Activity in tokenized equities has accelerated sharply, with tokenized stock transfers more than doubling over the past month to $8.41 billion, according to RWA.xyz data. At the same time, the distributed value of tokenized equities rose 43% to $2.16 billion and the number of holders increased 17% to more than 409,000, highlighting a steady expansion in participation rather than a one-off spike.

Growth was led by several major tokenization platforms. Figure’s distributed value jumped 935% over 30 days, Securitize rose 332%, and xStocks increased by around 62%. Ondo remained the largest tokenized stock issuer by distributed value at roughly $846 million, followed by xStocks (~$708 million), Securitize (~$306 million), and Figure (~$239 million), per the same dataset.

Key takeaways

• Tokenized stock transfers climbed to $8.41 billion over the last month, more than doubling versus the prior period.
• Distributed value for tokenized equities reached $2.16 billion, up 43%, with holders rising 17% to 409,000+.
• Figure, Securitize, and xStocks posted the fastest recent momentum, with Figure up 935% in 30 days.
• Tokenized US Treasurys were largely flat over the same window, while the overall tokenized RWA market grew to about $33.5 billion.

Tokenized equities leave tokenized treasuries behind

RWA.xyz’s figures suggest tokenized stocks are currently outperforming other parts of the broader real-world asset (RWA) market. While the distributed value for tokenized US Treasurys—the sector’s largest asset class—was essentially flat over the past month, distributed value across tokenized RWAs grew by about 4% to $33.5 billion.

That relative performance matters for market participants because it points to where incremental demand is forming. Tokenized treasuries have often been viewed as the most straightforward onchain analogue to liquid, regulated fixed-income instruments. Yet, in this latest snapshot, equities are drawing more rapid growth—both in transfers and in the number of holders—indicating that tokenized access to corporate ownership is attracting attention and usage.

Fast-growing platforms and shifting share of attention

The month’s gains were not evenly distributed across issuers. RWA.xyz data shows that several platforms experienced outsized percentage increases: Figure’s distributed value surged 935% in 30 days, Securitize’s climbed 332%, and xStocks’ grew about 62%. Even with such dramatic percentage moves, the rankings by absolute distributed value also show continuity: Ondo still leads with about $846 million.

This combination—rapid percentage growth among multiple players while the largest issuers maintain top positions—suggests the category is broadening rather than concentrating only around one dominant platform. For users, that can translate into more variety in access routes and custody/settlement workflows. For investors and traders, it may also imply that liquidity and market depth in specific tokenized equity offerings could improve as the holder base expands.

It also highlights the competitive dynamic among infrastructure providers and regulated issuers. When distributed value rises across the board, platforms that can onboard issuers, manage compliance, and support distribution into investor wallets typically gain share—not only in marketing, but in the operational capacity to keep assets moving.

From crypto exchanges to public-market listing models

The new growth appears tied to a wider push—spanning crypto-native venues and traditional capital markets—to bring tokenized equities closer to mainstream issuance. According to RWA.xyz, the tokenized stock market has expanded from roughly $378 million to $2.16 billion over the past year, a gain of about 471%.

One driver has been the wave of tokenized equity-style offerings using exchange distribution. During the SpaceX IPO, Kraken, Bybit, and Bitget Wallet reportedly used xStocks infrastructure to offer tokenized pre-IPO access. Even though customer demand exceeded the available allocation, the episode underscored how quickly investors were willing to engage with blockchain-mediated access to an IPO.

Momentum is now spreading into public-market signaling models. Earlier this month, Securitize reportedly became the first newly public company to issue tokenized versions of its shares on the Solana and Avalanche blockchains as it debuted on the New York Stock Exchange, according to related coverage from Cointelegraph: Securitize gains on NYSE debut with tokenized stock live on Solana/Avalanche.

These developments reflect a gradual shift from tokenization as a niche experiment to tokenized equities as a repeatable distribution channel—one that can run in parallel with established exchange and issuance mechanics.

Traditional finance firms step up tokenization plans

Competition is no longer limited to crypto exchanges. Traditional market utilities and exchanges are also moving toward tokenized securities infrastructure. In May, the DTCC announced plans to launch a tokenized securities service in October after receiving regulatory approval to offer tokenization services on pre-approved blockchains under a three-year pilot. Cointelegraph previously covered the announcement: DTCC eyes October tokenized securities launch.

Earlier this year, the New York Stock Exchange and its parent company, Intercontinental Exchange, unveiled plans for a platform intended to trade tokenized stocks and ETFs. Separately, Nasdaq partnered with Kraken and infrastructure firm Backed to develop technology linking traditional equities with blockchain networks, as discussed in Cointelegraph coverage: Nasdaq partnered with Kraken.

