Tokenized stock transfer volume reached $29.5 billion over the past 30 days, a 415% monthly jump, according to The Block and RWA.xyz dashboard data, as a wave of platform launches pushed on-chain equity activity to its sharpest acceleration yet.
Monthly active addresses rose 209% to roughly 1.3 million. The number of holders climbed 167% to 2.36 million. Total distributed value of tokenized stocks on-chain rose 1.45% over the period to $2.54 billion, up 637% from $344 million a year ago.
Tokenized Stock Transfer Volume: Who Controls the Market
By platform, Ondo Finance led with $842.8 million in distributed value, followed by Kraken’s xStocks at $609.3 million and Binance’s bStocks at $599.9 million. Together, those three platforms accounted for roughly 81% of the market. The individual token rankings put Securitize Corp. first at about $163 million, Strategy PP Variable xStock second at $136 million, and an Ondo-tokenised version of Circle Internet Group third at $109 million.
Ondo’s lead is underpinned by scale built since September 2025: according to the Ondo Stocks launch blog, the protocol has surpassed $550 million in TVL and $11 billion in cumulative trading volume. Its token structure uses total-return tracking, meaning dividend events are reflected in the token price rather than distributed separately, with withholding tax deducted at source.
The Block reported that tokenized equity’s share of the broader real-world asset (RWA) market reached 15% by mid-August 2026, three times its level at the start of the year, with total tokenized equity market cap sitting around $2.8 billion.
Kraken’s xStocks, issued by Backed Assets (JE) Limited under a Bermuda Monetary Authority licence held by Payward Digital Solutions, do not confer direct share ownership. Instead, holders receive a dividend-adjusted token balance, with entry from as little as $1. Kraken acquired Backed Finance in December 2025, per Yahoo Finance reporting; the product originally launched on Solana before expanding to BNB Chain, Tron, and Ethereum.
Coinbase’s Base Launch and the Regulatory Ceiling
On 24 August, Coinbase’s B20 tokenized stocks went live on Base. The Base official blog explains the custody structure: authorised participants buy the underlying shares, which are held at Alpaca, a regulated broker-custodian, inside a bankruptcy-remote vehicle supervised by Abu Dhabi Global Market (ADGM). Coinbase secured its ADGM Financial Services Permission on 11 August 2026.
At launch, only the first four tokens (NVDAc, METAc, AAPLc, GOOGLc) had any circulating supply, with approximately $7.5 million across those four, according to Galaxy Research. Contracts for nine additional stocks had been created but carried zero circulating supply at launch. Galaxy also noted that the B20 tokens are accepted as collateral on Aave on Base.
The geographic restriction is hard: the tokens are limited to non-US persons under Regulation S. A domestic path via the SEC’s proposed innovation exemption has slipped, with the timeline now pushing into 2027, according to Yahoo Finance / CoinDesk, delayed by White House concerns around the Digital Asset Market Clarity Act negotiations and formal rulemaking pressure from SIFMA.
A day after the Base launch, Bitwise released automated portfolios built from Coinbase’s tokenized stocks, targeting Magnificent Seven, robotics, and AI themes for eligible non-US investors, with underlying assets held in self-custody wallets.
Bybit had already added tokenized Nvidia, Apple, and Tesla shares as margin collateral in July. Robinhood-backed DEX Arcus followed with over 95 stock tokens and perpetual markets on Robinhood Chain.
The infrastructure is being stress-tested at pace. Whether the SEC’s innovation exemption materialises in 2027 or gets absorbed into broader legislation will determine how much of this volume stays offshore permanently.
