A sharp rise of 17.6 times in one year: tokenized stocks broke 15.6 billion on-chain transactions in September

According to Woofun AI, the share of tokenized stocks in the stablecoin ecosystem has broken the 1% critical threshold, marking that blockchain native equity assets have officially entered the mainstream liquidity field. As of September 29, 2026, the time anchor, this asset class is no longer just a marginal experiment, but has become a quantifiable market component. Its status compared to the stablecoin 'cash drawer' has improved markedly, reflecting a structural shift in disposable liquidity in the crypto world to the on-chain native stock market.

Judging from the microstructure of large-scale expansion, this growth is not due to the expansion of denominator side stablecoins, but is entirely driven by the explosive growth of molecular side tokenized stocks. The current market value of tokenized stocks is about US$5.89 billion, while the total size of stablecoins during the same period was approximately US$304 billion, and the ratio between the two reached 1.94%. Going back to the end of August 2025, this ratio was only 0.12%, meaning that in just one year, the size of tokenized stocks expanded by an astonishing 17.6 times. Compared to that, the stablecoin supply increased by only about 10% over the same period. The September data further confirmed this accelerated trend: the tokenized stock market capitalization hit a record high of US$4.87 billion in that month, up 13.7% from the previous month. At the time, the total size of the stablecoin market was $313 billion, and tokenized stocks accounted for 1.55%, while the stablecoin supply increased only slightly by 1.29%.

According to data compiled by Woofun AI, this disparity in growth rate reveals that capital is rapidly shifting from simple dollar hedging tools to on-chain equity assets with profit potential. Stablecoins act as a liquidity base, and their relatively static growth highlights the scarcity and appeal of tokenized stocks.

The surge in trading activity reveals changes in the depth of the market. In September, on-chain trading volume of tokenized stocks surged to an all-time peak of $15.6 billion, showing an extremely high turnover rate. Based on a monthly high market value of US$4.87 billion, the monthly turnover of US$15.6 billion means that assets are not held at rest, but are in a state of high frequency circulation. In the competitive landscape, Robinhood (HOOD.US) has a strong lead with a 42% trading share. This figure is particularly remarkable because this traditional 'zero commission' brokerage firm successfully extended its influence on the chain. Other key players include Securitize (SECZ.US), Ondo, Backed Finance, Binance, and Robinhood Chain, which together form the current issuance and trading network.

However, in a broader frame of reference, the broad real-world asset (RWA) market size, which includes tokenized versions of assets such as bonds and funds, is estimated to be between $34 billion and $39 billion, and tokenized stocks are just one part of it. Compared to the total size of the global stock market of around $152 trillion, the volume of multi-billion dollar tokenized stocks is still insignificant, but their activity on the chain has begun to take shape, proving the existence of real demand rather than conceptual hype.

The core value proposition of tokenized stocks is to achieve fragmented holding and round-the-clock trading through blockchain technology, making up for the shortcomings of fixed trading periods on traditional exchanges. The historic turnover of $15.6 billion in September proved that this narrative has attracted some users, but it also poses the potential risk of fragmented liquidity. As Robinhood (HOOD.US), Securitize (SECZ.US), Ondo, Backed Finance, and Binance compete, the market faces the choice of whether integrators emerge or liquidity continues to be scattered. If liquidity continues to be scattered among different issuers and public chains, it may lead to widening trading price spreads and price confusion.

Although the share of tokenized stocks in the stablecoin supply jumped from 0.12% to 1.94% in one year, setting record market capitalization and trading volume, the long-term trend in the face of the $152 trillion global stock market still depends on the ability to resolve fragmentation issues and achieve more efficient liquidity integration.