Tokenized stocks, the fourth-largest RWA category by market cap, have grown from $2.23 billion to $5.5 billion since the start of the year, a roughly 147% increase in six months. The trajectory reflects a broader shift in how crypto-native users are seeking equity exposure, increasingly through onchain instruments rather than traditional brokerage accounts.
The growth signals a structural demand trend as crypto users want access to equity markets. Exchanges are responding by embedding stock products directly into their existing platforms rather than ceding that flow to traditional finance.
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Kraken and Bybit's decisions to offer the SpaceX IPO natively on their platforms are a pointed example of this dynamic, allowing their user base to access one of the most anticipated private-to-public transitions without leaving the crypto ecosystem.
Binance has similarly moved in this direction, offering stock perpetual products to its non-U.S. user base, tapping into a segment of retail demand that has historically had limited or friction-heavy access to U.S. equity markets.