At the same time, ICE CEO Jeffrey Sprecher has argued that regulators should allow traditional exchanges to offer 24/7 onchain perpetual futures, framing it as a level-playing-field issue for regulated venues competing with crypto-native platforms. Cointelegraph reported on this stance in NYE/ICE urged for a level playing field on 24/7 onchain perps.

While these future initiatives extend beyond tokenized stocks alone, they reinforce a common theme: established institutions are increasingly treating tokenization and onchain settlement as strategic priorities rather than optional pilots.

For investors and builders, the next question is whether the current burst in tokenized equity activity holds over the coming months—especially as tokenized US Treasurys appear flat in distributed value. Watching holder growth, transfer volumes, and whether additional issuers join the model will likely determine if this momentum is a temporary acceleration or the start of a broader, sustained onchain equity distribution trend.

Justin Sun’s NFT marketplace, AINFT, and his memecoin platform, Sun Pump, are doing terribly, selling just four NFTs and launching 57 tokens in the past 30 days.

AINFT, which describes itself as “The Biggest NFT Trading Platform on TRON,” only facilitated two NFT sales this week. 

The NFT marketplace was originally launched as APENFT in 2021 before rebranding with an added nod to AI in 2025. 

Today, the marketplace is a ghost town. Across the last 30 days, only four NFT sales from two collections have been recorded, with a volume of 5,434 TRON, or $1,775.

Meanwhile, during that same period, only 57 tokens have been launched on Sun Pump. Some days see as little as one token launched. 

That’s according to Dune Analytics dashboard, which also notes that the firm only made $196 across the last seven days. 

Read more: Justin Sun’s graveyard of abandoned crypto projects

On June 10, Sun Pump only made $3.

The range of memecoins isn’t particularly diverse either. Indeed, on Sun Pump’s homepage, 18 of the 36 displayed are Sun-themed with the majority of the others either based around USDT or a moustache.

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

The European Union has begun preparing changes to its Markets in Crypto-Assets framework after the United States enacted the GENIUS Act, with regulators expected to review stablecoin rules and other digital asset provisions from 2027.

According to a report published by Euronews on Wednesday, European Commission officials are preparing to revisit parts of the Markets in Crypto-Assets (MiCA) regulation as the bloc responds to changes in the global regulatory landscape.

The report said the review will focus on how non-EU companies issuing stablecoins should be treated under the existing framework following the passage of the U.S. Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

Stablecoin oversight expands beyond existing MiCA rules

As part of the planned review, EU officials are expected to consider extending MiCA to cover tokenized payments and tokenized deposits, according to Euronews. The report also said policymakers want to provide greater legal clarity for U.S.-based stablecoin issuers seeking to operate across the European Union’s 27 member states, an issue that has gained urgency after the new U.S. law.

Those discussions come only days after MiCA’s licensing regime became fully operational. Since July 1, crypto firms serving customers in the European Union have been required to obtain authorization as Crypto-Asset Service Providers (CASPs) from a regulator in one of the member states before offering services across the bloc.

Even with those rules now in force, the European Commission has already opened a consultation on possible updates to the framework. The consultation, often referred to by industry participants as “MiCA 2.0,” seeks feedback on issues including decentralized finance, stablecoins and other areas that may require additional regulation. The public comment period will remain open until Aug. 31.

Regulators add custody reviews as crypto rules evolve

Alongside the consultation process, European regulators are increasing supervision of companies already operating under MiCA. The European Securities and Markets Authority (ESMA) announced on Wednesday that it will examine the operational resilience of licensed Crypto-Asset Service Providers, with particular attention to custody-related operational risks.

According to ESMA, the review will run from July through the first half of 2027 and will assess how licensed crypto firms safeguard customer assets and manage operational disruptions under the new regulatory framework.

Developments in the United States continue to influence those discussions. Besides the GENIUS Act, U.S. lawmakers are advancing the Digital Asset Market Clarity Act, legislation intended to establish a market structure framework for digital assets. The bill has already cleared two key House committees over the past year and is expected to move to a Senate vote in July before lawmakers leave Washington for their month-long state work period.

Taken together, the parallel regulatory efforts in Europe and the United States indicate that policymakers on both sides of the Atlantic are continuing to refine crypto rules as stablecoins, tokenized financial products and digital asset services become a larger part of the financial system.

Kazakhstan, one of the world’s largest Bitcoin mining hubs, is moving to expand its crypto sector as a new decree introduces rules for stablecoin payments, tax breaks for regulated crypto activity and new energy options for mining.

