Dune Report Puts Tokenized RWA Market at $34.5B, Equities Top On-Chain Trading

On-chain markets are developing trading habits that diverge sharply from traditional finance, and the gap is widest in equities. A new RWA report from analytics platform Dune, which compares on-chain and off-chain activity across equities, credit, commodities and cash-equivalent products, values the tokenized market cap of real-world assets at $34.5 billion as of Aug. 31, more than 140% above the level recorded a year earlier. Cash equivalents still account for the bulk of supply, spanning tokenized US Treasury exposure and the reserve assets behind stablecoins, while equities have become the most actively traded segment of the on-chain spot trading market. The findings were released on Thursday, Oct. 1. The comparison covers spot holdings and trading behavior rather than derivatives, which makes the equity split a direct read on investor preference. The split inside tokenized equities is the report's sharpest finding. Single-company stocks make up 81% of tokenized equity spot supply, with ETFs at just 19%, a distribution that runs against the past decade of traditional flows, when passive index products absorbed the majority of institutional money. In other words, the on-chain investor behaves like a stock picker by default. Armand Khatri, head of ecosystem at Ondo Finance, frames the difference as a question of access: tokenization reduces an investor's dependence on the product menu of local intermediaries, so the choice between single-company and index exposure moves to the investor directly. “The investor decides which they want,” he said, a shift that carries particular weight in jurisdictions where direct pipelines to large technology or crypto-adjacent companies do not exist. Where a local broker's shelf ends, the on-chain version of the same share can begin, and the supply figures suggest investors use that reach to assemble portfolios of named companies rather than buying the index by default.

Tokenized Equities Remain a Fraction of Global Markets

The growth curve is steep, but the base is still tiny. Binance Research figures that Binance co-CEO Richard Teng shared on X value the tokenized equity market at $4.43 billion as of Sept. 15, a 390% increase in 2026 that still equals roughly 0.0029% of the $151.9 trillion global listed-equity market. That $151.9 trillion denominator is the total value of all listed equities worldwide. On a base measured in single-digit billions, that growth rate means tokenized equities nearly quintupled during the year, with compliant US venues still to open their doors. Even the base case would require the market to grow roughly 79-fold from the Sept. 15 level. Binance Research's base-case projection of roughly $349 billion by 2030 would still leave tokenized shares a thin slice of global listings, and Teng's own framing was cautious: tokenization could change how investors access equity markets, but the shift “won’t happen overnight.” Regulation is moving faster than the market size. On Sept. 17, the US Securities and Exchange Commission granted a temporary exemption that permits limited onchain trading of tokenized US-listed stocks, opening a supervised corridor for products that institutions have been waiting to hold. The exemption is temporary and limited by design, which means the corridor could widen if the pilot satisfies the regulator. The New York Stock Exchange and Blockchain.com separately announced plans to offer tokenized US-listed stocks and ETFs through NYSE's planned digital trading platform, with availability contingent on regulatory approval. Neither party disclosed a launch timeline in the announcement. Taken together, the exemption and the exchange plans describe the plumbing that could move institutional volume onto public chains at listing scale, though how much follows depends on how wide the SEC keeps the corridor.

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For COINOTAG, the reading is structural. Bitcoin (BTC) proved more than a decade ago that a public chain can settle a financial asset around the clock, and the figures from Dune and Binance Research show that same settlement model now reaching equities and credit, carried by investors who behave like stock pickers rather than index buyers. The catch is liquidity: tokenized ETF infrastructure and the market maker presence that anchors traditional venues are still immature, which helps explain why the ETF share sits at 19% while single-stock turnover leads the market. If compliant venues such as NYSE's planned platform go live, the number to watch will be whether the ETF share climbs toward its traditional weight.