Tokenized assets don’t always mirror traditional markets, Dune finds
A Dune report finds tokenized markets exhibit trading and investment behaviors distinct from traditional markets, with single-stock tokenized equities dominating supply while ETFs lag. The report values tokenized real-world assets (RWAs) at $34.5 billion as of Aug. 31, marking a year-over-year increase of more than 140%.
Why It Matters
These differences suggest tokenization may reshape how investors pick exposures — favoring direct single-company holdings onchain — and could influence how regulators and exchanges structure onchain trading and custody. The trend is notable amid regulatory moves and exchange plans to expand tokenized trading of US-listed assets.
Key Facts
- Dune estimate of tokenized RWA value: $34.5 billion (as of Aug. 31)
- Year-over-year growth in Dune's RWA figure: Up more than 140% from a year earlier
- Tokenized equity spot supply breakdown (Dune): Single stocks 81%, ETFs 19%
- Most actively traded tokenized segment (Dune): Equities
- Binance Research tokenized equity market size: $4.43 billion (as of Sept. 15)
Dune’s new analysis comparing onchain and off-chain activity across equities, credit, commodities and cash-equivalent products finds that tokenized markets do not simply mirror traditional market structures. The firm highlighted a stark concentration in tokenized equities: single-company tokens make up 81% of spot supply, while exchange-traded funds account for the remaining 19%. Across all real-world asset categories, Dune estimated tokenized RWA value at $34.5 billion on Aug. 31, a rise of more than 140% from the prior year.
The report notes that cash-equivalent tokenized products still dominate overall supply, but tokenized equities are the most frequently traded segment onchain. Industry participants framed this as a feature of tokenization rather than a flaw: Armand Khatri, head of ecosystem at Ondo Finance, said the model gives investors more direct control over which assets they hold, reducing reliance on the product menus offered by local intermediaries and letting investors choose single-company exposure or broader index-like exposure.
Independent estimates cited by Binance’s co-CEO Richard Teng place the tokenized equity market at $4.43 billion as of Sept. 15, a figure Binance Research says rose 390% in 2026. Even with that rapid growth, Binance noted tokenized equities still represent a vanishingly small share of global listed equity capitalization — about 0.0029% of a $151.9 trillion market. Binance Research’s base-case projection sees tokenized equities expanding to roughly $349 billion by 2030.
Regulatory and exchange developments are occurring alongside market growth. The U.S. Securities and Exchange Commission issued a temporary exemption on Sept. 17 permitting limited onchain trading of tokenized U.S.-listed stocks. Separately, the New York Stock Exchange and Blockchain.com announced intentions to list tokenized U.S. stocks and ETFs on NYSE’s proposed digital trading platform, subject to regulatory approvals. Together, these market, participant and regulatory signals indicate tokenization is progressing but remains a small slice of the broader markets landscape.
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Original source: Cointelegraph