Tokenized equities have grown eightfold in a year, but the market remains fragmented across issuers and chains, with no single platform dominating.
TREE NEWS reports: Tokenized stocks have staged a dramatic comeback. As of the week of October 18, 2026, the top six issuers of tokenized equities collectively hold $3.09 billion in circulating assets, spread across five major blockchains: Solana, Ethereum, BNB Chain, Robinhood Chain, and Base. The market has grown eightfold year-over-year and 2.81x in six months, yet no single platform has emerged as a clear leader.
BNB Chain Takes the Lead
BNB Chain now commands 47.25% of the market with $1.46 billion, having overtaken Ethereum ($810 million, 26.24%) in late July 2026. Solana ranks third with $623 million (20.20%), while Robinhood Chain, launched July 1, 2026, holds $150 million. Base trails with $44.66 million. The leadership change is recent: Ethereum had led since September 2025 until BNB Chain’s surge.
Trading Volume Explodes
DEX spot trading volume for tokenized stocks reached $74 billion since July 2025, with 88.24% occurring after June 2026. Monthly average volume since June 2026 stands at $14.46 billion—18.28 times the prior average. September 2026 alone saw $25.8 billion, nearly triple the entire prior period combined. Volume leadership rotates monthly: xStocks led in June ($2.34B), bStocks in July ($9.72B) and August ($10.51B), and Robinhood in September ($11.96B).
Holder Data Reveals Fragmentation
Raw account counts are misleading. The six issuers report 5.03 million holder accounts, but only 1.22 million hold at least $1. After deduplicating wallets across issuers, just 791,715 unique wallets remain. By raw accounts, Robinhood leads with 1.55 million; by unique wallets, bStocks leads with 217,216, followed by xStocks (194,951) and Robinhood (188,121). Over 70% of wallets hold only one token, indicating limited cross-asset diversification.
Three Issuers Dominate Market Cap
bStocks, Ondo, and xStocks each approach $1 billion in market cap, with bStocks at $1.11 billion after just four months. Robinhood holds $156 million, while Backpack and Coinbase each have under $40 million. Among the nine core stocks listed by all six issuers, SPCX alone accounts for 54.32% of trading volume and 55.06% of holder accounts, creating heavy concentration risk.
Two Competing Models
The market is split between exchange-led issuers (xStocks, bStocks), which have large asset bases but most trading occurs on off-chain order books, and on-chain-first issuers (Robinhood, Coinbase, Backpack), which have smaller assets but high DEX turnover. Ondo operates independently, focusing on minting and redemption rather than secondary trading. This explains why six key metrics produce four different leaders—dominance depends on whether you measure market cap, holders, or volume.
Outlook
The market remains fragmented and could stay that way unless the two models converge. If on-chain-first issuers grow actual float and exchange-led issuers migrate more trading to DEXs, rankings could align. Otherwise, tokenized stocks risk becoming “two separate markets sharing the same ticker.” New entrants like Securitize, already live on Solana with four Core9 stocks, and Backpack’s recent addition of TSLA suggest the competitive landscape will keep shifting.
