Tokenized assets exhibit distinct trading and investment patterns compared to traditional markets, finds Dune report
A Dune analysis reveals that tokenized asset markets operate differently from traditional financial markets. Investors have greater control over asset selection, with notable differences in tokenized equity offerings. The total value of tokenized real-world assets rose to $34.5 billion, with equities being the most actively traded segment.
Comparison between tokenized and traditional markets
A new Dune report compared onchain activity with off-chain trading across various asset classes such as equities, credit, commodities, and cash equivalents. The findings reveal that tokenized asset markets exhibit fundamentally different trading and investment patterns compared to traditional markets.
The study particularly emphasizes equities, where 81% of the tokenized equity spot supply consists of single stocks and 19% of exchange-traded funds (ETFs). This structure contrasts with traditional markets where ETFs generally hold a larger share.
Greater investor control through tokenization
Armand Khatri, head of ecosystem at Ondo Finance, highlighted that tokenization allows investors greater flexibility in asset selection by reducing reliance on local intermediaries' offerings.
He noted that investors can decide whether to focus on individual company stocks or prefer diversified index exposure via tokenized ETFs, opening up new possibilities for personalized investment approaches.
Growth and scale of tokenized assets
As of August 31, the total value of tokenized real-world assets was estimated at $34.5 billion, marking an increase of more than 140% from the previous year.
While cash equivalents dominate the supply structure, equities remain the most actively traded segment within the tokenized market.
Tokenized equities remain a tiny fraction of the global market
Data from Binance Research, cited by Binance co-CEO Richard Teng, shows that tokenized equity market capitalization stood at $4.43 billion as of September 15 — up 390% in 2026 but representing only 0.0029% of the $151.9 trillion global listed-equity market.
Binance Research projects tokenized equities could reach around $349 billion by 2030 under a base-case scenario. Teng emphasized that while tokenization might transform investor access to equity markets, this shift won't happen overnight.
Regulatory developments and tokenization plans in the US
US regulators and exchanges are taking steps to expand tokenized trading. On September 17, the US Securities and Exchange Commission (SEC) granted a temporary exemption permitting limited onchain trading of tokenized US-listed stocks.
The New York Stock Exchange and Blockchain.com announced plans to offer tokenized US-listed stocks and ETFs through NYSE’s upcoming digital trading platform, pending regulatory approval.
Why it matters
The new Dune study highlights that tokenization significantly alters the structure and dynamics of capital markets by granting investors increased freedom in asset choice and novel trading methods. Although tokenized equities currently represent a small segment, substantial market growth and regulatory support lay the groundwork for further adoption. This signifies a gradual yet important shift toward more decentralized and flexible financial systems that could transform investment access and liquidity.
Prepared from the source material with AI-assisted editing and checked against the supplied facts.
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