Tokenized Equities Surge on Blockchain Despite Crypto Market Decline

Tokenized equities are growing rapidly on blockchain platforms, but their growth is not necessarily a reflection of the overall market's health. According to a recent report by CoinShares, tokenized equities have seen a significant increase in holder count, outpacing institutional products over the past year.

The report notes that while $2.2B of equity exposure has been tokenized on-chain, this represents only a small fraction of the global equity market, which is valued at over $100T. This growth is largely driven by access, with lower minimum investment sizes allowing a broader set of investors to participate.

However, the report also highlights that real-world asset deposits across lending platforms and decentralized exchanges have increased from $2.3B to $7.4B between Q2 '25 and Q2 '26, while crypto assets deposits fell by 15% over the same period. This suggests that tokenization is not a reflection of the overall market's health, but rather a sign of increasing adoption and usage.

The report also notes that institutional capital is concentrated in collateral that pays, with on-chain yields ranging from 3.2% to 5.5%. Investors are seeking collateral that earns while it supports borrowing, which is why deposits cluster in yield-bearing assets on established venues such as Aave, Morpho, and Kamino.