Tokenized equity markets surge as institutional interest mounts

The sector's expansion is not merely a matter of volume; distributed value rose 43% to $2.16 billion, while the user base grew 17% to exceed 409,000 holders. Among the leading platforms, Figure recorded a staggering 935% increase in distributed value over 30 days, outpacing Securitize's 332% gain and xStocks’ 62% rise. Ondo continues to lead the market by total value at $846 million, followed by xStocks at $708 million.

Institutional involvement is accelerating, largely driven by the Depository Trust and Clearing Corporation (DTCC). Following a December 2025 SEC no-action letter, the DTCC has mobilized an industry working group of over 50 firms to pilot tokenized record-keeping for highly liquid assets, including Russell 1000 stocks and U.S. Treasury securities. This three-year framework aims to integrate blockchain efficiency with established custody controls.

Simultaneously, crypto exchanges are carving out a niche in private-market access. Platforms including Kraken, Bybit, and Bitget Wallet have utilized xStocks infrastructure to offer pre-IPO exposure, notably during the recent SpaceX market cycle. While tokenized U.S. Treasuries remain the largest segment of the broader $33.5 billion real-world asset market, the rapid acceleration in equity tokenization suggests that regulated market players and decentralized platforms are converging on a new standard for global securities trading.