Tokenized stocks market cap reaches record $2.3 billion in mid-July

Tokenized stocks reached a record $2.3 billion in market capitalization in mid-July, up from about $1.7 billion at the end of June and from $329 million a year earlier, according to data cited from Token Terminal and a16z Crypto. The market first moved above $1 billion in March and June transfer volume totaled $9.22 billion versus $53 million a year earlier, indicating that growth has been driven largely by new issuance and rising activity rather than moves in underlying share prices. The market's composition has shifted sharply over the past year. Crypto-linked products fell from 79% of tokenized stock market value to 21% by the end of June, while traditional equities and a long tail of smaller listings gained share; the “other” category rose to 35% from 15%. AI and chip-related names were the fastest-growing segment, rising from 0.3% to 15.5% of the market, with CoinGecko data in the a16z report showing tokenized Micron at about $120 million, SanDisk at about $102 million and Nvidia near $85 million. Mid-July growth was broad-based across issuers and venues. Token Terminal said Ethereum held 34% of the tokenized stock market, ahead of BNB Chain at 30% and Solana at 23%. Ondo Finance remained the largest issuer with $955 million in onchain equities, while Artemis data showed July 21 records for Ondo tokenized shares outstanding at 514.5 million and holder count at 93,880, Backed Finance tokenized market cap at $579.4 million, and Robinhood Chain tokenized shares at 126,720 with 36,170 equity holders. Binance's bStocks ranked third among issuers at $334 million, while Robinhood's Stock Tokens remained smaller at $19.3 million in tokenized market cap. Infrastructure and market access also expanded. The earlier a16z report highlighted progress by DTCC, Robinhood, NYSE parent, OKX, Coinbase and Binance. In July, Ondo added 24/7 minting and redemption for tokenized US stocks and ETFs, voting rights for tokenized stocks, and collateral use on OndoPerps; it also partnered with Japan's SBI Group on July 16 to tokenize Japanese stocks and explore settlement in JPYSC, SBI's trust-backed yen stablecoin. Backed Finance's xStocks, distributed on Kraken, Bybit and Solana DeFi, surpassed $25 billion in cumulative transaction volume within eight months of launch, according to Kraken. Newer speculative venues also emerged: Arcus, launched July 1 by dYdX Labs with investment from Robinhood Crypto, posted record daily perpetual futures volume of $11.9 million and record open interest of $6.8 million on July 21 while offering 24/7 spot trading on 95 stock tokens and rolling out leveraged products.