The tokenized stock market reached a record level of $2.3 billion in market capitalization in mid-July, nearly doubling since March when the sector topped $1 billion for the first time, according to data from Token Terminal, and that growth is appearing simultaneously across all major issuers.
As of July 21st alone, Artemis data shows the number of outstanding shares (514.5 million) and holders (93,880) of Ondo Finance’s tokenized stock, backed finance The tokenized market capitalization of Robinhood Chain ($579.4 million), tokenized shares (126,720 shares) and number of holders (36,170 people) of the Robinhood Chain reached an all-time high.
Arcus, the tokenized stock exchange launched this month by the team behind dYdX, posted record daily PERP trading volume of $11.9 million and record open interest of $6.8 million on the same day.
Ethereum leads the sector with 34% of tokenized stock market share, followed by Ethereum. $BNB For each token terminal, Chain will have 30% and Solana will have 23%. Tokenized stocks are still a small corner of the broader tokenized real-world asset market (around 5%, according to Token Terminal tally, with DefiLlama’s active RWA market cap tracking around $27.3 billion), but they are the fastest-growing asset class on Ethereum this year.
Ondo expands the lead
Ondo Finance is the largest issuer with $955 million of on-chain stock, according to Token Terminal, and its July was rich in catalysts. The company partnered with Japan’s SBI Group on July 16 to tokenize Japanese stocks and explore settlement in JPYSC, SBI’s trust-backed yen stablecoin. We also turned on 24/7 minting and redemption of tokenized U.S. stocks and ETFs, added voting rights to tokenized stocks, and enabled tokenized stock collateral on our perpetual futures exchange, OndoPerps. This is the product behind record open interest of $39.8 million, according to Artemis.
The company’s catalog includes Ethereum, Solana, and $BNB Chain and its distribution currently runs through MetaMask and Felix on Hyperliquid.
According to CoinGecko, ONDO traded around $0.41 as of July 22, giving it a market cap of $1.99 billion and near the upper end of its seven-day range of $0.32 to $0.41. The token rose about 15% in the 24 hours following SBI’s announcement.
Backed waves and exchange-issued waves
Backed Finance, the Swiss issuer behind the xStocks product distributed on Kraken, Bybit, and Solana DeFi, reached a record $579.4 million in tokenized market capitalization on July 21, according to Artemis. According to Kraken, xStocks’ cumulative trading volume exceeded $25 billion within eight months of launch. According to Token Terminal, xStocks has on-chain holdings of $507 million, while Binance’s bStocks ranks third among issuers with $334 million. This is a sign that exchange-issued products are becoming a clear growth channel alongside DeFi-native issuers.
New entrants: Robinhood Chain and Arcus
Robinhood’s proprietary Layer 2 equity token, launched on July 1st, remains the smallest in the group with a tokenized market cap of $19.3 million, but all three of the product’s Artemis metrics (market cap, tokenized shares, and ownership) hit records on July 21st. The token is available in over 120 countries and is already being used as collateral for the US derivatives protocol, Writer. chain.
The speculative class has also arrived. Launched on July 1 by dYdX Labs with investment from Robinhood Crypto, Arcus offers zero-commission, 24/7 spot trading of 95 stock tokens, and perpetual futures trading of stocks, commodities, and indices with up to 50x leverage. This exchange is not available in the US, UK, or Canada. The record $11.9 million in daily PERP trading volume, while small compared to crypto-native PERPS venues, is an early data point for leveraged trading built on tokenized stocks.
The road to $3 billion
According to TheStreet, Ondo executives said in May that the company expects the tokenized stock market to reach $2.5 billion to $3 billion by the end of the year. At the current pace (the sector has nearly doubled in four months), this goal means slower growth than the market is realizing.
The number of holders remains a metric to watch. Artemis said Ondo’s 93,880 and Robinhood Chain’s 36,170 tokenized stockholders are records, but small compared to the retail brokerage’s user base. The next two quarters will reveal whether 24/7 settlement, the use of DeFi collateral, and yen-settled Japanese stocks will lead to a sustained increase in holders.
