Tokenized Stock Trading Surges to $48.7 Billion, Uniswap Leads the Way

Tokenized stock trading has surged over the past year, reaching a record $48.7 billion in trading volume, a 10,163.7% increase from the previous 12 months. Uniswap led the market with $17.1 billion in trading volume across its v3 and v4 pools. This growth indicates a rise in interest in blockchain-based equities, but trading volume differs from ownership and available liquidity.

Exchanges have expanded access to tokenized stocks, with platforms like Kraken, Bybit, and OKX offering these products. Binance launched bStocks in June 2026, and the Capital Activation Rate for equities increased from 1.95% to 7.54% this year. Liquidity pools and lending accounted for most deployed capital.

However, trading activity remains concentrated among a few major products, with ETF-linked products generating 44.0% of trading volume by reference stock. Nvidia and SPCX followed at 10.0% and 7.3%, respectively. Equity derivatives recorded much greater activity, with Hyperliquid and Lighter processing $67.8 billion in equity perpetual volume in June.