Tokenized Stocks Surge 1,250% as Onchain Volume Hits $15.9B

Data from Token Terminal shows particularly strong gains among tokenized versions of the SPY ETF, Google and Robinhood, although trading activity remains heavily concentrated in a relatively small group of assets.

SPY Leads Tokenized Stock Growth

The tokenized version of SPY on Robinhood Chain recorded the strongest 30-day growth among the assets tracked by Token Terminal, with its market capitalization rising 1,314% to $17.4 million.

Reality’s rGOOGL on Arbitrum followed with a 530.9% increase, taking its market capitalization to $18.8 million. Binance bStocks’ HOODb, a tokenized version of Robinhood, climbed 428.7% to $5.7 million.

The gains extended well beyond the three biggest performers.

Binance bStocks’ MSTRb rose 334.6%, reaching a market capitalization of $53.8 million and making it the largest asset by market capitalization among the five highlighted by Token Terminal.

Robinhood’s tokenized NVDA gained 284.4% to $15.2 million, while SPACEX rose 276.6% to $8.7 million.

AAPL increased 249.9% to $5.6 million, while GME climbed 219.4% to $3.9 million.

Dozens of other tokenized equities also recorded gains of at least 50% over the same 30-day period, suggesting that the recent expansion is not limited to a handful of individual stocks.

But market capitalization growth tells only part of the story.

A Small Group of Tokens Dominates Trading

The concentration becomes clearer when looking at trading volume rather than market capitalization.

Token Terminal data covering the previous 90 days showed QQQb as the most actively traded tokenized stock, generating approximately $4.5 billion in decentralized exchange volume.

SPYx followed with $1.5 billion, while SPCXb recorded $1.1 billion.

Combined, the three tokens generated around $7.1 billion in DEX volume, representing approximately 44.7% of the $15.9 billion total recorded across the tokenized-stock category.

The overall figure itself jumped 1,250.8%, highlighting just how quickly onchain trading activity has expanded.

The numbers point to a market experiencing rapid growth while remaining concentrated around a relatively small number of products.

Robinhood Chain Adds Momentum to Tokenized Equities

The surge also comes as Robinhood Chain builds momentum following its launch in early July.

The network surpassed $200 million in total value locked within its first week, drawing attention not only for tokenized equities but also for activity involving meme coins.

Its emergence coincides with a much broader expansion in tokenized stocks.

CoinGecko data cited in the source shows that tokenized equities were the fastest-growing category it tracked between January 2024 and May 2026.

The number of listed tokenized stocks expanded from just 14 to 478 during that period, an increase of more than 3,300%.

The growth outpaced other rapidly expanding crypto categories, including real-world assets and AI-related tokens.

That expansion reflects a broader effort to bring instruments from traditional financial markets onto blockchain networks, potentially allowing them to interact with infrastructure built around digital assets.

Tokenization Brings Efficiency, and New Risks

The rapid growth is also attracting scrutiny from traditional financial institutions and policymakers.

The International Monetary Fund warned in an April note that tokenization could remove some of the delays built into conventional financial markets.

Those delays can provide banks and regulators with additional time to identify liquidity problems, intervene in stressed situations or correct errors before they become irreversible.

Blockchain-based settlement can make transactions faster, but that speed can also reduce the time available for such intervention.

The result is a trade-off at the heart of the tokenization debate: greater efficiency can come with less room to respond when something goes wrong.

For tokenized equities, the latest data suggests that investors and platforms are rapidly testing the benefits of putting traditional stocks on-chain.

The market is still relatively small compared with conventional equity markets, but its growth is definitely becoming harder to ignore.