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Tokenized equities market share hits 15% as onchain trading expands

Tokenized equity market cap is about $2.8 billion, and RWA transfer volume doubled in August to $20 billion from $9 billion in July.

Reported · Written up by our desk · Market Structure

Tokenized equities have gained traction in the real-world assets market, with their share rising to 15%, up three times since the start of the year, according to The Block’s Data and Insights newsletter.

The newsletter said total tokenized equity market capitalization is around $2.8 billion. It also pointed to a surge in RWA activity, with transfer volume doubling in August to $20 billion, from $9 billion the month prior.

On the market share front, Ondo Finance, Binance (bStock), and xStocks collectively account for 77% of tokenized equity volume. Ondo leads at $957 million, followed by bStocks at $622 million and xStocks at $600 million.

The Block noted that the biggest players largely use synthetic representations of underlying stock to replicate stock performance with derivatives-style trading. It contrasted that approach with onchain-native equity projects, which aim to issue blockchain shares that carry the same rights as conventional shares, while synthetic versions are described as lacking full ownership, governance, and shareholder protections.

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