Welcome to The State of Tokenization. Every month, we dive into the biggest updates in the real-world asset tokenization space, what’s hot onchain and offchain, who’s integrating with whom, and more.
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Tokenization Metrics We’re Tracking
RWA distributed asset value: $39.32B (+2.06%)
Number of RWA holders: 5.4M (+10.48%)
Total stablecoin value: $287.94B (-2.25%)
Daily RWA Transfer volume: $5.37B (+37.37%)
Tokenized treasuries total value: $14.59B (-0.27%)
Tokenized private credit (active loans value): $8.15B (+1.80%)
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
What the numbers say:
Tokenized stocks and tokenized credit each added roughly $570 million over the past 30 days, accounting for nearly all of the $1.2 billion increase in distributed RWA value.
Holders are increasing (+10.5%) at more than three times the pace of value growth (+3.2%), driven by equities: tokenized stocks now have 4.51 million holders, about 83% of all RWA holders.
Tokenized Treasuries were flat at $14.59 billion, but remain the largest single category at about 37% of distributed value.
By chain, Ethereum holds $15.9 billion, or 40% of distributed value, followed by BNB Chain ($6.3 billion), and Solana ($4.9 billion).
What Caught Our Eye This Month
OKXICE, a joint-venture between OKX and NYSE-parent ICE, filed a public notice with the SEC on October 4 to run a 24/7 tokenized U.S. stock venue under the SEC’s new Innovation Exemption, with an initial list of 63 tickers.
However, the exemption gives companies 30 days to object to third-party tokenization of their shares, and as of this Monday, 26 had objected, including Goldman Sachs, Wells Fargo, Microsoft, Alphabet and McDonald’s.
Objections now cover 23 of the 62 companies on the original launch list, or about 37%.
DTCC launched its Tokenization Service, with 34 securities available to tokenize across select Russell 1000 stocks, ETFs and U.S. Treasuries.
The tokens are backed 1:1 by the underlying equity. They also retain their original investor rights, and can be traded 24/7 between registered wallets on the same chain.
The DTCC will maintain the official books and records.
The service is live on Canton and DTCC’s private Besu network, and Stellar and Circle’s Arc are expected to be supported in 2027, alongside onchain settlement, collateral and digital cash features.
The launch follows July production trades in which more than 30 firms, including BlackRock, Goldman Sachs and Citadel Securities, ran collateral, lending, repo and equity workflows using DTCC-tokenized assets.
Securitize launched Securitize Stocks, which lets investors in the U.S., EU and other jurisdictions access 12 major equities, including Apple, Nvidia, Tesla and Circle onchain.
Each token is backed 1:1 by a real share, and structured as a legal security entitlement, so holders retain their dividends and voting rights.
Securitize says the backing shares are never lent out.
Investors can trade on Securitize’s Solana-based Proprietary Automated Market Maker (PropAMM) after markets close, and their trades are settled in USDC. Jump Trading is serving as the market maker.
The tokens are also slated to be launched on NYSE’s digital venue and OKXICE, and support for Aave’s collateral markets and conversions to direct issuer-registered shares are in the works.
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Chart of the Month
Tokenized stocks’ total market cap rose 65.1% over the past 3 months to $4.63 billion, with bStocks outperforming its peers with a 108.7% surge to $1.39 billion over the period. That move made bStocks the largest issuer, overtaking Ondo, which grew 43.7% over 90 days to $1.32 billion.
The remaining issuers, in order of market cap, were xStocks at $1.06 billion (+86.3%), Securitize at $230.4 million (+30.4%), and Robinhood at $178.4 million (+31.3%).
Additional RWA & Tokenization Developments
Cboe and S&P Dow Jones Indices extended their exclusive licensing partnership by 25 years.
Cboe will maintain sole rights to list S&P 500 Index (SPX) options through 2051.
This deal named tokenized options as a possible area for collaboration, though no product or timeline has been announced yet.
Blockchain.com and NYSE Group have signed a MOU that would give Blockchain.com’s users access to tokenized U.S. stocks and ETFs through NYSE’s planned 24/7 digital trading venue.
The deal would give NYSE access to a new distribution channel, and Blockchain.com will be able to add NYSE and ICE feeds to its app.
Ripple is partnering with brokerage platform DriveWealth to offer funding, settlement and custody of assets onchain.
The integration starts with RLUSD stablecoin settlement on the XRP Ledger in Europe, with U.S. expansion planned for a later date.
The IMF published its latest Global Financial Stability Report, which included an examination of the five most liquid tokenized U.S. equities across 11 venues over a full year.
The study found that more than half of tokenized equities are traded outside regular U.S. market hours, and roughly 80% of trades were for less than one share.
The IMF called systemic risk limited for now, but said regulators should consider circuit breakers for 24/7 trading.
Robinhood Crypto said it is working with asset manager T. Rowe Price to develop a Stock Token for an actively managed ETF on Robinhood Chain.
If launched, this would be Robinhood’s first fund-backed Stock Token.
Securitize has signed an MOU with Korea’s LG CNS to develop tokenized assets and digital asset infrastructure for Korean financial institutions.
The partnership covers three main areas: institutional market development; products tailored to Korea’s rules’ and stablecoin and treasury infrastructure.
Over the long term, the firms will explore linking Korean and global markets for 24/7 distribution and settlement of tokenized securities and stablecoins.
Canton processed its first over-the-counter (OTC) derivatives trade, pushing the network beyond tokenized Treasuries, repo and equities into the massive OTC derivatives market.
The trade ran on Canton-based derivatives platform Derivnex, and referenced a tokenized version of an S&P bond index.
Ondo Finance launched Intelligent Portfolios, which are managed onchain investment vehicles based on strategies BlackRock designed for Ondo.
Each portfolio holds Ondo’s tokenized stocks and ETFs, and is open to non-U.S. investors.
Wells Fargo CEO Charlie Scharf said U.S. use cases for stablecoins are still unclear, but the bank is preparing to meet potential demand.
Wells Fargo is one of 21 global financial institutions, including Bank of America, Citi, Goldman Sachs, Deutsche Bank and UBS, forming a joint stablecoin company that plans to launch a dollar token in the first half of 2027, with a euro version as the next priority.
Wells Fargo has also launched tokenized deposits for corporate clients, starting with dollar-to-pound transfers, which it plans to expand into 24/7 cross-border payments.
Franklin Templeton and Animoca Brands partnered to offer Franklin’s tokenized real-world assets through NUVA, a vault marketplace backed by Animoca.
The two firms also published a four-part research series on how tokenization is changing institutional portfolio construction.
The firms say they will explore tokenizing cultural assets, and said they will share more details later this year.
Term of the month: Tokenized Securities Venue (TSV)
Definition: A trading platform on which people can buy and sell tokenized stocks, 24/7. The SEC’s 2026 Innovation Exemption lets such platforms operate without registering as a traditional stock exchange as long as they follow its rules.
Used in a sentence: OKXICE filed to become a Tokenized Securities Venue, letting investors trade tokenized versions of public companies’ shares after the markets have closed.
What we’re listening to
Yuval Rooz, co-founder and CEO of Digital Asset, joined Talking Tokens’ Tokenization series to discuss why privacy is non-negotiable for institutions; why many products called tokenized equities fall short; and why moving 1% of capital markets onchain would be the first real milestone.
This is the State of Tokenization. October Edition.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
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