“Ethereum tokenized stocks are up 170% in a year”—yesterday, I saw at least eight accounts on X copy that exact line, without even bothering to change the punctuation.
There’s nothing wrong with the data itself: according to Token Terminal, tokenized stocks on Ethereum are worth $827 million, up 170% year over year. The problem is the extra spin people put on it.
Some wrote, “Ethereum is quietly taking the lion’s share.” The total market cap of tokenized stocks across all chains is $4.64 billion. What share does Ethereum have? 17.8%. You call that the lion’s share? The lion’s share is clearly on other chains.
One account even changed “market cap” to “trading volume,” with the headline “Tokenized Stock Volume Hits 827 Million.” They can’t tell stock from flow, yet they’re publishing research reports.
The most ridiculous part was the comparison: the current scale is about the same as stablecoins in March 2020, so it could also grow 64-fold. Stablecoins took off back then because the crypto world was short on dollars; exchanges and DeFi needed them every day. But tokenized stocks? Buying Nvidia through a brokerage app is easy enough. Why would you have to buy an on-chain 1:1 shadow certificate instead? And that’s not even mentioning that just days ago, 50 publicly listed companies came out against others tokenizing their stocks.
170% sounds impressive, but the base is small—it was only a little over $300 million a year ago. Don’t get swept up by copy-pasted “BIG” headlines. If you’re thinking of getting in, first check who the issuer is and how redemption works.
#RWA #TokenizedStocks
There’s nothing wrong with the data itself: according to Token Terminal, tokenized stocks on Ethereum are worth $827 million, up 170% year over year. The problem is the extra spin people put on it.
Some wrote, “Ethereum is quietly taking the lion’s share.” The total market cap of tokenized stocks across all chains is $4.64 billion. What share does Ethereum have? 17.8%. You call that the lion’s share? The lion’s share is clearly on other chains.
One account even changed “market cap” to “trading volume,” with the headline “Tokenized Stock Volume Hits 827 Million.” They can’t tell stock from flow, yet they’re publishing research reports.
The most ridiculous part was the comparison: the current scale is about the same as stablecoins in March 2020, so it could also grow 64-fold. Stablecoins took off back then because the crypto world was short on dollars; exchanges and DeFi needed them every day. But tokenized stocks? Buying Nvidia through a brokerage app is easy enough. Why would you have to buy an on-chain 1:1 shadow certificate instead? And that’s not even mentioning that just days ago, 50 publicly listed companies came out against others tokenizing their stocks.
170% sounds impressive, but the base is small—it was only a little over $300 million a year ago. Don’t get swept up by copy-pasted “BIG” headlines. If you’re thinking of getting in, first check who the issuer is and how redemption works.
#RWA #TokenizedStocks
