Tokenized Stocks Top $3.2B On-Chain as Synthetic Perps Hit $3B

The striking figure is the 94% ratio: synthetic perpetuals on a single venue dwarf the underlying tokenized-equity float, meaning price discovery and leverage for this theme sit in derivatives, not in on-chain share ownership. The tenfold holder growth is real but shallow — nearly all of those 2.5 million addresses hold under $100, and two centralized platforms drive 86% of them, so distribution is concentrated rather than broad. Whether open interest keeps outpacing the tokenized base, and whether that retail tail deepens or churns, is the open question.