Tokenized Stock Trading Jumps Ninefold as DEX Volume Rebounds

Tokenized-stock spot trading climbed about ninefold to $50 billion in the third quarter, lifting spot volume across decentralized exchanges (DEXs) by 13% to $571 billion after four consecutive quarterly declines.

The $50 billion in tokenized-stock trading represented about 9% of DEX spot volume, up from roughly 1% in the second quarter. This growth made tokenized shares the main driver of the quarter’s DEX spot recovery.

Other on-chain activity also advanced. Stablecoin-adjusted transaction volume rose 16% to $781 billion, while monthly active addresses grew 39% to about 73 million. The total market capitalization of real-world assets (RWAs) increased 19% to approximately $39 billion.

Lending protocol deposits climbed 51% to $81 billion, and active loans rose 41% to $29 billion. In derivatives markets, perpetual DEX open interest increased 76% to about $24 billion, even as trading volume declined 16% to around $1.4 trillion.

The quarter paired a rebound in spot trading and lending with lower derivatives trading volume despite higher open interest.