Tokenized equities top 1% of stablecoin supply as on-chain stock trading hits a record

Growth of Tokenized Equities

Tokenized equities now account for more than 1% of total stablecoin supply. A year ago, that figure barely registered. As of September 29, 2026, tokenized stocks were valued at approximately $5.89 billion, against roughly $304 billion in stablecoins. That works out to a ratio of 1.94%. It's still a small number, but in late August 2025 the same ratio sat at a mere 0.12%.

Why Compare Stocks to Stablecoins?

Stablecoins are effectively the cash drawer of crypto: the dollars sitting on-chain, waiting to be spent. Measuring tokenized equities against that pile shows how much of crypto's spendable liquidity now has a blockchain-native stock market to flow into.

Numbers Behind the Jump

The growth came almost entirely from one side of the ratio. Tokenized equities expanded 17.6x over the period. Stablecoin supply, meanwhile, grew only about 10% in the same window. A separate September snapshot tells a similar story. Tokenized equities hit a record market value of $4.87 billion that month, up 13.7% from the prior month. That figure represented 1.55% of a stablecoin market then valued at $313 billion.

Trading Activity

For context, a market value of $4.87 billion turning over $15.6 billion in monthly volume suggests these tokens aren't just sitting in wallets. People are actively trading them.

Key Players

Who's building the on-chain stock market? Key names include Securitize, Ondo, Backed Finance, Binance, and Robinhood Chain. Robinhood's 42% share of trading volume stands out. A brokerage known for bringing commission-free stock trading to phones now leads on-chain equity trading too.

Perspective

Still, perspective matters. The broader real-world asset market, which covers tokenized versions of things like bonds, funds, and stocks, is estimated at $34 billion to $39 billion. Tokenized equities are one category within that. And the global equity market totals approximately $152 trillion. Against that backdrop, a few billion dollars of tokenized stock is a drop in a very large ocean.

What This Means

For investors, the pitch for tokenized equities centers on access. Putting stocks on a blockchain could enable fractional ownership and round-the-clock trading, features traditional exchanges with fixed hours don't offer. The September volume figures suggest that pitch is landing with at least some users. A record $15.6 billion in monthly trading isn't proof of mass adoption, but it is evidence of real demand rather than a few pilot programs collecting dust.

Competition

Competition is the other storyline to watch. With Securitize, Ondo, Backed Finance, Binance, and Robinhood Chain all in the mix, the question is whether one platform consolidates trading the way Robinhood currently leads it, or whether liquidity stays split across issuers and chains. Fragmented liquidity tends to mean wider spreads and messier pricing for the end user.

Conclusion

For now, the trend line is clear. Tokenized equities went from 0.12% of stablecoin supply to 1.94% in roughly a year, with record values and record volumes along the way, while still representing a sliver of a $152 trillion global equity market.