Single-company tokens made up 81% of tokenized equity spot supply as of late August, while exchange-traded funds accounted for the remaining 19%, according to a new Dune report that compared onchain and off-chain activity across multiple asset classes.

What did Dune's data show?

Dune's analysis covered four asset classes:

• Equities
• Credit
• Commodities
• Cash-equivalent products

The firm valued the tokenized real-world asset (RWA) market at $34.5 billion as of Aug. 31, up more than 140% from a year earlier. Cash equivalents still dominated supply by value, but equities emerged as the most actively traded segment.

The 81-to-19 split between single stocks and ETFs marks a sharp departure from traditional equity markets, where index-tracking vehicles typically attract a far larger share of investor flows.

Why do onchain markets behave differently?

Armand Khatri, head of ecosystem at Ondo Finance, said tokenization gives investors more control over asset selection by reducing dependence on local intermediaries' offerings. "The investor decides which they want," he said, referring to the choice between single-company and index exposure.

Dune's findings suggest that onchain investors are building positions directly in named issuers rather than routing flows through index products. The structure could complicate how tokenized portfolios benchmark against traditional equity indices, since exposure patterns differ at the issuer level. It also concentrates liquidity risk, since flows are not aggregated through a small set of benchmark-tracking vehicles.

How large is the gap with traditional markets?

Tokenized equities remain a rounding error against global listings. 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% year-to-date in 2026. That figure equates to 0.0029% of the $151.9 trillion global listed-equity market.

Binance Research projected tokenized equities could reach approximately $349 billion by 2030 under its base-case scenario — still below 0.25% of the current global market, but a roughly 79-fold increase from present levels. Teng said tokenization could change how investors access equity markets, but warned the shift "won't happen overnight."

What's coming next on the regulatory front?

US authorities have begun clearing a path for limited onchain trading of US-listed stocks. On Sept. 17, the US Securities and Exchange Commission granted a temporary exemption permitting restricted onchain trading of tokenized US-listed stocks. The exemption defines the operational perimeter within which regulated venues can offer tokenized share trading without running afoul of existing market-structure rules.

The New York Stock Exchange and Blockchain.com have separately announced plans to offer tokenized US-listed stocks and ETFs through NYSE's planned digital trading platform, subject to regulatory approval. The arrangement would tie one of the world's largest traditional exchanges to a crypto-native infrastructure provider, putting onchain stock trading behind the same brand that handles US opening and closing auctions.

The combined signals — Dune's structural findings, Binance Research's $349 billion 2030 base case and the SEC's September exemption — set the agenda for tokenized equity infrastructure over the next 12 months, with the NYSE-Blockchain.com platform's regulatory approval as the next major market-structure checkpoint.