The number of blockchain addresses holding tokenized stocks rose from nearly 100,000 a year earlier to 4.3 million, according to Token Terminal, intensifying competition among networks and providers. BNB Chain led with 1.8 million holders, followed by Robinhood Chain with 1.3 million and Solana with 997,000, while RWA.xyz recorded 3.89 million holders by September 25, up 70.9% from the previous month. Newer 30-day platform-level data shared by @tokenterminal identified Securitize as the largest market-cap gainer at $250.8 million, followed by Binance bStocks at $119.9 million and xStocks at $119.5 million; a separate chain-level comparison showed Avalanche gaining $252.1 million and BNB Chain $122.2 million. The figures count addresses rather than verified people, and the differing gains reflect platform-level versus chain-level comparisons. Tokenized-equity activity has expanded, with active market capitalization at about $4 billion on September 9, August monthly volume at $7.9 billion and DeFi total value locked at $289.1 million, although subdued trading volume, liquidity, volatility, sentiment and regulatory changes remain risks.