Tokenized Assets Trade Differently From Traditional Markets, New Dune Report Finds

Dune’s new report compares onchain and off-chain activity across equities, credit, commodities and cash equivalent products. It puts tokenized real-world assets at $34.5 billion as of Aug. 31, up more than 140% from a year earlier. Cash equivalents still make up most of the supply, while equities are the most actively traded segment.

Single Stocks vs. ETFs in Tokenized Equities

The gap with traditional markets is clearest in equities. Single stocks account for 81% of tokenized equity spot supply, and ETFs for 19%. Armand Khatri of Ondo Finance said tokenization reduces reliance on local intermediaries’ offerings, so “the investor decides which they want” between single-company and index exposure.

Tokenized Equities Market Share

Binance Research data, cited by co-CEO Richard Teng, values the tokenized equity market at $4.43 billion as of Sept. 15, up 390% in 2026. That is only 0.0029% of the $151.9 trillion global listed-equity market. The base case sees about $349 billion by 2030, though Teng said the shift won’t happen overnight.

SEC Exemption and NYSE Plans

On Sept. 17, the SEC granted a temporary exemption allowing limited onchain trading of tokenized US-listed stocks. The New York Stock Exchange and Blockchain.com also plan to offer tokenized US-listed stocks and ETFs on NYSE’s planned digital platform, pending regulatory approval.