Onchain exposure to public equities has moved above $6 billion, but the growth is being driven as much by derivatives and distribution platforms as by direct ownership of tokenized shares. Tokenized equities account for $3.21 billion, while perpetual futures tied to stocks, indices and ETFs hold $3.01 billion in open interest, according to trade[XYZ]. That leaves perpetuals equivalent to 94% of the value represented by onchain stock tokens.
The figures point to a market expanding quickly in user count while remaining heavily concentrated in a small number of issuers, exchanges, large wallets and liquidity venues. Over the past 90 days, the top 100 tokenized stocks rose from $2.09 billion to $3.03 billion, adding $950 million. The number of addresses holding those assets jumped from 417,000 to 4.21 million over the same period.
Yet nearly all of that address growth came from platforms built for mass retail distribution rather than from Ethereum or Solana’s established decentralized-finance user base. BNB Chain added 1.72 million tokenized-stock addresses, while Robinhood Chain added 1.55 million. Together, Binance and Robinhood accounted for 86% of address growth during the three-month period, trade[XYZ] said.
Wallet growth is dominated by small balances
The swelling wallet count overstates the amount of capital held by most users. Across four chains reviewed by trade[XYZ], 97.5% of 2.5 million addresses held less than $100 in tokenized stocks. Only about 18,000 wallets held more than $1,000.
BNB Chain added $517 million in tokenized-stock value, more than all other chains combined during the period. Solana and Ethereum added a combined 518,000 holders, a substantial number but far below the growth recorded by Binance-linked and Robinhood-linked venues.
The result is a market with a growing retail-facing footprint but relatively limited balances outside major platform-controlled wallets. Addresses holding more than $100,000 represented 40% of tokenized-stock value overall and 80% of the value on Ethereum. About half of Ethereum’s large-wallet balance was held in 32 Safe multisig wallets, according to the analysis.
Contracts, including liquidity pools and lending protocols, accounted for 14% of the value. Wallets with balances below $100,000 held 7%, underscoring how little of the tokenized-equity supply is presently dispersed among ordinary users.
Issuer and exchange wallets retain much of the supply
Supply concentration is also pronounced at the issuance and venue level. The xStocks minting wallet held $1.13 billion of unsold tokens on Solana and another $552 million on Ethereum, trade[XYZ] found. Outside those two wallets, exchanges held $2.6 billion, or 40% of tracked tokenized-stock value.
On BNB Chain, a Binance-controlled wallet held 81% of all bStocks. Such concentration means headline tokenization figures include sizeable inventories that have been created but are not necessarily circulating among independent holders.
Fragmentation adds another complication. Nvidia alone was represented by 19 token contracts from eight issuers across 11 chains, according to trade[XYZ]. Liquidity has clustered around versions accepted by lending markets: on Solana, lenders held 40% of xStocks’ Nvidia supply, while Robinhood’s version accounted for 10% and Binance’s version held less than 1%.
For users seeking to borrow against stock tokens, the contract behind the ticker can therefore matter as much as the company whose shares it tracks. A token accepted by a lending protocol may carry deeper liquidity and more utility than another token tied to the same equity.
Lending creates a practical use case, with limits
Lending protocols are beginning to turn tokenized stocks into collateral rather than simply a way to obtain price exposure. Kamino offered USDC borrowing at a 5.75% rate against xStocks collateral, with borrowing limits reaching 73% of the value of an S&P 500 token, according to the data cited by trade[XYZ]. Jupiter Lend was listed at 4.88%, while Ether.fi users could borrow through Aave at roughly 4% using portfolios that may include stock tokens.
Those rates compare with a 12.075% margin-loan rate at Charles Schwab for balances below $25,000 and a listed 5.38% rate at Interactive Brokers. The comparison is imperfect, since protocols and brokerages impose different liquidation rules, collateral standards and account requirements, but it shows why tokenized stocks are being positioned as part of cross-asset collateral pools.
Collateral treatment remains conservative for individual shares. Kamino assigned a 73% collateral factor to its S&P 500 token, compared with 55% for Nvidia and Tesla, 40% for Apple, and 30% for Strategy, Circle and Robinhood tokens. Lower collateral factors reduce the amount users can borrow against more volatile or less liquid assets.
Weekend pricing presents a particular challenge. U.S. equities do not trade continuously, while onchain lending protocols need a defensible value if collateral must be liquidated outside market hours. In a review of 19 stocks and indices over 30 weekends since March, trade[XYZ] found that stock perpetuals correctly matched the direction of Monday’s opening gap 69% of the time when the gap exceeded 1%.
The contracts were less effective at pricing the full size of those moves. By 8 p.m. in New York on Sunday, perpetuals reflected a median 26% of the eventual Monday gap. By 9 a.m. Monday, after overnight and premarket activity, that ratio climbed to 91%. A perpetual market may offer lenders a reference price, but it cannot yet be assumed to capture all news that will affect a stock’s Monday opening level.
Lower transfer costs are part of the appeal
Tokenized stocks can reduce the cost and friction of moving stablecoin balances into overseas brokerage accounts. Trade[XYZ] estimated that buying and immediately selling $1,000 of Nvidia xStock through the Jupiter router would cost about $2.20, including roughly $0.20 in spread and pool fees plus 0.1% app fees on each side. At $100,000, the estimated round-trip cost through the router was about 0.6%.
By comparison, INDmoney lists foreign-exchange conversion charges of 0.5% to 1.2% before other fees, while Revolut’s standard plan charges up to 1% above €1,000 per month. These comparisons help explain the appeal for stablecoin holders outside the United States, although users must also weigh token structure, platform access, local rules and redemption arrangements.
Fee differences between interfaces can be equally stark. Kraken’s consumer app charges a 1% spread on xStocks, while Kraken Pro lists a 0.08% fee for the same tokens. Robinhood Wallet charges 0.8% for swaps plus a 0.05% payment to the router, according to the supplied fee schedules.
Native share records are beginning to emerge
Most tokenized stocks remain claims designed to track an underlying share or economic exposure, but some companies are starting to use onchain records within regulated transfer-agent structures. Superstate and Securitize have been cited as transfer agents recording shares onchain. Galaxy, Forward Industries and Exodus have used Superstate-linked arrangements, while Securitize has recorded its own equity on Avalanche and Solana.
As of Oct. 8, fewer than 100 wallets held $329 million of SECZ, Securitize’s tokenized equity, according to trade[XYZ]. Forward Industries’ onchain shares represented the largest single-stock collateral position on Kamino at $23 million, exceeding the combined collateral value of all 10 xStocks in Kamino’s xStocks market.
The contrast between those holdings and the millions of small tokenized-stock wallets illustrates the market’s current split. Distribution platforms are rapidly creating access points for small balances, while a smaller set of issuers, collateral protocols and institutional-sized wallets holds much of the value and determines whether tokenized equities develop into durable financial infrastructure rather than a collection of isolated trading products.
Curious how tokenized stocks could reshape markets? Explore our deep-dive on tokenized equities and how they work today.
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