Tokenized stocks: over 37 billion ($ ) in volume in Q3 2026—what the figure tells us (and what it doesn’t)
According to a Dune report, on-chain trading volume for tokenized stocks and ETFs topped 37 billion ($ ) in the third quarter of 2026. Monthly volume has grown nearly 18-fold since January.
Other figures from the report
→ Stock, ETF and index perpetuals: 201 billion ($ ) in volume on Hyperliquid in Q3
→ Total spot volume on decentralized platforms: 6.8 trillion ($ ) in Q3
→ Around 25% of crypto spot trading now happens on-chain
What this doesn’t tell us: volume measures the amounts traded, not the assets held. As of July 31, the IMF estimated the value of tokenized stocks outstanding at $2.3 billion. The same capital can change hands several times in a quarter, so the two figures are not directly comparable.
The context: Binance accepted tokenized stocks as margin collateral in early October and launched new perpetuals on traditional assets. OKX filed an application covering more than 60 tokenized stocks.
My analysis: the growth is real, but it starts from a small base. Liquidity and the legal framework will determine what happens next. This is a hypothesis, not a forecast.
This is not investment advice.
In your view, what best demonstrates adoption of tokenized stocks: trading volume or the amount held?#
According to a Dune report, on-chain trading volume for tokenized stocks and ETFs topped 37 billion ($ ) in the third quarter of 2026. Monthly volume has grown nearly 18-fold since January.
Other figures from the report
→ Stock, ETF and index perpetuals: 201 billion ($ ) in volume on Hyperliquid in Q3
→ Total spot volume on decentralized platforms: 6.8 trillion ($ ) in Q3
→ Around 25% of crypto spot trading now happens on-chain
What this doesn’t tell us: volume measures the amounts traded, not the assets held. As of July 31, the IMF estimated the value of tokenized stocks outstanding at $2.3 billion. The same capital can change hands several times in a quarter, so the two figures are not directly comparable.
The context: Binance accepted tokenized stocks as margin collateral in early October and launched new perpetuals on traditional assets. OKX filed an application covering more than 60 tokenized stocks.
My analysis: the growth is real, but it starts from a small base. Liquidity and the legal framework will determine what happens next. This is a hypothesis, not a forecast.
This is not investment advice.
In your view, what best demonstrates adoption of tokenized stocks: trading volume or the amount held?#