Dune says tokenized assets do not always trade like traditional markets

News Editor

2026-10-01 10:50:24

A new Dune report found that tokenized markets are developing trading and investment patterns that do not neatly match those seen in traditional finance. Looking across onchain and offchain activity in equities, credit, commodities and cash-equivalent products, the report said the gap is especially visible in equities. Single stocks made up 81% of tokenized equity spot supply, while exchange-traded funds accounted for 19%. Dune valued tokenized real-world assets at $34.5 billion as of Aug. 31, up more than 140% from a year earlier. Cash equivalents still represented the largest share of supply, but equities were the most actively traded segment. Ondo Finance ecosystem head Armand Khatri said tokenization gives investors more control over what they buy because they are less tied to the product menus offered by local intermediaries. Separate data cited by Binance co-CEO Richard Teng put tokenized equities at $4.43 billion as of Sept. 15, equal to just 0.0029% of the $151.9 trillion global listed-equity market. US regulators and market operators have also moved to widen access, including a temporary SEC exemption for limited onchain trading of tokenized US-listed stocks.

Tokenized markets are showing trading and investment behavior that does not always line up with traditional markets, according to a new Dune report that compared onchain and offchain activity across equities, credit, commodities and cash-equivalent products.

Dune said the difference is especially clear in equities. In tokenized equity spot supply, single stocks accounted for 81%, while exchange-traded funds, or ETFs, represented 19%.

Armand Khatri, head of ecosystem at Ondo Finance, said tokenization gives investors more control over asset selection because it reduces their reliance on the offerings available through local intermediaries.

Referring to the choice between exposure to a single company and exposure to an index, he said: "The investor decides which they want."

Dune put the value of tokenized real-world assets, or RWAs, at $34.5 billion as of Aug. 31. That was up more than 140% from a year earlier. Cash equivalents still dominated supply, while equities were the most actively traded segment.

Tokenized equities remain tiny relative to global listed stocks

Separate Binance Research data cited by Binance co-CEO Richard Teng valued the tokenized equity market at $4.43 billion as of Sept. 15. The figure was up 390% in 2026, but it was equal to only 0.0029% of the $151.9 trillion global listed-equity market.

Binance Research said tokenized equities could reach about $349 billion by 2030 under its base-case scenario. Teng said tokenization could change how investors access equity markets, but added that the shift "won't happen overnight."

US regulators and exchanges move to expand tokenized trading

Regulators and exchanges in the United States have also taken steps to broaden tokenized trading. On Sept. 17, the US Securities and Exchange Commission granted a temporary exemption that allows limited onchain trading of tokenized US-listed stocks.

The New York Stock Exchange and Blockchain.com also announced plans to offer tokenized US-listed stocks and ETFs through the NYSE's planned digital trading platform, subject to regulatory approval.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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