What to know about the salmonella egg recall and how to stay safe

Tokenized stocks are seeing a rapid rise in participation and liquidity, according to new on-chain market tracking from RWA.xyz. The number of tokenized stock holders has more than doubled over the past month to 1.31 million.

RWA.xyz also reports that monthly transfer volume climbed nearly 180% to $23.13 billion, while monthly active addresses increased 34.62% to just under 572,000. The total distributed value of tokenized stocks rose 5.9% to $2.38 billion.

Key takeaways

• Tokenized stock holders grew to 1.31 million—more than double month-over-month, per RWA.xyz.
• Monthly transfer volume surged to $23.13 billion (+~180%), suggesting stronger usage beyond just new wallets.
• Total distributed value increased to $2.38 billion (+5.9%), even as the sector remains competitive.
• Ondo leads by distributed value at about $872 million, followed by Kraken’s xStocks and Binance’s bStocks.
• SpaceX tokenization saw heightened activity around its June 12 public listing, despite earlier campaign issues.

Growth metrics: more holders, higher activity, rising value

The latest RWA.xyz figures point to broad-based momentum rather than a narrow spike in one product. Alongside the sharp jump in holders, the increase in monthly active addresses indicates that more participants are actively transacting during the period, not merely registering.

Liquidity also appears to be strengthening. With monthly transfer volume up by nearly 180% to $23.13 billion, tokenized equities are generating materially more on-chain movement than they did just a month prior. At the same time, total distributed value rose 5.9% to $2.38 billion, reflecting a net expansion in the value of tokenized stock instruments distributed through the ecosystem tracked by RWA.xyz.

In terms of market leadership, Ondo remains the largest issuer by distributed value, sitting at roughly $872 million. Kraken’s xStocks follows with about $557.8 million, and Binance’s bStocks is close behind at $521.8 million.

Who’s leading: Ondo, xStocks, and bStocks close the gap

RWA.xyz’s distribution rankings show a fairly tight race among the largest tokenized stock programs. While Ondo holds a clear lead, Binance’s bStocks has moved into the same competitive tier as Kraken’s xStocks.

bStocks launched in June and is already within approximately $36 million of xStocks in distributed value, according to RWA.xyz. That proximity matters for investors and market participants because it suggests the category’s growth is not confined to one dominant issuer; multiple providers are attracting demand quickly enough to reduce relative gaps.

RWA.xyz also lists several of the largest underlying tokenized assets by distributed value. Among them are Securitize at $145.2 million, Strategy PP Variable xStock at $135.6 million, and Ondo’s tokenized Circle shares at $99.7 million.

Private-market demand and the SpaceX test

The current expansion in tokenized equities aligns with a broader push by crypto platforms into private-market and pre-IPO products earlier this year, with attention particularly focused on SpaceX. In the months leading up to SpaceX’s June 12 public-market debut, multiple platforms—including Binance, Coinbase, Kraken, Bybit, Bitget, and Blockchain.com—rolled out products tied to SpaceX. These ranged from tokenized pre-IPO exposure to perpetual futures and proxy-style tokens.

Some of the activity was clearly driven by substantial investor interest. Earlier coverage from Cointelegraph noted that a Binance campaign drew about $557 million ahead of the listing, highlighting strong demand for exposure to the pre-IPO and transition period.

However, not all parts of these efforts worked smoothly. Cointelegraph previously reported that Binance, Bybit, and Bitget Wallet canceled their tokenized SpaceX IPO campaigns after xStocks failed to secure enough underlying shares to satisfy demand. Refunds were issued to subscribers, underscoring how tokenization outcomes can be constrained by real-world share availability and allocation mechanics—despite high on-chain interest.

Still, even after the campaign cancellations, tokenized SpaceX exposure persisted. RWA.xyz data shows that tokenized SpaceX exposure via Binance’s bStocks has grown to $67.9 million in distributed value since the June 12 listing, placing it seventh among individual tokenized assets tracked by RWA.xyz.

What it may mean for the real-world assets market

The rapid increase in holders, activity, and distributed value suggests tokenized stocks are becoming a more established on-ramp into real-world assets for crypto users—especially when packaged as liquid, transferable tokens.

This momentum also fits into larger industry forecasts. Standard Chartered has projected that tokenization could reach a $4 trillion market by the end of 2028, as highlighted in earlier Cointelegraph reporting. While forecasts don’t guarantee outcomes, the recent performance tracked by RWA.xyz indicates that at least one segment of real-world assets—tokenized equities—is gaining measurable traction.

For market watchers, the key question is whether the growth is durable beyond short-term thematic surges. SpaceX-related campaigns illustrate both the appetite for tokenized exposure and the operational friction that can occur when real-world supply (like underlying shares) doesn’t match token demand. Going forward, investors may want to monitor whether issuers improve allocation reliability and whether new launches can sustain user activity once the initial hype around major corporate events fades.

Next, readers should watch how quickly distributed value and active address growth sustain over subsequent months, and whether new tokenized stock launches narrow the gap between the top issuers—or trigger renewed allocation challenges when demand spikes around real-world listings.

The number of tokenized stock holders has more than doubled over the past month to 1.31 million, according to RWA.xyz data.

