Tokenized markets show different trading and investment patterns from traditional markets, according to a new Dune report comparing onchain and off-chain activity across equities, credit, commodities and cash-equivalent products.

Dune found the difference pronounced in equities, where single stocks accounted for 81% of tokenized equity spot supply while exchange-traded funds (ETFs) made up 19%.

Armand Khatri, head of ecosystem at Ondo Finance, said tokenization gives investors more control over asset selection by reducing their dependence on local intermediaries’ offerings.

“The investor decides which they want,” he said, referring to the choice between single-company and index exposure.

Dune put the value of tokenized real-world assets at $34.5 billion as of Aug. 31, up more than 140% from a year earlier, with cash equivalents still dominating supply while equities were the most actively traded segment.

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Tokenized equities remain a fraction of global markets

Separate Binance Research data cited by Binance co-CEO Richard Teng put the tokenized equity market at $4.43 billion as of Sept. 15, up 390% in 2026 but equivalent to just 0.0029% of the $151.9 trillion global listed-equity market.

Binance Research projected tokenized equities could reach about $349 billion by 2030 under its base-case scenario. Teng said tokenization could change how investors access equity markets, but that the shift “won’t happen overnight.”

US regulators and exchanges have also taken steps to expand tokenized trading. On Sept. 17, the US Securities and Exchange Commission granted a temporary exemption allowing limited onchain trading of tokenized US-listed stocks.

The New York Stock Exchange and Blockchain.com also announced plans to offer tokenized US-listed stocks and ETFs through NYSE’s planned digital trading platform, subject to regulatory approval.

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