Tokenized Equities Reached $3.8 Billion This Year, DWF Labs Says

Tokenized equities grew 483% since early January, to $3.8 billion from $654 million, according to a report published on Oct. 16 by DWF Labs, the market maker and digital-asset investor.

Trading is growing faster than the float. Weekly onchain transfer volume rose 41.8 times to $17.5 billion while market value rose 5.8 times over the same stretch, the report says, and weekly trading velocity went from 0.07 times to 0.67 times.

Weekly spot trading on decentralized exchanges reached $2.54 billion in early October, 55 times the January level, DWF Labs says. Active DeFi value locked in tokenized equities reached $313 million, about 20 times the level at the start of the year, spread across lending markets, DEX liquidity pools and onchain yield protocols.

Ondo's Lead Narrows

DWF Labs puts Ondo Finance at $1 billion and still the largest issuer, with its share of the market down to 26% from 56% as competitors entered. It puts Binance's bStocks at $905 million and 24% of the market, and xStocks at $954 million.

DefiLlama's real-world asset dashboard cuts the same market differently, listing $946.03 million in onchain assets for xStocks, $975.98 million for bStocks and $3.829 billion for Ondo across 556 assets, a count that includes products other than equities.

Ethereum's share of tokenized equities fell to 22% from 50%, DWF Labs says, while BNB Chain rose to 32% from 9% and Avalanche reached 9%.

Exchanges Keep Adding Stocks

The report lands as trading venues widen their equity offerings. Robinhood reported $15 billion in stock token trading as its chain passed 100 days, and EQX plans 11 tokenized stock and ETF markets on Hyperliquid. The International Monetary Fund found most tokenized equity trading happens outside regular market hours.

The expansion is drawing objections from the companies whose shares are being tokenized. CoreWeave and Broadcom joined objections to the stock tokenization venue proposed by OKX and Intercontinental Exchange.