Tokenized Stocks Surge 640%: The Golden Age of Crypto Equities, or a Crackdown by Industry Giants?
As BTC fell below $80,000 and struggled around $74,000, one sector bucked the trend and hit a record high: tokenized stocks.
【What happened】
According to Token Terminal data (November 10), the AUM of the tokenized stock market hit a record $4.8 billion, up more than 640% from $645 million at the start of the year, making it the fastest-growing RWA category in 2026. Binance bStocks led the field with around $1.5 billion and over 31% market share. On-chain transfer volume topped $100 billion in Q3, more than 16 times the Q1 figure (Binance Research data).
【The demand is real】
Two data points are worth a closer look:
1. Binance Research shows that 56% of bStocks trades take place outside regular U.S. stock market hours. 24/7 trading is the real differentiator—not the concept of “moving stocks onto the blockchain” itself.
2. On Hyperliquid’s HIP-3 market, open interest in Nvidia (NVDA) perpetual contracts hit $535 million on November 12, surging 5.8 times in seven days. Daily trading volume topped $1 billion for the first time, making it the platform’s fourth-largest market after BTC, ETH, and HYPE (according to ChainCatcher monitoring). Retail traders using USDC to go long or short on Nvidia over the weekend or after hours would be unthinkable in traditional finance.
【But friction is emerging, too】
After the SEC opened the door to tokenized stock trading through an “innovation exemption,” at least 67 companies—including Apple, Nvidia, CoreWeave, and SpaceX—had formally objected to their stocks being tokenized, according to regulatory filings dated November 5 reviewed by OKXICE. Goldman Sachs had also sent a letter opposing the move (reported by CFO Brew). While issuers must object venue by venue, rather than through a blanket ban, regulatory uncertainty still hangs over the entire sector like a sword.
【Reflections amid macro headwinds】
CME FedWatch puts the probability of a rate hike on December 9 at around 89%. Since November, U.S. spot BTC ETFs have seen net outflows of about $1.5 billion (Yahoo Finance). Against a backdrop of broadly contracting risk appetite, the crypto equity sector’s record-breaking performance suggests structural demand, not just a speculative narrative.
My view: The decisive battle for tokenized stocks won’t be fought on-chain, but in the SEC’s hearing room. The regulator’s stance will determine the sector’s ceiling; on-chain growth is just the ticket to entry.
Recommendations for readers:
1. Keep a close eye on the Fed’s December decision in the short term. No sector is immune to macro pressure.
2. When choosing a platform, look for regulatory credibility—not just returns.
3. To assess the quality of crypto equity assets, look at real usage metrics such as on-chain utilization (18.54% for bStocks, above the industry average of 13.91%) and DeFi collateral penetration, rather than scale alone.
Bubble or dawn? The data will speak, but regulators will make the call.
$BTC $ETH $BNB
#币股 #代币化股票 #InDepth
As BTC fell below $80,000 and struggled around $74,000, one sector bucked the trend and hit a record high: tokenized stocks.
【What happened】
According to Token Terminal data (November 10), the AUM of the tokenized stock market hit a record $4.8 billion, up more than 640% from $645 million at the start of the year, making it the fastest-growing RWA category in 2026. Binance bStocks led the field with around $1.5 billion and over 31% market share. On-chain transfer volume topped $100 billion in Q3, more than 16 times the Q1 figure (Binance Research data).
【The demand is real】
Two data points are worth a closer look:
1. Binance Research shows that 56% of bStocks trades take place outside regular U.S. stock market hours. 24/7 trading is the real differentiator—not the concept of “moving stocks onto the blockchain” itself.
2. On Hyperliquid’s HIP-3 market, open interest in Nvidia (NVDA) perpetual contracts hit $535 million on November 12, surging 5.8 times in seven days. Daily trading volume topped $1 billion for the first time, making it the platform’s fourth-largest market after BTC, ETH, and HYPE (according to ChainCatcher monitoring). Retail traders using USDC to go long or short on Nvidia over the weekend or after hours would be unthinkable in traditional finance.
【But friction is emerging, too】
After the SEC opened the door to tokenized stock trading through an “innovation exemption,” at least 67 companies—including Apple, Nvidia, CoreWeave, and SpaceX—had formally objected to their stocks being tokenized, according to regulatory filings dated November 5 reviewed by OKXICE. Goldman Sachs had also sent a letter opposing the move (reported by CFO Brew). While issuers must object venue by venue, rather than through a blanket ban, regulatory uncertainty still hangs over the entire sector like a sword.
【Reflections amid macro headwinds】
CME FedWatch puts the probability of a rate hike on December 9 at around 89%. Since November, U.S. spot BTC ETFs have seen net outflows of about $1.5 billion (Yahoo Finance). Against a backdrop of broadly contracting risk appetite, the crypto equity sector’s record-breaking performance suggests structural demand, not just a speculative narrative.
My view: The decisive battle for tokenized stocks won’t be fought on-chain, but in the SEC’s hearing room. The regulator’s stance will determine the sector’s ceiling; on-chain growth is just the ticket to entry.
Recommendations for readers:
1. Keep a close eye on the Fed’s December decision in the short term. No sector is immune to macro pressure.
2. When choosing a platform, look for regulatory credibility—not just returns.
3. To assess the quality of crypto equity assets, look at real usage metrics such as on-chain utilization (18.54% for bStocks, above the industry average of 13.91%) and DeFi collateral penetration, rather than scale alone.
Bubble or dawn? The data will speak, but regulators will make the call.
$BTC $ETH $BNB
#币股 #代币化股票 #InDepth