Tokenized markets are carving out trading and investment behaviors that diverge significantly from their traditional financial counterparts, according to a comprehensive new report from Dune. The study, which compares onchain and off-chain activity across major asset classes including equities, credit, commodities, and cash-equivalent products, highlights how blockchain infrastructure is altering user preferences and asset utilization.
The research found that these behavioral differences are particularly pronounced within the equity sector. According to Dune’s data, single stocks account for an overwhelming 81% of tokenized equity spot supply, while exchange-traded funds (ETFs) make up the remaining 19%. This distribution contrasts sharply with traditional equity markets, where passive index tracking through ETFs typically commands a massive share of investor allocations.
Weighing in on these findings, Armand Khatri, head of ecosystem at Ondo Finance, noted that tokenization fundamentally empowers investors by granting them greater granularity and control over asset selection. By utilizing onchain infrastructure, investors can bypass or reduce their dependence on the specific product offerings and limitations imposed by local financial intermediaries.
“The investor decides which they want,” Khatri said, referring to the newfound freedom to choose directly between single-company exposure and broader index products without traditional geographic or structural bottlenecks.
Overall, Dune’s findings place the total value of tokenized real-world assets at $34.5 billion as of August 31. This figure represents a robust growth of more than 140% compared to the same period a year earlier. Within this expanding ecosystem, cash-equivalent products continue to dominate the aggregate supply, while tokenized equities have emerged as the most actively traded segment, pointing to high velocity and engagement among onchain participants.
Tokenized Equities Remain a Fraction of Global Markets
Despite impressive year-over-year growth rates, tokenized equities still represent a microscopic fraction of the broader global financial landscape. Separate data from Binance Research, cited by Binance co-CEO Richard Teng, valued the entire tokenized equity market at $4.43 billion as of September 15. Although this reflects an impressive 390% surge throughout 2026, it equates to just 0.0029% of the staggering $151.9 trillion global listed-equity market.
Looking ahead, Binance Research projects that the tokenized equity sector could scale significantly, potentially reaching approximately $349 billion by 2030 under its base-case growth scenario. Commenting on the long-term trajectory of the sector, Teng acknowledged that while asset tokenization possesses the revolutionary potential to reshape how global investors access equity markets, the broader institutional shift toward onchain infrastructure “won’t happen overnight.”
Regulatory frameworks and traditional market institutions are also beginning to adapt to the burgeoning demand for blockchain-based asset rails. In the United States, regulators and established exchanges have recently initiated steps to foster a more accommodating environment for tokenized trading.
On September 17, the US Securities and Exchange Commission granted a temporary regulatory exemption. This move paves the way for limited onchain trading activities involving tokenized, US-listed stocks, signaling a cautious openness from federal regulators toward integrating distributed ledger technology into mainstream capital markets.
Concurrently, traditional financial giants are positioning themselves to capture market share in the emerging digital asset economy. The New York Stock Exchange and Blockchain.com previously announced collaborative plans to offer tokenized versions of US-listed stocks and ETFs. These offerings are intended to be hosted through the NYSE’s planned digital trading platform, pending final regulatory approval.
As regulatory barriers gradually adjust and institutional infrastructure matures, the intersection of traditional financial instruments and onchain technology continues to evolve, setting the stage for broader adoption in the years leading toward the end of the decade.
