finance. The current developmental stage of tokenized equities is being compared to the early growth phase of USD stablecoins in 2019, signaling a transition toward more mature on-chain financial infrastructure.
Key points
- Tokenized equity exposure reached $2.2 billion, growing faster than institutional products by holder count.
- RWA spot volumes increased by 220% while crypto-native spot volumes fell by 70%.
- Ethereum hosts 70% of all RWA deposits across major lending platforms and exchanges.
- On-chain yields for RWA products currently range between 3.2% and 5.5% annually.
Background
Tokenized real-world assets are digital representations of traditional financial instruments, such as stocks, bonds, or Treasury funds, issued as transferable tokens on public blockchains. By moving these assets on-chain, they become programmable, allowing for 24/7 trading, fractional ownership, and use as collateral in decentralized lending protocols. This process aims to increase market liquidity and accessibility by removing traditional intermediaries and lowering entry barriers for investors.