Overview
- Token Terminal reported a new peak of $1.2 billion for tokenized equities, with gains concentrated in September and December.
- Backed Finance’s xStocks launch on Ethereum introduced roughly 60 tokenized equities via Kraken and Bybit, catalyzing activity this fall.
- Securitize announced plans for compliant onchain trading of public stocks, while Ondo targets early 2026 for tokenized U.S. stocks and ETFs on Solana.
- Coinbase outlined intentions to add stock trading and Nasdaq filed with the SEC to offer tokenized stocks, calling tokenization a strategic priority.
- Observers compare the nascent market to 2020-era stablecoins and early DeFi, as stablecoins now exceed $300 billion and tokenized RWAs grew to $18.5 billion in 2025 with forecasts for further expansion in 2026.