Tokenized real-world assets reached $331.8 billion by June 30, 2026, according to a 671-asset dataset, but the quarter’s growth outside stablecoins was concentrated in a relatively small number of open-access products. Non-stablecoin tokenized assets rose 13.3% over the quarter to $36.3 billion, while stablecoin value declined 2.3% to $295.5 billion.
The figures show a market expanding in value, chains, and product supply while remaining sharply divided between assets that can trade freely onchain and larger pools that are largely held rather than exchanged. Among 110 non-stablecoin products valued at $10 million or more, open-access assets made up 41% of value at the end of June yet generated 99.8% of observable onchain spot trading volume.
That split places tokenization’s near-term trading activity primarily in permissionless products, while whitelist-based structures continue to hold a substantial share of outstanding value with limited secondary-market use.
Derivatives far outpaced tokenized stock spot markets
Tokenized equities illustrate the difference between product issuance and active trading. Stock perpetual contracts on Hyperliquid and Lighter generated $67.8 billion in June volume, roughly 16 times the $4.2 billion in observable onchain spot trading for tokenized stocks, according to the dataset. Between January and June, the ratio of perpetuals volume to tokenized-stock spot volume ranged from about 10 times to 17 times each month.
Perpetual contracts allow traders to take long or short exposure without owning the underlying tokenized stock. Their substantially higher turnover suggests that much of the demand for onchain equity exposure has been directed toward leveraged and synthetic trading venues rather than settlement in tokenized shares themselves.
The spot market was especially thin among products with access restrictions. Of 48 whitelist-only products in the $10 million-and-up sample, 46 recorded turnover below 1%. By comparison, all 29 products that met both a 1% turnover threshold and holder-distribution requirements were open-access. Those products totaled $6.6 billion in value.
The holder-distribution test required at least 1,000 holders and no more than 90% of supply controlled by the 10 largest addresses. The largest group in the sample—57 products valued at $15.2 billion—had both low turnover and limited holder coverage. They accounted for 54.1% of sample value but only about $100,000 of observable spot volume. Ten products worth more than $250 million each had fewer than 100 holder addresses, together representing $11.4 billion.
Asset classes show sharply different liquidity profiles
Tokenized equities posted June spot turnover of 204.6%, the highest among the asset categories covered. Commodities recorded 16.7%, followed by credit at 9.5% and private funds at 9.4%. Tokenized rates products, largely associated with fixed-income instruments and Treasury exposure, registered turnover of only 0.1%.
The pattern persisted over time. Rates products had monthly turnover below 1% in 38 of 42 observed months, including June. The low level is consistent with assets used largely for collateral management, cash-equivalent exposure, or yield accrual rather than regular trading.
Using a model that limits sales to 15% of observable daily spot volume, the dataset estimated that selling $10 million of rates products would require about 126.5 days. The calculation excluded issuer redemption mechanisms and did not measure market price impact. The equivalent estimate was about half a day for equities, 2.8 days for commodities, 4.9 days for credit, and 11.2 days for private funds.
Those differences matter for users assessing whether a tokenized asset can be readily sold through onchain markets rather than redeemed directly with an issuer. Large outstanding value does not necessarily translate into usable secondary-market depth.
More chains are hosting tokenized assets
Distribution across blockchains became less concentrated between January 2023 and June 2026. Non-stablecoin tokenized assets expanded from three chains to 23, while the largest chain’s market share declined from 87.8% to 53.8%. The Herfindahl–Hirschman Index, a common measure of market concentration, fell from 0.8 to 0.3 over the same period.
Concentration also eased within several asset categories. The largest holder’s share of tokenized rates products fell from 89.3% to 18.6%, while the equivalent figure for private funds declined from 74.9% to 27%. At the end of June, the largest-holder share stood at 25.2% for equities, 14.4% for credit, and 8.9% for commodities.
The trend gives issuers more choices for settlement and distribution, though the liquidity data indicates that deploying an asset on more chains has not by itself created deep spot markets across every category.
Robinhood Chain volume rose rapidly, with balances still concentrated
Robinhood Chain’s public mainnet launched on July 1, 2026, and its tracked tokenized-asset value rose from $5.6 million at the end of June to $28.4 million by the end of July. Weekly RWA trading volume increased from $5 million in the first week after launch to $887.5 million in the final week of August.
On Aug. 31, daily RWA trading volume reached $244.7 million, with 38% classified as stock trading. The dataset measured swaps routed through Rialto involving identified token contracts and counted volume on the USDC-quoted side. Tokenized assets also grew from 0.1% of the chain’s decentralized-exchange volume in its first week to 12.9% in the last week of August.
The network’s transaction count presents a different picture from its value distribution. In July, it recorded 63.8 million transfers, and 86.2% were below $1, with a median transfer amount of $0.0014. Yet an Aug. 7 balance snapshot found that 669 addresses holding at least $1,000—about 1% of addresses with positive balances—controlled 95.1% of tracked asset value. Of 64,981 positive-balance addresses, 73.8% held less than $10.
That combination points to broad small-scale activity alongside highly concentrated ownership, a pattern that can emerge when applications, testing activity, or fee mechanics generate many small transfers without dispersing the underlying asset base.
SEC exemption arrives as Senate bill stalls
U.S. policy developments in September produced mixed signals for tokenized securities. The Senate did not advance the CLARITY Act on Sept. 15, leaving the timetable for wider digital-asset market-structure legislation unresolved.
Two days later, the Securities and Exchange Commission issued a five-year conditional exemption for certain venues and liquidity providers supporting permitted trading of tokenized U.S.-listed stocks through automated market makers and liquidity pools. The exemption could allow qualifying market participants to test onchain equity-market infrastructure under defined conditions, though its scope is narrower than comprehensive legislation and depends on compliance with the SEC’s stated terms.
Onchain credit funding shifted to newer Morpho strategies
Onchain credit showed increasing use of newer vault architecture during the first half of 2026. Across 27 Morpho lending markets using direct RWA collateral or wrapped RWA-linked collateral, 129 vault and strategy addresses supplied funds at some point during the period.
Reconstructed net deposits across identified addresses began at $120.4 million on Jan. 1, fell to roughly $49 million in late April, peaked at $208 million on June 23, and closed the quarter at $187 million. MetaMorpho V2 strategies represented about 92% of identified vault funding by quarter-end, rising from nearly zero at the start of the year.
Private and consumer credit backed about $120 million of net funding supply at the end of the first half, followed by reinsurance at roughly $44 million, U.S. Treasuries at $12 million, equities and preferred stock at $9 million, and commodities at $3 million. A separate matched-coverage measure placed private credit’s DeFi usage rate at 44.7%, compared with 5.7% for commodities and 5.6% for tokenized equities.
Product launches continued despite the uneven trading profile. Twenty-eight products launched from April through June, bringing the year-to-date total to 45 by June 30. The dataset tracked 671 assets, including 598 scored products, with the market still dominated by 506 wrapped structures. The expanding catalogue has increased choice, but June’s trading data indicates that access design and secondary-market liquidity remain more decisive than the number of tokenized products available.
Explore the rise of tokenized stocks and onchain equities in 2026—read this analysis for deeper market context.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
