Tokenized Stocks Surpass 15% of RWA Market Cap as Regulatory Momentum Builds

Tokenized stocks have seen significant growth over the past year, rising to account for over 15% of the total RWA market cap as of July 2026. Just a year ago, they held just 1.4% of the total RWA market cap in July 2025.

The surge can be attributed to regulatory developments and product innovation. In March 2026, Nasdaq secured rule approvals that gave institutional players more comfort around tokenized equity products. The Depository Trust & Clearing Corporation also scheduled limited production trades in July 2026 as part of a broader rollout plan.

Multiple platforms have launched their own tokenized stock offerings, including Ondo's $866 million portfolio and Kraken's xStocks. Binance rolled out bStocks, allowing individuals to buy tokens tracking companies like Circle, Tesla, and NVIDIA, as well as broader instruments like the S&P 500 ETF.

The growth in tokenized stocks has not come without its challenges. The market faces a liquidity problem, with secondary liquidity being thin and concentrated around popular names. However, efforts are underway to address this issue through expanded market-maker relationships and cross-chain bridges.