Tokenized real-world assets have surpassed $34.5 billion, yet most capital sits idle on-chain, according to a Dune report released today. The analysis exposes a stark mismatch between issuance and trading activity: tokenized cash, which represents the largest RWA segment, barely trades, while tokenized stocks—just 8 percent of total market value—generated 93 percent of on-chain trading volume.
During June, tokenized stocks recorded $2.1 billion in DEX volume, a fourfold jump from May and an 18-fold increase from July of last year when xStocks launched. For the first time, equities surpassed tokenized commodities in monthly trading volume. Commodities generated $647 million in June DEX volume but had led in on-chain trading across all prior months.
Individual stocks account for 81 percent of tokenized equities held in spot markets. Their value increased ninefold over the past year, outpacing growth in tokenized funds and ETFs.
The overall tokenized asset market expanded 141 percent in the year through August 31, 2026. Yet the Dune report, titled "After Issuance: Reading the Onchain RWA Market," notes that on-chain RWA markets often diverge from traditional market dynamics, raising questions about token utility and actual market engagement by asset class.
Dune's analysis leverages a new RWA dataset covering spot assets, perpetuals, and event contracts across more than 130 chains. The platform serves institutional clients including Visa, WisdomTree, S&P, UBS, and Bloomberg.
