Tokenized stocks are approaching the $1 billion mark, underscoring how tokenization of real-world assets (RWA) is moving beyond pilots and into the rapidly evolving realm of cryptocurrency market infrastructure.
A new report from Sentora and DL Research found that the market capitalization of tokenized stocks reached approximately $963 million as of January 2026, a nearly 2,878% year-over-year increase from $32 million a year earlier.
The growth reflects growing demand for traditional blockchain-based financial assets as businesses increasingly explore tokenization as a way to improve settlement efficiency, broaden market access and build always-on financial products. Tokenized stocks, in particular, have become one of the clearest examples of RWA expanding from private credit and treasury bills into more mainstream instruments.
Despite this, the market remains highly concentrated. Ondo Global Markets holds the largest share, accounting for more than half of the tokenized equity value, with xStocks and Securitize accounting for the bulk of the remainder, the report shows.
The dominance of a small number of issuers highlights the early stage nature of the industry and the importance of a regulated issuance framework.
Much of this momentum is driven by improvements in institutional trajectories. While Ethereum remains the primary settlement layer for tokenized stocks, other blockchains such as Solana are gaining traction as platforms seek a cheaper and faster trading environment.
U.S. regulatory developments also appear to be helping to shape the next phase of growth. The report identifies December 2025 as a critical period and cites new SEC guidance on broker-dealer custody and a DTCC no-action letter related to the tokenization pilot, both of which indicate increased participation from traditional market infrastructure providers.
As tokenized stocks approach $1 billion, the industry is becoming a bellwether for how quickly RWAs scale, and the extent of institutional adoption may depend on whether regulatory, custody and market structures catch up with blockchain innovation.