Kazakhstan President Kassym-Jomart Tokayev has signed a decree aimed at building a regulated digital asset market, the Ministry of Artificial Intelligence and Digital Development (MAIDD) announced on Wednesday.

Developed jointly by MAIDD, the central bank and the Astana International Financial Centre, the order is viewed as a tool to increase regulatory clarity for crypto businesses, investors and digital asset service providers.

The move signals Kazakhstan’s latest effort to expand its role in the crypto industry and establish itself as a major global crypto hub.

Stablecoins enter Kazakhstan’s cross-border trade plans

In one of its key directions, the decree targets modernization of Kazakhstan’s payments infrastructure, including provisions on creating mechanisms for using digital assets and stablecoins in cross-border settlements.

The government said the move could support export and import operations by adding digital assets to Kazakhstan’s financial toolkit while keeping transactions within a regulated framework.

Related: USDT wins payments, USDC wins DeFi as stablecoins diverge: Dune

The order also aims to move crypto activity from foreign unregulated platforms into Kazakhstan’s licensed digital asset infrastructure. Users holding digital assets abroad will be encouraged to disclose them and transfer them to approved domestic service providers.

For individuals, the government plans tax incentives for digital asset activity conducted through regulated infrastructure, including a proposed exemption from personal income tax on related income.

Gas-powered energy plans for digital mining

The action also addresses Kazakhstan’s energy resources, introducing a mechanism for associated petroleum gas and natural gas from oil and gas fields to be used for autonomous electricity generation when those resources are not needed for state purposes.

That electricity could support digital mining operations, adding an energy component to Kazakhstan’s broader crypto strategy, the announcement said.

Kazakhstan ranked third globally by estimated Bitcoin mining hash rate, according to data by the Cambridge Centre for Alternative Finance (CCAF) published in 2022. Source: CCAF

Separately, Kazakhstan’s government has introduced a “70/30” energy model that allows data centers and digital miners to directly access up to 70% of new power generation capacity created through infrastructure upgrades.

Related: Solana Company to back Kazakhstan’s $6B crypto megacity ambition

The decree also outlines plans to develop tokenized financial instruments and national trading infrastructure, as the Central Asian country seeks to attract digital asset investment.

“Our goal is to make Kazakhstan a point of attraction for global capital and expertise while ensuring maximum transparency and protection for every participant in this market,” MAIDD Minister Zhaslan Madiyev said.

Magazine: Dubai tops Asian crypto hubs, Taiwan passes crypto laws: Asia Express

Standard Chartered head of digital assets research Geoff Kendrick predicted in a recent research note that assets in DeFi could reach $2.7 trillion by 2030.

He said that, currently, only 3% of stablecoins and 10% of tokenized real-world assets (RWAs) are used in DeFi. However, he predicts this will rise to 30% by 2030.

That would be a 37-fold increase from where they are now, but the growing tempo of tokenization gives Kendrick reason for an optimistic outlook. 

The market for tokenized real-world assets — which includes stocks, bonds, real estate, gold, and carbon credits — hit $32.22 billion in distributed on-chain value by the end of June. That’s almost three times the roughly $11.8 billion RWA market from a year earlier. Add stablecoins, which are just tokenized real world fiat, into the mix, and the broader tokenized market sits north of $328.8 billion.

Total RWA asset holders have grown to 937,928, up 13% last month alone, according to data from RWA.xyz.

Here’s a closer look at exactly what is driving growth across different RWA verticals.

US Treasuries 

US Treasury bills, notes, and bonds are the largest tokenized asset category by on-chain value at $15 billion. They’re familiar for investors, low-risk, liquid and generate yield — something that stablecoins can’t do yet.

Launched in March 2024, Blackrock’s BUIDL fund reached over $2.9 billion in total asset value by June 2025. It’s currently at $2.23 billion as some funds declined due to capital reallocation and competition between platforms. It has distributed more than $100 million dividends and operates on Ethereum, Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos, and BNB Chain.

Source: RWA.xyz

In February 2026, Uniswap Labs and Securitize announced that BUIDL shares were available for trade on UniswapX. This put a major, regulated, institutional tokenized fund on a decentralized exchange (albeit with restrictions on who can buy and sell it).

“This is the unlock we’ve been working toward: bringing the trust and regulatory standards of traditional finance to the speed and openness for which DeFi is known,” said Carlos Domingo, CEO of Securitize.

Related: Philippine SEC signals readiness for RWA tokenization

A similar product is Franklin Templeton’s OnChain US Government Money Fund, which is represented in the form of the BENJI token. It has reached $2.44 billion and runs on Avalanche, Arbitrum, Aptos, Base, and BNB Chain, Stellar, Ethereum, Solana, Polygon.

