The market for tokenized stocks reached a record $2.3 billion in market capitalization in mid-July, according to Token Terminal data, nearly doubling since March, when the sector first cleared $1 billion, and the growth is showing up across every major issuer at once.
On July 21 alone, Artemis data recorded all-time highs for Ondo Finance's tokenized shares outstanding (514.5 million) and holder count (93,880), Backed Finance's tokenized market cap ($579.4 million), and Robinhood Chain's tokenized shares (126,720) and equity holder count (36,170).
Arcus, the tokenized-stock exchange launched this month by the team behind dYdX, posted record daily perps volume of $11.9 million and record open interest of $6.8 million the same day.
Ethereum leads the sector with 34% of tokenized stock market share, followed by BNB Chain at 30% and Solana at 23%, per Token Terminal. Tokenized stocks remain a small corner of the broader tokenized real-world asset market — roughly 5% by Token Terminal's count, while DefiLlama tracks about $27.3 billion in active RWA market cap — but they have been the fastest-growing asset class on Ethereum this year.
Ondo Finance is the largest issuer with $955 million in onchain equities, per Token Terminal, and its July has been dense with catalysts. The firm partnered with Japan's SBI Group on July 16 to tokenize Japanese stocks and explore settlement in JPYSC, SBI's trust-backed yen stablecoin. It also switched on 24/7 minting and redemption for tokenized US stocks and ETFs, added voting rights to its tokenized stocks, and enabled tokenized stock collateral on OndoPerps, its perpetual futures venue — the product behind its record $39.8 million in open interest, per Artemis.
