# Tokenized Stocks Reach $3.16 Billion as Platforms Capture Value

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/29480
Published: 2026-10-10T10:11:05.000Z
Updated: 2026-10-10T10:11:05.000Z
Section: Investing

> Tokenized stocks had 4.04 million holders as of Sept. 28, while equity perpetuals reached $3.3 billion in open interest, highlighting the market’s fragmented growth.

Tokenized-equity markets have expanded rapidly, but distribution and application layers are capturing much of the activity and revenue as the market remains fragmented and products offer varying ownership rights.

Distributed tokenized-stock value stood at about $3.16 billion across 4.04 million holders as of Sept. 28, an average of roughly $780 per holder. Equity perpetuals had about $3.3 billion in open interest on the same date, exceeding the value of tokenized shares themselves.

Market estimates range from $3.16 billion to $4.87 billion, reflecting differences in measurement dates, asset coverage and the definition of tokenized equities. The figures describe a growing but fragmented market rather than a single standardized asset class.

The commercial advantage currently belongs to distribution and application layers. Exchanges and wallets control customer access, while trading applications control access and provide execution. Lending protocols can add demand by accepting tokenized stocks as collateral, while issuers may capture less revenue when minting and redemption fees are minimal or zero.

Robinhood Chain offered about 200 stock tokens to users in more than 120 countries outside the United States as of Sept. 9. The chain had reached millions of dollars in gross revenue per day, with a recent one-day peak of about $6 million.

Robinhood CEO Vladimir Tenev described tokenized representations of U.S. stocks as “fully DeFi composable,” meaning they can be used across decentralized-finance applications.

Tokenized-stock trading also extends beyond regular U.S. market hours. About 60% to 69% of spot volume across Solana, Robinhood Chain, BNB Chain and Base occurred while U.S. markets were closed. That access extends trading beyond regular U.S. market hours.

The rights attached to these products vary. Some tokens represent claims backed by shares held through a broker or custodian. Others are synthetic contracts that follow stock prices without holding the underlying securities.

Price exposure does not necessarily include voting rights, direct ownership or cash dividends. Kraken’s xStocks are backed 1:1 by underlying equities but do not provide shareholder rights and are unavailable to U.S. persons. Kraken’s standard taker fee is 0.10%, while qualifying clients with more than $100 million in 30-day volume pay an institutional rate of 0.08%.

Issuer-sponsored structures are intended to connect token ownership more closely with the underlying shares. Securitize Corp. (SECZ) began trading on the New York Stock Exchange on July 2, with tokenized shares available to eligible U.S. investors through Avalanche and Solana.

“SECZ is not a synthetic token or offshore wrapper,” Securitize CEO Carlos Domingo said.

Nasdaq’s proposed equity-token design would connect blockchain records directly with an issuer’s official share registry. The program is expected to become operational in the first half of 2027. The Depository Trust & Clearing Corporation is expected to begin rolling out a tokenization service for selected assets held in its custody in the second half of 2026.

Regulatory treatment is also taking shape. On Sept. 17, the Securities and Exchange Commission (SEC) granted temporary, conditional relief allowing designated Tokenized Securities Venues to trade certain tokenized National Market System stocks through permissioned automated market makers and liquidity pools.

The SEC order requires participating venues to verify that eligible tokens provide the same rights and privileges as equivalent traditional shares. The relief applies only to qualifying venues and products under specified conditions.

“Today, the Securities and Exchange Commission is taking a significant step forward … to bring America’s capital markets into the digital age,” SEC Chairman Paul S. Atkins said.

The market’s next phase will depend on whether tokenized assets can connect existing financial ownership with blockchain-based distribution. For now, access, execution and financial applications are generating more visible commercial activity than the issuers or assets represented by the tokens.