Tokenized Equities Hit $3.8B as DEX Trading Surges

DWF Labs estimates that tokenized equities reached $3.8 billion in value by early October 2026, about six times their level in January. Weekly DEX spot trading grew from $45.8 million to $2.54 billion, although it was about 65% below the late-August peak of $7.26 billion. Separately, weekly on-chain transfer volume rose from $420 million in January to $17.5 billion in early October; transfers include activity beyond DEX trades, such as movements involving lending protocols. Ondo remained the largest provider, with about $1 billion in tokenized equities, but its market share fell from 56% to 26% as competitors grew. xStocks and Binance’s bStocks reached $954 million and $905 million, respectively, while Robinhood’s tokenized equities rose to $170 million after launching in July and Securitize reached $290 million. BNB Chain held the largest share of tokenized equity value at 32%, up from 9%; Ethereum’s share declined from 50% to 22%, and Avalanche reached 9%. Trading activity was spread across Solana, Robinhood Chain, BNB Chain and Base. By Oct. 15, an estimated $313 million of tokenized equities—around 8% of the market—was deployed in DeFi, with active DeFi value rising roughly 20-fold. The IMF separately found that tokenized stocks had about 1.5 times the realized volatility of equivalent traditional equities, and that much trading occurred outside regular US market hours. The expansion highlights stronger competition and growing on-chain use, but the market remains early-stage, with volatility and access restrictions. The data does not establish a direct price signal for related crypto tokens.