Source: RWA.xyz

Other significant Treasury products include Circle’s USYC ($3.1 billion), Ondo’s suite ($3.7 billion) and WisdomTree’s WTGXX ($764 million).

Private Credit

Private credit — loans that are issued, negotiated and held by non-bank institutions — is another fast growing category within RWAs.  

The appeal is similar to that of Treasuries, but private credit provides higher yields than government debt. Furthermore, tokenization helps add liquidity to the private credit sector, which is known for years-long capital lockups. 

A corporate treasurer or asset manager can now hold private credit positions that are transferable on-chain, usable as collateral, and redeemable.

The largest platforms for issuing tokenized private credit are Maple Finance and Stokr. Each has about 22% market share, according to RWA.xyz. The total value of tokenized private credit is about $6.2 billion. 

Stocks and ETFs

Currently, stocks represent a modest proportion of overall tokenized assets with just $2.19 billion, according to RWA.xyz.  That’s up by almost 50% in just the past thirty days, so it is growing very quickly, and is set for a further major boost soon.

In May, the Depository Trust & Clearing Corporation (DTCC) announced plans to pilot tokenized securities trading. DTCC clears and settles almost all US stock trades and custodies over $114 trillion in securities. 

The pilots are slated to begin this month, with a full commercial launch possible by October.  

The assets in the pilot include Russell 1000 equities, major index ETFs, and US Treasuries. More than 50 financial firms are participating, including BlackRock, Goldman Sachs, JPMorgan, Citigroup, Bank of America, Morgan Stanley, Circle, Ondo Finance, and Ripple Prime. 

Ondo Finance now holds roughly 60% of the tokenized equity market through its Global Markets platform. In March 2026 it entered a partnership with Franklin Templeton to tokenize five ETFs.

In April, it formed another partnership with Broadridge Financial Solutions to let holders of tokenized stocks and ETFs to submit voting preferences for underlying shares.

Source: RWA.xyz

Gold and commodities 

Tokenized gold, the largest sub-category within tokenized commodities, has been around for years, but 2026 gave it an unexpected stress test.

When US–Iran tensions escalated in early 2026, traditional markets were closed. Tokenized oil and gold markets were not. 

After the US and Israel attacked Iran early this year, Wall Street trading desks increasingly found themselves using on-chain perpetual futures platforms as the only available venue for pricing gold, oil, and other risk-off assets during off-hours.

Weekend volumes on on-chain commodity perpetuals have increased ninefold since the beginning of 2026. Onchain perpetual futures for commodities now make up more than 67% of builder-deployed contracts on DEXs.

The takeaway is that tokenized commodities, which trade on markets that never close, can provide a real advantage amid geopolitical turmoil, which doesn’t happen based on market hours.

Tokenized commodities hit $5.8 billion in March 2026 and have pulled back to $4.7 billion currently, with gold making up a substantial majority of that. 

Tokenized gold volumes have increasingly begun to move in concert with traditional gold markets. This correlation was historically weak but crossed the 0.70 threshold in Q1 2026, suggesting the onchain market is maturing.

Real estate

Real estate tokenization has been more of a promise to date than a reality at scale.

As a slice of the RWA pie, real estate represents just $202.7 million in assets at present, but that’s only going to grow with its entry into a couple of major, regulated markets this year.

Dubai’s Land Department began the second phase of its real estate tokenization project in February 2026, opening tokenized property units for resale. Hong Kong’s Securities and Futures Commission also approved real estate tokenization products from Derlin Holdings in the same quarter. 

Real estate tokenization offers fractional ownership to investors who cannot afford the high cost of entry for real estate investment. The token represents a share of the building, which can offer proportional rents and the ability to trade their position without waiting for a property sale. 

Source: RWA.xyz

RWAs are still relatively small

Tokenized real-world assets are growing, but still have a long way to go. Tokenized Treasury products are the largest and most mature category of RWAs, representing almost $15 billion. This is still dwarfed by the traditional US Treasury market of some $30 trillion.

Tokenized stocks are a rounding error compared to the DTCC’s $114 trillion worth of assets under custody. 

Liquidity is also still pretty thin, with many RWAs seeing low secondary trading and long holding periods.

But regulators are beginning to get on board. In March, the SEC approved a Nasdaq proposal to allow certain stocks to be traded and settled via tokens. Analysts and observers are expecting a more broad approval of stock token trading in the near future, with SEC Chair Paul Atkins likely to give RWAs the go-ahead through an “innovation exemption.”

The now appears to no longer be whether real-world assets will be tokenized, but how quickly.