Bitget, described as the world's largest Universal Exchange (UEX), has highlighted key findings from a new independent DeFiLlama research report that maps the rapid expansion and evolving structure of the tokenized equities market—a segment of the broader real-world asset (RWA) tokenization movement that uses blockchain-based representations of traditional securities.

According to the report, the active market capitalization of tokenized equities has grown by more than 140% in 2026, rising from $814 million at the start of the year to nearly $2 billion at the time of publication. The research examines how leading tokenized equity platforms are developing across several dimensions, including market structure, liquidity, settlement, and execution quality, as adoption continues to accelerate. This growth places tokenized equities among the fastest-expanding categories within RWA tokenization, a space that has attracted growing interest from both crypto-native platforms and established financial institutions exploring on-chain settlement and fractional ownership.

The report evaluates platforms on brokerage integration, reserve verification, dividend treatment, settlement mechanisms, and trading infrastructure. It also benchmarks quoted liquidity and execution quality across multiple venues, offering an independent assessment of how the tokenized equities landscape is maturing.

DeFiLlama's analysis found that Bitget recorded the lowest median bid-ask spread at 0.83 basis points and the deepest top-of-book liquidity across all five tokenized equity markets evaluated. In a broader execution benchmark covering 36 stock perpetuals and eight metals and commodity perpetuals, Bitget led 32, 34, and 33 contracts across the 5, 10, and 50 basis point depth measurements, respectively, while also posting the greatest aggregate order-book depth across all measured ranges.

The findings indicate that as tokenized equity infrastructure matures, execution quality and liquidity are becoming increasingly important differentiators among platforms—metrics that grow more critical as participants seek venues capable of handling larger orders without significant price impact.

"A tokenized stock is only as good as the market behind it. Investors don't care how the asset is packaged if they can't trade it efficiently," said Gracy Chen, CEO of Bitget. "That's why liquidity and execution matter. DeFiLlama found Bitget recorded the lowest median bid-ask spread and the deepest top-of-book liquidity across the markets they evaluated. As this market grows, those are the things investors will increasingly expect."

The report also reviews adoption trends within Bitget's Reality rTokens, which generated more than $1.16 billion in cumulative trading volume between June and July. Semiconductor and technology-linked assets accounted for the majority of activity, reflecting continued demand for tokenized exposure to innovation-driven public companies.