Tokenized real-world assets reached $34.5 billion on Aug. 31, up more than 140% from a year earlier, while Binance Research said tokenized stock capitalization rose from $700 million in early January to more than $3 billion by the end of September. Dune tracked more than 2,600 products from over 250 issuers and platforms across 21 blockchains, finding that cash equivalents remained the largest category at $17.8 billion but generated little trading activity. Tokenized equities were the smallest tracked asset class at $2.8 billion, yet generated 93% of August spot trading, including $12.6 billion in spot volume, while equity perpetuals added $72.4 billion. Binance Research said tokenized-stock transfer volume exceeded $100 billion in the third quarter, compared with roughly $6 billion in the first quarter, and that BNB Chain accounted for about 34% of the market and hosted roughly 1.8 million investors, or 45% of the global total. Separate Binance Research data put tokenized equities at $4.43 billion on Sept. 15, up 390.4% in 2026, while the newer end-September estimate exceeded $3 billion; the differing figures reflect separate reported measurements and cutoffs. Credit assets showed greater collateral use than cash equivalents, and U.S. regulators and traditional exchanges continued developing conditional or proposed infrastructure for tokenized stocks and ETFs.