Tokenized stock trading on decentralized exchanges rose 10,163.7% year over year to $48.7 billion, with Uniswap handling $17.1 billion across its v3 and v4 pools. The surge indicates that tokenized equities are developing trading activity beyond merely existing on-chain, although the volume figure does not measure outstanding token supply, ownership or available liquidity. RWA.xyz put distributed value at $3.20 billion on October 3, while Binance Research estimated the broader onchain-equities market at $4.43 billion on September 15, up 390.4% this year and equal to 0.0029% of the $151.9 trillion listed-equity market. Token Terminal data cited 4.3 million holders in September, but the count covers blockchain addresses rather than verified individuals. Activity is highly concentrated: ETF-linked products represented 44.0% of trading by reference stock, while QQQb accounted for 28.9% of individual-asset volume. Equity perpetuals on Hyperliquid and Lighter traded about $67.8 billion in June, compared with $4.2 million in tokenized-equity spot trades. Exchanges including Kraken, Bybit, OKX and Binance have expanded offerings, while Robinhood Chain, Solana and BNB Chain have added infrastructure. The SEC has allowed qualifying Tokenized Securities Venues to trade tokenized NMS stocks through permissioned automated market makers under a temporary Innovation Exemption, subject to limits and a five-year expiration. Forecasts point to possible long-term growth, but legal links between tokens and underlying assets remain a central risk.