A New Peak for Digital Equities
The global market for tokenized stocks has reached a record $2.3 billion in total market capitalization as of mid-July 2026, according to data from Token Terminal. This milestone marks a significant acceleration for the sector, which has nearly doubled in value since March when it first cleared the $1 billion threshold.
Growth is currently manifesting across all major issuers simultaneously. On July 21, data firm Artemis recorded all-time highs for multiple key metrics: Ondo Finance hit 514.5 million tokenized shares outstanding with over 93,000 holders, while Backed Finance reached a market cap of $579.4 million. Newer entrants are also gaining traction, with Robinhood Chain seeing record highs in both shares and holder counts.
Institutional and Exchange-Led Expansion
The market is increasingly bifurcated between DeFi-native issuers and exchange-issued products. Ondo Finance remains the sector leader, managing $955 million in on-chain equities. The company has aggressively expanded its utility, recently partnering with Japan’s SBI Group to tokenize Japanese stocks and enable settlement via the JPYSC stablecoin. Additionally, Ondo has introduced 24/7 minting and redemption for US-based equities and integrated voting rights for holders of its tokenized assets.
Exchange-issued products are emerging as a distinct and powerful growth channel. Backed Finance, which powers the xStocks product on platforms like Kraken and Bybit, has seen its cumulative transaction volume surpass $25 billion within eight months of launch. Meanwhile, Binance’s bStocks maintains the third-largest position among issuers with $334 million in on-chain holdings.
New Infrastructure: Robinhood and Arcus
Infrastructure development continues to lower barriers for global investors. Robinhood’s own Layer 2 chain, which launched on July 1, has reached a market cap of $19.3 million. Despite being the smallest of the major cohorts, its record-breaking growth suggests that retail-facing infrastructure is successfully onboarding new users. The tokens are currently available in over 120 countries and are being utilized as collateral within the Lighter derivatives protocol.
The derivatives space is also seeing a surge in activity. Arcus, an exchange launched by the team behind dYdX, recorded $11.9 million in daily perpetual futures volume on July 21. By offering 24/7 spot trading and up to 50x leverage on equities, commodities, and indices, Arcus is providing a new speculative layer for tokenized assets, though it remains unavailable in the United States, United Kingdom, and Canada.
Looking Ahead
While the $2.3 billion figure represents a historic high, industry observers are closely monitoring whether this momentum can be sustained. Ondo Finance had previously projected the market to hit between $2.5 billion and $3 billion by the end of 2026. Given the current pace of growth, industry analysts suggest that the sector may exceed these conservative estimates if the current adoption rate continues through the third and fourth quarters.