The number of tokenized stock holders has surged to 3.51 million, a 163.94% increase over the past 30 days, as monthly transfer volume jumped 179% to $23.13 billion, according to RWA.xyz data. The figures supersede earlier readings that put holders at 1.31 million, reflecting rapid inflows across the sector.
Monthly active addresses now stand at 1,717,865, up 16.61% over the same period. The pace of growth suggests the holder base is expanding faster than active usage, pointing to accumulation rather than speculative churn.
Ondo Leads, bStocks Closes the Gap on Tokenized Stock Holders
Ondo holds the top position with $832.3 million in total tokenised equity value across 395 assets, per RWA.xyz’s league table. The platform has surpassed $2.5 billion in TVL across all its tokenised products and holds over 70% market share among tokenised equity issuers, according to Ondo Finance.
Ondo’s stock product crossed $1 billion in TVL less than eight months after its September 2025 launch, offering 260+ tokenised U.S. stocks and ETFs across Solana, Ethereum, and BNB Chain. The platform has also secured regulatory approval to distribute tokenised equities across 30 European countries in the EU and EEA.
Binance’s bStocks sits second with $616.9 million in total value. CoinDesk reported in late August that bStocks had reached approximately $118.5 million in its first two months and now accounts for roughly 90% of on-chain equity DEX volume, making it the fastest-growing issuer by that measure. The snippet’s earlier figure of $67.9 million reflects an earlier data point from around the June listing date.
Backed Finance, the issuer behind xStocks distributed via Kraken, ranks third. RWA.xyz’s xStocks platform page puts its distributed asset value at $632.22 million as of 12 September 2026, up 11.18% over 30 days, with 508,024 holders up 74.94%. xStocks is distributed primarily on Solana ($416.0 million), with meaningful deployments on Ethereum ($160.9 million) and Arbitrum ($28.3 million).
SpaceX IPO Scramble Left $1 Billion in Orders Unfilled
The sector’s growth has not been frictionless. The SpaceX listing in June exposed the core supply-side constraint in tokenised equities: getting the underlying shares.
According to CoinDesk, xStocks and its distribution partners gathered more than $1 billion in customer orders for SpaceX pre-IPO allocations. When underwriters finalised allocations, most requests went unfilled. Kraken and xStocks customers received only a fraction of what they requested; Binance Wallet, Bybit, and Bitget Wallet received no shares at all.
The Next Web reported that Binance’s SPCXx campaign alone drew $557 million in on-chain subscriptions from nearly 27,700 addresses before being unwound with nothing distributed. SpaceX shares rose more than 20% on their Nasdaq debut, pushing the company’s valuation above $2 trillion on the same day the cancellations were announced.
Bybit offered automatic refunds plus compensation calculated at 10% APR over a fixed four-day period. Binance pledged a $1 million airdrop of SPCXB tokens, its bStocks instrument tracking SpaceX shares backed 1:1 by real shares held with a regulated custodian, distributed equally among campaign participants by 18 June.
The episode made plain what distinguishes tokenising a stock from actually acquiring one. Blockchain rails handle settlement efficiently; sourcing institutional allocations in a heavily oversubscribed IPO is a different problem, and one that crypto-native infrastructure does not solve.
Despite the failed pre-IPO campaign, demand for SpaceX exposure persisted and found its way into bStocks post-listing, contributing to the platform’s rapid climb to second place in the league table.
The broader real-world asset tokenisation market that contains these products is forecast by Standard Chartered to reach $4 trillion by end-2028. Whether the infrastructure can reliably source shares at scale in stressed allocation environments, not just settle them, is now the more relevant question for anyone sizing into this sector.
