Tokenized equities reached 1.31 million holders over the past month, as monthly transfer volume surged 179% to $23.13 billion and the total distributed value of tokenized stocks rose 5.9% to $2.38 billion, according to data from RWA.xyz, which tracks the tokenized real-world asset market.

Holders more than double

The number of tokenized stock holders — holders of blockchain-based tokens representing exposure to equities — has more than doubled over the past month to 1.31 million, according to RWA.xyz data.

The influx of new holders was accompanied by a sharp pickup in activity. Monthly transfer volume surged nearly 180% over the same period to $23.13 billion, while monthly active addresses increased 34.62% to nearly 572,000. The total distributed value of tokenized stocks also rose 5.9% to $2.38 billion.

For readers tracking the sector, the figures show that tokenized equities are not only attracting more holders but also generating materially higher onchain transfer activity. Because these products represent equity exposure through blockchain-based tokens, changes in holders, active addresses and distributed value are among the main indicators available for gauging usage across the market.

Platform standings

At the time of writing, Ondo leads the market with about $872 million in distributed value, followed by Kraken's xStocks at $557.8 million and Binance's bStocks at $521.8 million. Together, the three programs account for roughly $1.95 billion of the sector's $2.38 billion in distributed value.

bStocks launched in June 2026 and is already within roughly $36 million of xStocks in distributed value.

According to RWA.xyz, the largest individual tokenized assets by distributed value include Securitize at $145.2 million, the Strategy PP Variable xStock at $135.6 million, and Ondo's tokenized Circle shares at $99.7 million.

The concentration among a few major programs suggests that the sector's recent expansion is still being driven by a relatively small set of platforms, even as individual tokenized assets spread across more names.

The SpaceX pre-IPO wave

The recent growth in tokenized equities follows a wave of crypto platforms pushing into private-market and pre-IPO products in early 2026, particularly around SpaceX ahead of its June 2026 public-market debut. In the months leading up to the listing, Binance, Coinbase, Kraken, Bybit, Bitget and Blockchain.com rolled out products tied to SpaceX, ranging from tokenized pre-IPO exposure to perpetual futures and proxy tokens.

Despite substantial demand — including $557 million drawn by a Binance campaign ahead of the listing — the push did not go entirely to plan. Binance, Bybit and Bitget Wallet canceled their tokenized SpaceX IPO campaigns after xStocks failed to secure enough underlying shares to meet demand, triggering refunds for subscribers.

Tokenized SpaceX exposure since the listing

Despite the failed pre-IPO allocations, tokenized SpaceX exposure through Binance's bStocks has grown to $67.9 million in distributed value since the company's June 12 listing, ranking seventh among the individual tokenized assets tracked by RWA.xyz data.

That post-listing figure helps show how quickly tokenized exposure can persist even after an initial campaign is canceled, with market activity continuing around the same issuer in a different product format.

A broader tokenization boom

The growth in tokenized equities comes amid a broader expansion in real-world asset (RWA) tokenization — the representation of assets such as equities, bonds and funds as blockchain-based tokens — which Standard Chartered forecasts could become a $4 trillion market by the end of 2028.