Tokenized Equities Reach 9% of Spot DEX Volume in Q3 2026

Tokenized equities accounted for about 9% of spot decentralized exchange (DEX) trading in the third quarter, as their volume rose ninefold to $50 billion and overall spot DEX activity returned to quarterly growth.

The $50 billion figure measures trading accumulated over the quarter. It differs from the market value of tokenized stocks, which stood at about $3.2 billion on Sept. 30, up 86% from the end of Q2. That $3.2 billion figure is a point-in-time valuation, not cumulative trading volume.

Total spot DEX volume rose about 13% from Q2 to $571 billion, its first quarterly increase in four quarters. Tokenized equities’ share of that trading grew from 1% to 9%, an increase of about eight percentage points.

BNB Chain led network activity with about $16.5 billion in tokenized-equity trading. Robinhood Chain followed at $13.7 billion, while Solana recorded $6.9 billion. Base added about $1.7 billion after Coinbase launched tokenized stocks on the network Aug. 24.

Solana had held roughly 97% of cross-chain tokenized-equity volume in Q2, before ranking third among networks in Q3. Its second-quarter lead in tokenized-equity DEX volume preceded the shift to BNB Chain and Robinhood Chain.

At the individual-asset level, NVIDIA (NVDA) tokenized stock recorded about $3.1 billion in Q3 trading. SPDR S&P 500 ETF Trust (SPY) followed at about $2.5 billion, while AMC Entertainment Holdings (AMC) and GameStop (GME) each recorded about $700 million.

Binance ran incentives for some tokenized equities during the quarter.

The SEC issued temporary, conditional exemptions on Sept. 17 covering certain Tokenized Securities Venues (TSVs) and liquidity providers. The order allows qualifying venues to trade eligible tokenized NMS stocks in permissioned environments; it does not authorize tokenized-equity trading across all DEXs. SEC Chair Paul S. Atkins said the measure “would allow TSVs to trade tokenized NMS stock in a permissioned environment today.”