Tokenized stock trading on decentralized exchanges reached $48.7 billion over the past year, a 10,163% year-over-year increase, and BNB Chain leads all networks with $21.1 billion of that volume. Solana follows at $12.7 billion and Robinhood Chain at $12.5 billion, according to a trailing-year breakdown of Token Terminal data compiled by CoinÁlgara this week.
The figure captures only decentralized trading. With centralized venues and permissioned pools added, the total size of the tokenized equities market is far larger, and the sector has grown faster than nearly any other corner of crypto over the past twelve months. A year ago, the entire weekend market for tokenized stocks across all DEXs was measured in tens of millions of dollars. It is now measured in billions for a single Saturday session.
How the ranking breaks down
Volume tells one story. Stock of outstanding tokenized assets tells another. On that measure, BNB Chain also leads, with roughly $1.1 billion in tokenized stocks and ETFs outstanding, just under 30% of the $3.7 billion total across the wider tokenized equity market. Ethereum sits at about $827.5 million and Solana at about $738.4 million in outstanding positions.
BNB Chain said in June that more than 709 tokenized stocks and ETFs were available across its ecosystem, with cumulative volume already above $5 billion at that point. The main issuers responsible for the growth are Binance’s bStocks on BNB Chain, xStocks on Solana, and on-chain offerings from Robinhood. Trading routes through Uniswap v3 and v4, Raydium and PancakeSwap.
| Network | Trailing-year tokenized stock DEX volume |
|---|---|
| BNB Chain | $21.1 billion |
| Solana | $12.7 billion |
| Robinhood Chain | $12.5 billion |
Weekend liquidity is the surprise
One detail separates tokenized stocks from the ordinary listed equity market. Because DEXs run continuously, tokenized versions trade around the clock, and that liquidity shows up most on weekends and overnight when regular markets are closed.
Research from Crypto Briefing found that tokenized stocks generated $3.96 billion in weekend DEX volume in September, roughly 106 times the level recorded in November 2025. In one 30-day window, Uniswap itself handled about $12.6 billion of the $20.9 billion total. BNB Chain’s bStocks product captured more than 90% of DEX volume during peak periods, with about 58,000 daily active traders across the network.
That rate of expansion, elevenfold in ten months on weekend sessions alone, reflects buyers who want equity exposure without waiting for Monday’s open. The pattern is strongest among non-US time zones, where the ability to buy and sell a stock that mirrors the Nasdaq at local hours carries a real convenience premium. Several Asia-based prop desks that were previously forced to wait for US opens now route equity hedging needs through these pools instead.
The regulatory backdrop changed
The acceleration coincides with a legal shift in the US. Two days after the CLARITY Act failed in the Senate earlier this month, the Securities and Exchange Commission moved to let tokenized US stocks trade immediately through permissioned venues, skipping the multi-year study-and-comment process that would normally follow a change of that size.
The commission also clarified that a token issuer announcing a buyback program does not automatically classify the token as a security, a piece of the rulebook that had stayed ambiguous. Combined, those two moves gave trading venues a clearer runway to expand, which is why several of them began scaling up listings in the last two weeks.
What was previously available mainly to qualified institutional buyers through venues like Securitize is now reaching a much broader audience through public DEX pools and retail-facing interfaces, at least for offshore users. US investors remain largely outside many of these venues pending further regulatory steps, though products like Robinhood Chain operate under a different legal structure that includes US customers.
The BNB token itself
BNB, the native token of the busiest chain, has held ground while the rest of the crypto market sold off this week. It sat near $766 through Thursday, with support holding in the $750 to $760 range and resistance between $780 and $800. A breakout above $800, several analysts noted this week, would open a path toward $890.
Solana, despite ranking second in volume, has not been as lucky on price. SOL recently fell 9% in a single day and remains in a broad retracement, down double digits on the week. The decoupling between network usage and token price across these two chains is an old story in crypto, but rarely as visible as it is this month.
Reading the trend
The tokenized equities market is still small. Its $3.7 billion in outstanding assets is a rounding error next to the $1.67 trillion Bitcoin market, and annual DEX volume of $48.7 billion is tiny compared with the trillions that pass through NYSE and Nasdaq each quarter.
What makes the number notable is not the size but the slope. Ten-thousand-fold year-over-year growth in a trading venue segment that did not meaningfully exist a year ago is the kind of curve that eventually forces regulators, exchanges and market makers to respond. The SEC’s recent moves suggest that response has already started. Whether the current growth rate can continue without a serious hiccup, a data error, an oracle failure or a venue insolvency, is the question traders are quietly watching.
There is also a limited pool of precedent to draw on. Nothing like this market has existed before in scale or speed, which means anyone predicting how the next phase unfolds is extrapolating from very little. Still, with three separate venues each already above $12 billion in annual volume and momentum still building month over month, the trend has cleared the point where it can be dismissed as a footnote.