Tokenized real-world assets reached $34.5 billion in value as of Aug. 31, up more than 140% year over year, according to a new Dune report that finds onchain markets trading and allocating capital in ways that diverge sharply from traditional finance.

The analysis compared onchain and off-chain activity across four asset classes: equities, credit, commodities and cash-equivalent products. The divergence is most pronounced in equities.

How do tokenized equity markets differ from TradFi?

Single stocks account for 81% of tokenized equity spot supply, while exchange-traded funds make up the remaining 19%, Dune found. That weighting inverts the structure of traditional equity markets, where pooled and index products dominate retail flows.

Armand Khatri, head of ecosystem at Ondo Finance, said tokenization gives investors direct control over asset selection by reducing dependence on what local intermediaries choose to offer.

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

Cash equivalents still dominate tokenized RWA supply overall, Dune reported, but equities are the most actively traded segment onchain — a supply-and-activity split that has no direct equivalent in conventional market structure.

How big is tokenized equity relative to 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. The figure is up 390% in 2026, yet it equals just 0.0029% of the $151.9 trillion global listed-equity market.

Binance Research projected the segment could reach roughly $349 billion by 2030 under its base-case scenario. Teng said tokenization could reshape how investors access equity markets, but cautioned that the shift "won't happen overnight."

The scale gap frames the operational question for issuers and exchanges: whether onchain infrastructure can capture meaningful volume from incumbent trading venues, or whether tokenized equities remain a niche wrapper for crypto-native balance sheets.

What are regulators and exchanges doing?

US authorities have begun opening the door to onchain trading of listed securities. 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 have also announced plans to offer tokenized US-listed stocks and ETFs through NYSE's planned digital trading platform, subject to regulatory approval.

Those moves, combined with Binance Research's 2030 projection, set the timeline to watch: whether the SEC's exemption becomes permanent and whether NYSE's platform clears approval will determine if tokenized equity supply grows into a structural segment of the $151.9 trillion listed-equity market or stays a rounding error.