What's behind the growth in tokenized stocks?

Tokenized stocks are the fastest-growing of the four tokenized asset categories (stablecoins, tokenized funds, tokenized commodities, and tokenized stocks). Market cap is up 85.9% over the past 90 days to $2.8 billion, more than 20 times a year ago. Growth this fast raises three questions: where is it coming from, who is buying, and does it last?

We looked at every tokenized stock on Token Terminal: how many there are, who issues them, who holds them, and where the money moved in the past month.

1) The market

• The market that matters is 254 assets. Token Terminal lists 4,914 tokenized stocks. 254 have a market cap above $1.0 million, and they hold 95.2% of the $2.8 billion.

• The long tail is mostly legacy deployments. Robinhood has more than 1,500 tokenized stocks below $1.0 million in market cap, worth $24.6 million combined. Nearly all sit on Arbitrum, where its catalog launched in 2025 before its own chain went live in July 2026.

• The rest of this piece looks only at the 254. For a category this young, where the money sits says more than how many listings exist.

2) The issuers

• Ondo, Binance bStocks, and xStocks hold 78% of tokenized stock value. Ondo alone is 34.1%. The other 12 issuers split the rest.

• bStocks went from zero to $615 million in three months. It appeared on Token Terminal in May and is already the second-largest issuer. xStocks grew about 50% over the same window.

• The category currently depends on the listing decisions of three companies. A risk if one stalls, but a growth engine while they ship. A deeper range of issuers would make the growth harder to interrupt.

3) The holders

• The category serves two different buyers under one label. Republic's preOPAI holds $21.3 million across 2 addresses. Robinhood's tokenized Palantir spreads $1.0 million across 22,132. These counts are addresses, not people, so one wallet can hide many users and one user can hold many wallets.

• A low holder count usually means the supply is restricted, not unwanted. Reality's rTSM (one holder) and Securitize's $203.4 million tokenized equity (54 addresses) are permissioned or transfer-restricted products.

• The retail end has users before it has deposits. The seven least concentrated assets are all Robinhood listings, each with 20,000 to 33,000 holders on $1.0 million to $2.5 million of market cap. Issuers with existing user bases can create holders quickly; the open question is the depth of deposits.

4) The flows

• Five of six issuer groups took in net new money over the past 30 days. bStocks led with $232.1 million. The exception is Ondo, at negative $11.4 million.

• Ondo is the largest issuer and the first whose growth has stalled. It grew about 3% over 90 days while the category grew 85.9%, and in the last 30 days its flows turned negative. It is the earliest read on demand once listings stop driving the number.

• One month is not a verdict. The outflow is $11.4 million against Ondo's $914.2 million, and a single 30-day window can reverse. About 75% of recent growth came from issuers near zero on Token Terminal 90 days ago, normal for a new market but not repeatable forever.

Recent growth has tracked new listings: the issuers driving it were at or near zero on Token Terminal three months ago, and the money arrived with them. What no one knows yet is whether that money stays once the launches stop. The next quarter answers that: if Ondo's flows turn positive and the May cohort keeps its deposits, the category has evidence of demand that outlasts the listing wave.

Tokenized asset updates

1) Stablecoins

• Ripple USD (RLUSD), a U.S. Dollar stablecoin, reached 71,558 asset holders, up 23% on the week and 23% over 30 days, with 13,221 of the 13,317 new wallets on the XRP Ledger.

• Multipli's rwaUSDi, a U.S. Dollar-pegged stablecoin, reached 100 asset holders across Arbitrum, Base, Ethereum and Monad, up 30% on the week and 33% over 30 days. It holds $370 million in circulating asset market cap, about $3.7 million per wallet.

• EUR CoinVertible (EURCV), Société Générale-FORGE's Euro stablecoin, reached 6,553 asset holders, up 2% on the week and 8% over 30 days. Ethereum took 95 of the 98 new holders, while the Solana deployment grew 23% from a base of 13.

2) Tokenized funds

• Tradable's PC0016245, PC188814458 and PC0000111 reached $170 million in circulating asset market cap between them, up 69% on the week after a quarter with no change. They finance a North American fintech's loan book, small-business corporate cards and a Latin American charge-card programme, all originated by the asset manager Victory Park Capital. Those three plus PC0000027 and PC0002223, which fund Latin American buy-now-pay-later lending and earned-wage advances, were cancelled and reissued at a larger size on 11 August through a mechanism Tradable has not published, resulting in the significant growth over the past week.

• USTB, the Superstate Short Duration U.S. Government Securities Fund managed by Invesco Advisers, reached $956 million in circulating asset market cap, adding $34 million and rising 4% on the week and 21% over 30 days.

• Franklin Templeton's gBENJI, a tokenized U.S. government money market fund on Stellar, reached $57 million in circulating asset market cap, up 4% on the week and 4% over 30 days.

3) Tokenized commodities

• SLVx, which tracks BlackRock's iShares Silver Trust, reached 335 asset holders, up 432% on the week and 498% over 30 days, with Solana accounting for 319 of them. Backed Finance issues the token and Kraken distributes it under the xStocks brand, and holders own a debt claim on Backed's Jersey vehicle rather than the metal.

• Tether Gold (XAUT), backed 1:1 to a fine troy ounce Gold, reached 73,857 asset holders, up 4% on the week and 26% over 30 days.

• PAX Gold (PAXG), the second largest Gold commodity, also backed by real reserves, reached 85,904 asset holders, up 1% on the week and 2% over 30 days.

4) Tokenized stocks

• Binance bStocks' SPYb, which tracks the SPDR S&P 500 ETF Trust, went from 66 asset holders on 13 July to 34,899, up 110% on the week. Its QQQb, tracking the Invesco QQQ Trust and through it the Nasdaq-100, went from 370 asset holders to 15,470 over the same month.

• Binance bStocks' Western Digital (WDCb) reached $2.7 million in circulating asset market cap, up 94% on the week and 267% over 30 days. Western Digital shares fell 13% over the same week, so the increase came from more tokens in circulation rather than price.

• Robinhood's SPY, a derivative referencing the SPDR S&P 500 ETF Trust, reached $2.4 million in circulating asset market cap, up 87% on the week and 323% over 30 days, with Robinhood Chain holding $2.2 million of that.

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