- Binance Research reports explosive growth driven by rising user adoption and regulatory clarity in on-chain equities.
- Backed Finance’s xStocks dominates the tokenized stocks space, with Tesla, SPY, and Nvidia among the most held assets.
- Ethereum captured $4.6B of the $5.76B tokenized asset market, reinforcing its lead in on-chain financial infrastructure.
Tokenized xstocks recorded a 220% monthly surge in growth, reaching a $370 million market cap, according to Binance Research. These blockchain-based financial assets are reshaping access to U.S. equities through regulatory clarity and infrastructure expansion. The tokenized stocks sector could unlock up to $1.3 trillion if just 1% of global equities move on-chain.
Stocks and Market Participation Drive Growth
Binance Research highlighted strong momentum as active tokenized stock users rose from 1,600 to over 90,000 in just one month. Stocks by Backed Finance emerged as a leading provider, especially across European markets outside the U.S. Dune Analytics data confirmed xStocks surpassed $2 billion in total trading volume, led by Tesla and SPY.
Tesla led in tokenized stock assets under management and user holdings, followed by SPY, Nvidia, Circle, and Apple. Kraken, ByBit, and Jupiter integrated these assets via Solana’s network, expanding decentralized finance exposure. However, Ethereum remained dominant, securing $4.6 billion of the $5.76 billion total tokenized asset market.
Ethereum Gains Ground as Tokenization Scales
Despite Stocks launching on Solana, capital flows rotated toward Ethereum, strengthening its lead into the second half of 2025. Binance Research suggested that tokenized stocks could scale faster than DeFi during its 2020–2021 boom. Ethereum and Solana are expected to gain value as tokenization continues reshaping financial access worldwide.
