Real-world asset markets posted another week of measured growth in the Sept. 4 to Sept. 11 period, with on-chain RWA market capitalization rising to $39.07 billion and total holders climbing to 3.885 million, according to data cited in the report. Stablecoins also expanded, reaching a combined market cap of $304.93 billion, while monthly transfer volume jumped to $7.8 trillion and monthly active addresses rose to 56.64 million. Policy and product updates drove much of the week’s activity. Canada’s OSFI said tokenized deposits carry the same legal character as traditional deposits. In India, SEBI and the RBI launched a corporate bond tokenization pilot tied to wholesale digital rupee settlement. Uzbekistan moved ahead with a sandbox for a som-pegged stablecoin backed by government securities. On the product side, ARK filed with the U.S. Securities and Exchange Commission to add exchange-listed and tokenized share classes to its Venture Fund, while a range of banks, payment firms and crypto platforms pushed forward with tokenized deposits, securities platforms and stablecoin infrastructure. The week also brought new funding deals, including Latitude’s $35 million Series A and Circle’s planned $400 million stock acquisition of cross-border payments platform Tazapay. The report also highlighted rising speculation around tokenized U.S. equities, including Robinhood Chain and Four.meme’s 4Stock experiment.

Crypto exchanges are pushing deeper into equities, turning stocks into one of the clearest product expansion paths in this market cycle. CoinGecko data cited in the report shows monthly stock perpetual volume across the top 13 crypto trading platforms climbed from about $831 million in July 2025 to roughly $34 billion in May 2026, a jump of nearly 40 times in less than a year. TradFi and RWA perpetuals spanning stocks, commodities and indexes reached $347.17 billion in May 2026 alone, with year-to-date volume above $1.32 trillion. The landscape is no longer limited to synthetic price exposure. Binance, Kraken, OKX, Bitget, Gate, Coinbase and Backpack are each combining different layers of product infrastructure, including direct access to real U.S. stocks and ETFs, tokenized stocks backed 1:1 by underlying securities, onchain-transferable equity tokens, stock perpetuals, CFDs and pre-IPO contracts. Their structures differ in important ways, especially around custody, investor rights, redemption and whether users actually own shares or only gain economic exposure. The report argues that crypto stocks remain early relative to traditional equity markets, with CoinGecko data indicating activity in crypto stock derivatives is still less than 1% of traditional stock market volume. Even so, the segment is moving from a niche RWA experiment toward a core competitive arena for centralized exchanges that want to extend from crypto into broader financial trading.

Crypto stock products are turning into one of the clearest expansion paths for centralized exchanges as they push beyond digital assets and into traditional finance. The competitive set is no longer limited to synthetic price exposure. By 2026, major platforms had rolled out a mix of real stock brokerage, tokenized equities, stock perpetuals, CFDs and pre-IPO products, often inside a single account system. According to CoinGecko figures cited in the source article, monthly trading volume for stock perpetuals across the top 13 crypto trading platforms climbed from about $831 million in July 2025 to roughly $34 billion in May 2026, an increase of nearly 40 times in less than a year. The article also notes that cumulative stock-perpetual volume in the first five months of 2026 had already surpassed the whole of 2025. On the tokenized spot side, xStocks had logged more than $35 billion in cumulative trading volume by July 2026 and nearly 200,000 holders globally, while expanding beyond U.S. stocks and ETFs into Hong Kong, the U.K., Europe and South Korea. The report reviews how Binance, OKX, Bitget, Gate, Kraken, Coinbase and Backpack approach the market through different legal and product structures. It argues that the category now spans four distinct models: traditional brokerage access to real shares, tokenized securities backed by underlying stocks, total-return or synthetic equity tokens, and stock perpetuals or CFDs that do not require 1:1 share backing. The result is a market that is still early by global equity standards, yet increasingly central to how exchanges compete for the next phase of user growth.

U.S. stocks ended mixed on Tuesday as stronger-than-expected earnings from companies including Coca-Cola and a pullback in crude prices helped lift the Dow Jones Industrial Average by more than 500 points for a third straight gain. The broader tone was less stable in technology, where chip shares remained under heavy pressure. The Philadelphia Semiconductor Index fell nearly 5% after earlier selling in Asian and European chip stocks spread to the U.S. market, weighing on the Nasdaq. Oil moved lower as the U.S. and Iran maintained the pause in hostilities seen since the weekend. West Texas Intermediate crude fell about 4% to $79.26 a barrel, while Brent crude dropped 4.8% to $84.09. Investors are now watching the Federal Reserve’s rate decision due Wednesday. Market expectations point to no change this meeting, while CME FedWatch data showed the possibility of a 25 basis-point rate increase in September. In crypto, Bitcoin traded at $63,775, down 0.20% over 24 hours, while Ether changed hands at $1,911, up 0.81%. Traders are also watching earnings from Microsoft, Meta, Amazon and Apple this week, with attention centered on AI spending, cloud growth and profit outlooks.

Technology stocks remained under pressure over the past month, according to a July 19 post from The Kobeissi Letter, with sector-level fund flow data showing the largest withdrawals among S&P 500 industry exchange-traded funds. The Technology Select Sector SPDR Fund (XLK) recorded net outflows of $8.7 billion during the period, the biggest outflow among all sector ETFs in the index. Energy Select Sector SPDR Fund (XLE) and Communication Services Select Sector SPDR Fund (XLC) also posted net outflows, at $1 billion and $500 million, respectively. In contrast, the Financial Select Sector SPDR Fund (XLF) attracted $2.1 billion in net inflows, the highest among all sectors over the same stretch. On performance, XLK fell 5.4% in the past month, making it the worst-performing sector ETF in that group. The Kobeissi Letter said the technology sector is going through a period of consolidation.