Tokenized Stocks Surge 395% in a Year, But DeFi Adoption Remains Surprisingly Low
Tokenized shares had a large 12 months, however the market nonetheless has some clear gaps to fill. According to a new report from RedStone, the full on-chain worth of tokenized shares jumped from $640 million to $3.16 billion between September 28, 2025, and September 28, 2026.
That marks a 395% year-on-year enhance.
Traders Turn to Perpetuals Instead
According to the report shared with CryptoPotato, shares have been the second-fastest-growing real-world asset class in the course of the interval. Tokenized personal fairness led the best way with a a lot bigger 935% leap. The progress additionally pushed tokenized shares’ share of the broader RWA market to eight.1%, which is roughly 3 times larger than a 12 months earlier.
But the numbers additionally present that the majority tokenized shares aren’t being used a lot in DeFi. RedStone estimated that solely about 2.6% of the full provide is getting used as lending collateral. More than half of that quantity comes from xStocks on Kamino and Jupiter Lend, value round $43.8 million. Superstate’s tokenized Forward Industries shares on Kamino’s Opening Bell market accounted for one more $25.4 million.
bStocks on Lista DAO add round $7.7 million. Ondo, regardless of being the most important issuer, has little or no lending exercise. Its tokens again solely about $1,400 on Morpho, whereas SPYon has round $4.2 million in Frankencoin. Around 42% of tokenized inventory provide can technically be used as DeFi collateral. Despite this, merchants seem extra in derivatives than in lending or borrowing in opposition to the precise belongings. Tokenized shares largely commerce as perpetual contracts onchain.
Binance alone recorded $342.9 billion in equity-linked perpetual quantity in August 2026. That was between 32 and 43 occasions the buying and selling quantity of tokenized shares throughout the identical month. On September 28, fairness perpetuals on decentralized exchanges had $3.3 billion in open curiosity, which was already greater than all the tokenized inventory provide. Trading additionally doesn’t cease when conventional markets shut. Around 55% of tokenized inventory buying and selling takes place exterior common market hours.
RedStone discovered that Sunday night perp costs appropriately pointed to Monday’s opening path 65% of the time throughout 449 market weekends on Trade.xyz. The market now has round 4.04 million tokenized stockholders, with a mean stability of about $780. But possession stays a main concern. The three largest issuers management roughly 70% of the sector’s on-chain worth, but their tokens don’t give holders direct possession of the underlying shares. There have additionally been instances involving disputed tokenized merchandise and refunds.
Despite these dangers, tokenized shares have largely prevented main DeFi incidents over the previous 12 months. The Edel Finance manipulation was the primary exception. Losses have been estimated between $353,000 and $403,000.
Global Tokenization Race Heats Up
Regulation can be developing otherwise throughout areas. The US is essentially transferring by way of SEC exemptions and employees steerage, whereas Hong Kong, South Korea, and Abu Dhabi Global Market are taking extra regulator-led approaches.
Hong Kong has already allowed 24/7 secondary buying and selling for tokenized funds on licensed platforms. South Korea, then again, is taking a slower route, as wider tokenized-stock entry is predicted after a second section following its February 2027 registry launch.
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