Binance Research projects that tokenized equities could reach approximately $349 billion by 2030 in its base-case scenario, up from an on-chain balance of $4.43 billion as of Sept. 15, 2026. The report, published Sept. 18 under the title "The RWA Activation Era," outlines conservative and bullish scenarios of $61 billion and $987 billion, respectively. Tokenized equities currently represent 0.0029% of the $151.9 trillion listed-equity market but have grown 390.4% year to date. The analysis shifts attention from issuance alone to whether tokenized assets are used in liquidity pools, lending and collateral arrangements. Its Capital Activation Rate for equities rose from 1.95% to 7.54% during the year, with 65.4% of deployed value in liquidity pools and 28.1% in lending. Across real-world assets, on-chain assets under management reached $34.18 billion by mid-September, up 85.2% during the year.