The number of people holding tokenized equities more than doubled in a single month, with RWA.xyz data putting the total holder count at 1.31 million. Monthly transfer volume crossed $23.13 billion, up 179 percent over the same window. Distributed value across all tokenized stock products rose 5.9 percent to $2.38 billion.
Monthly active addresses climbed 34.62 percent to just under 572,000. That figure matters because it tracks wallets that actually executed transactions, not just wallets that hold a position—meaning the demand here is transactional, not passive.
Ondo holds the top position in the market with roughly $872 million in distributed value. Kraken's xStocks platform sits in second place at $557.8 million. Binance's bStocks product, which only launched in June, has already reached $521.8 million—putting it within $36 million of xStocks despite roughly two months less runway.
At the individual asset level, Securitize leads with $145.2 million in distributed value. Strategy PP Variable xStock follows at $135.6 million. Ondo's tokenized Circle shares are at $99.7 million, according to RWA.xyz.
The jump in holders and volume has coincided with a rush by major crypto platforms to offer tokenized exposure to high-profile equities and pre-IPO names earlier this year. Binance, Coinbase, Kraken, Bybit, Bitget and Blockchain.com all launched products tied to SpaceX in the months before the company's June 12 public-market debut. The products ranged from tokenized pre-IPO exposure to perpetual futures and proxy tokens.
The SpaceX push drew serious money. A Binance campaign alone pulled in $557 million in subscriber demand ahead of the listing. But the campaign unraveled. Binance, Bybit and Bitget Wallet canceled their tokenized SpaceX IPO products after xStocks—the underlying infrastructure—failed to secure enough actual shares to satisfy demand. Subscribers received refunds.
The cancellations did not kill tokenized SpaceX exposure entirely. Binance's bStocks product now carries $67.9 million in distributed value tied to SpaceX following the June 12 listing, ranking seventh among individual tokenized assets in RWA.xyz's tracking. The platform rebuilt exposure through the post-IPO route after the pre-IPO route collapsed.
The xStocks infrastructure failure is worth parsing. The product had the demand—$557 million in subscriber commitments is real capital. The problem was on the supply side: sourcing enough shares in a private company to back tokenized positions at scale proved harder than anticipated. That structural constraint is specific to pre-IPO products, where share supply is controlled and access is restricted. Post-IPO tokenization avoids that problem because the underlying shares trade freely on public markets.
Standard Chartered has put a number on where this market goes: a $4 trillion total addressable size by the end of 2028. The current $2.38 billion in distributed value represents a fraction of that projection, which frames both how much ground the sector has covered in a short time and how much remains between current scale and the bank's forecast.
The competition within the tokenized equity space is moving fast. bStocks launched in June and is already threatening to overtake xStocks in distributed value within months. Ondo's lead—$872 million against Kraken's $557.8 million—is sizable but not insurmountable at the growth rates the sector is posting. Ondo's token, ONDO, is a separately traded asset and one of the better-known names in the real-world asset space.
Tokenized stocks are one vertical inside a larger effort to put traditional financial instruments—Treasuries, credit, real estate, private equity—on-chain. Tokenized equities are getting the current attention partly because retail demand for stocks is culturally familiar, and partly because the platforms building these products already have the distribution: Binance, Kraken and Coinbase each have tens of millions of existing users who can access tokenized equities without opening a brokerage account.
The failed SpaceX pre-IPO campaigns are the clearest near-term risk in the space. They show that demand is real but that infrastructure gaps remain. When underlying share supply cannot match token issuance demand, the entire product has to be unwound—and refunds, even when executed cleanly, erode trust. The sector is growing through that episode rather than around it, which is the more durable path.
