The number of wallets holding tokenized stocks has climbed to 1.31 million over the past month, more than doubling from previous levels, according to data from RWA.xyz. Monthly transfer volume rose nearly 180 percent to $23.13 billion, while monthly active addresses increased 34.62 percent to just under 572,000. Total distributed value of tokenized stocks grew 5.9 percent to $2.38 billion during the same period.

The figures indicate broader participation rather than isolated activity in a single product. Rising active addresses alongside the sharp volume increase point to more users transacting on-chain, not simply new wallets registering without further engagement.

Market Leaders and Competitive Shifts

Ondo remains the largest platform by distributed value at approximately $872 million. Kraken’s xStocks follows with $557.8 million, and Binance’s bStocks stands at $521.8 million. Binance’s product, which launched in June, has closed to within roughly $36 million of xStocks despite its shorter operating history.

Among individual tokenized assets, Securitize leads with $145.2 million in distributed value, followed by Strategy PP Variable xStock at $135.6 million and Ondo’s tokenized Circle shares at $99.7 million. Separate data from Token Terminal has shown bStocks later surpassing xStocks in some measurements, reaching $610.6 million against $601.2 million, while Ondo retained the overall lead.

Private-Market Push and SpaceX Activity

Growth in tokenized equities has coincided with platforms expanding into private-market and pre-IPO products. In the months before SpaceX’s June 12 public listing, several exchanges including Binance, Coinbase, Kraken, Bybit, Bitget and Blockchain.com introduced related offerings ranging from tokenized pre-IPO exposure to perpetual futures and proxy tokens.

A Binance campaign ahead of the listing attracted about $557 million in commitments. However, Binance, Bybit and Bitget Wallet later canceled their tokenized SpaceX IPO campaigns after xStocks was unable to secure sufficient underlying shares to meet demand. Refunds were issued to subscribers.

Despite the cancellations, tokenized SpaceX exposure through Binance’s bStocks has reached $67.9 million in distributed value since the June 12 listing, ranking seventh among individual assets tracked by RWA.xyz.

Broader Context for Real-World Assets

The expansion of tokenized stocks forms part of a wider move toward blockchain representations of traditional assets. Standard Chartered has projected that real-world asset tokenization could reach a $4 trillion market by the end of 2028.

Tokenized equities now account for a substantial share of on-chain real-world asset activity. Metrics from RWA.xyz show holders, volume and distributed value all advancing within a single month, even as some pre-IPO products encountered limits tied to the availability of underlying shares.

Platforms continue to compete for market position, with later entrants narrowing gaps against earlier leaders. Ongoing data will show whether the recent pace of holder growth and transfer volume can be sustained beyond short-term events.