Ethereum Tokenized Stocks Jump 28.6% to $1.85 Billion in a Month

Crypto News

Ethereum (ETH) remains the primary settlement layer for real-world asset tokenization, and fresh on-chain data shows the market’s growth engine is shifting beneath the surface. Tokenized equities expanded 28.6% over the past 30 days to reach $1.85 billion, while tokenized US Treasuries — long the flagship category — crept up just 0.74% to $15.16 billion. That gap means stock tokens are compounding roughly 40 times faster than the Treasury products that defined the sector for two years. Our reading of the flows suggests demand for on-chain cash instruments has matured, even as appetite for tokenized market exposure accelerates across the space.

The rotation is visible in activity, not just balances. Monthly transfer volume across tokenized stock products jumped 87% to $8.76 billion, and the holder base grew 24.5% to more than 443,000 wallets. Those figures describe an access product — an altcoin-adjacent instrument that lets on-chain users hold equity exposure without a traditional brokerage — rather than a yield park. On-chain data shows the pace of new holders outstripping the growth in assets under management, a signal that retail-style participation is broadening. For a category that barely existed at scale two years ago, the trajectory points toward tokenized equities becoming a core on-chain primitive.

The single largest tokenized asset, however, is neither a Treasury fund nor an equity token. It is a home-equity token issued by Figure Technologies, which records home-equity lines of credit — HELOCs, loans drawn against the value of a house — on the Provenance blockchain and then finances and trades them on-chain. The token reached roughly $20.1 billion on July 7, climbing $730 million in just three weeks. That makes real-world private credit, not government debt, the heaviest single line in the tokenization ledger. It is one of the more counterintuitive readings in the current data, hiding in plain sight above every headline fund.

The scale of that home-loan token reframes the entire sector. At $20.1 billion it exceeds every tokenized US Treasury combined — the $15.16 billion held across funds like BUIDL and BENJI — and stands more than ten times larger than the entire tokenized stock market. In practice, one private-credit instrument now outweighs the category that dominated tokenization coverage for years. Our reading is that the all-time high in tokenized value is being driven by lending collateral rather than cash equivalents, a structural shift that mirrors how on-chain credit venues such as Aave reshaped early DeFi.

Stablecoins form the third quiet trend in the data. As the on-chain money layer that settles most tokenization activity, they are rotating between networks and issuers rather than simply expanding in aggregate — a composition shift that the raw market-cap headline obscures. The distinction matters because fiat-backed and algorithmic stablecoins behave differently under stress, and the routing of that liquidity signals where builders expect the next wave of tokenized products to land. On-chain data shows this reallocation happening steadily and without the volatility that usually accompanies stablecoin news, underscoring how infrastructure is maturing beneath the surface of price action.

Read together, the figures describe convergence rather than an imminent crossover. Treasury tokens are a cash product, and that demand now looks close to full; stock tokens are an access product, and their demand is still climbing. The underlying methodology counts distributed on-chain value once per asset and measures 30-day change, so the trend lines reflect native issuance rather than double-counted wrappers. Chains built for compliant asset issuance — from Provenance to networks like Algorand — are competing to host this migration. The direction is unambiguous even if the exact crossover point between equities and Treasuries remains months, not weeks, away.

COINOTAG’s reading is that tokenization’s center of gravity is migrating from government debt toward equities and real-world private credit, and it is doing so while broader sentiment stays defensive. Our aggregate market data puts the Fear & Greed Index at 26 out of 100, firmly in fear, with Bitcoin dominance at 69.7% and total crypto market capitalization near $1.84 trillion. That combination — capital concentrating in Bitcoin while builders quietly route real-world assets on-chain — suggests the tokenization buildout is running on fundamentals rather than speculative froth. When risk appetite returns, the categories compounding fastest today, tokenized equities and on-chain credit, are the ones positioned to absorb it first.