Monthly transfer volume surged nearly 180% over the same period to $23.13 billion, while monthly active addresses increased 34.62% to nearly 572,000. The total distributed value of tokenized stocks also rose 5.9% to $2.38 billion.

At the time of writing, Ondo leads the market with about $872 million in distributed value, followed by Kraken’s xStocks at $557.8 million and Binance’s bStocks at $521.8 million. BStocks launched in June and is already within roughly $36 million of xStocks in distributed value.

According to RWA.xyz, the largest individual tokenized assets by distributed value include Securitize at $145.2 million, Strategy PP Variable xStock at $135.6 million and Ondo’s tokenized Circle shares at $99.7 million.

Source: RWA.xyz

Related: Hyperliquid RWA contracts grow to 32% of trading activity in Q2

Tokenized stocks push into private markets

The recent growth in tokenized equities follows a wave of crypto platforms pushing into private-market and pre-IPO products earlier this year, particularly around SpaceX ahead of its June 12 public-market debut.

In the months leading up to the listing, Binance, Coinbase, Kraken, Bybit, Bitget and Blockchain.com rolled out products tied to SpaceX, ranging from tokenized pre-IPO exposure to perpetual futures and proxy tokens.

Despite substantial demand, including $557 million drawn by a Binance campaign ahead of the listing, the push did not go entirely to plan. Binance, Bybit and Bitget Wallet canceled their tokenized SpaceX IPO campaigns after xStocks failed to secure enough underlying shares to meet demand, triggering refunds for subscribers.

Despite the failed pre-IPO allocations, tokenized SpaceX exposure through Binance’s bStocks has grown to $67.9 million in distributed value since the company’s June 12 listing, ranking seventh among individual tokenized assets tracked by RWA.xyz data.

The growth in tokenized equities comes amid a broader expansion in real-world asset tokenization, which Standard Chartered forecasts could become a $4 trillion market by the end of 2028.

Top tokenized stocks by distributed value. Source: RWA.xyz

Magazine: Bitcoin to $1M by 2030 is ‘mathematically impossible’ says Markus Thielen 

Banking giant UBS, with over $7 trillion in assets under management, has reported a more than 24-fold quarterly increase in call option exposure tied to BlackRock’s iShares Bitcoin Trust (IBIT) in the second quarter.

That increase, which gives it the right to acquire IBIT shares at a later date at a set price, came as its outright IBIT holdings rose about 12%, according to a regulatory filing this week.

The Swiss banking group reported calls representing 1.95 million underlying IBIT shares as of June 30, up from 80,000 three months earlier. UBS separately held 407,890 IBIT shares worth about $13.6 million, compared with 364,371 shares at the end of the first quarter, according to its Q1 filing.

Put option exposure, giving UBS the right but not the obligation to sell IBIT at a set date and price, moved in the opposite direction. UBS reported puts representing 143,300 underlying shares, down about 53% from 303,300 at the end of March.

Its direct IBIT position also remained below the 548,614 shares reported at the end of 2025, according to its fourth-quarter filing.

The disclosure also does not include strike prices or expirations, making it difficult to determine UBS’s net directional exposure from the filing alone.

Crypto mining was banned in Moscow, the surrounding Moscow Region and parts of Kursk, with the restrictions set to run through Dec. 31, 2032.

The measure, established under government decree No. 936, also prohibits participation in crypto mining pools. The decree was signed on July 25 and published on July 31, local media reports.

Russia as a whole accounted for an estimated 175 exahashes per second, or 16.4% of Bitcoin’s global computing power, in the first quarter, according to Luxor’s Hashrate Index. That placed it second behind the U.S., although it’s unclear what capacity was located in the newly restricted region.

The country’s Energy Ministry said a year-round restriction was needed to reduce the risk of power-capacity shortages as energy-intensive mining facilities connect to regional grids. Mining currently consumes roughly 1 gigawatt in the Moscow power system, while the region’s data-center capacity could reach 3.6 GW, or 17% of peak demand, by 2032, Interfax reported after the decree was first signed.

Mining is also linked to the country’s Western sanctions.

Russian companies had been using domestically mined bitcoin in international payments after legal changes designed to counter Western restrictions, Finance Minister Anton Siluanov said in December 2024.

Tudor Investment, founded by billionaire investor Paul Tudor Jones, increased its direct stake in BlackRock’s spot bitcoin ETF in the second quarter while cutting its reported call option position in the fund by 85%.

The firm held 688,529 shares of the iShares Bitcoin Trust ETF (IBIT), valued at $22.9 million as of June 30, according to a 13F filing on Friday.

The share count rose by 109,446, or 18.9%, from 579,083 at the end of March. The holdings are now worth around $24.5 million.

Tudor also reported calls tied to 148,000 underlying IBIT shares, down 85.2% from 998,000 in March. Its put position edged down 1.4% to 715,000 underlying shares from 725,000, according to the filings.

The filing does not disclose the options’ strike prices or expiration dates, so the underlying share counts do not provide a direct measure of Tudor’s directional exposure. And the derivatives positionings are likely a hedging mechanism for its bitcoin bets.

Tudor first disclosed 869,565 IBIT shares in mid-2024 and increased the position to 8.05 million shares, worth $427 million by year-end. It then cut the stake in every quarter of 2025, ending December with 576,523 shares.