Woofun AI has detected that tokenized stocks are the fastest-growing category of real-world assets (RWA), which honestly shows the trend of cryptocurrencies continuing to penetrate Wall Street. a16z analysts Robert Hackett and Ryan Holloway wrote that this phenomenon marks the deep integration of traditional finance with blockchain technology.
The explosion in market size was not driven by stock price fluctuations, but by the issuance of new tokens. By the end of June, the total global tokenized stock market capitalization reached $1.7 billion, a fourfold increase from $329 million a year ago. According to data compiled by Woofun AI, more than half of the current total market capitalization assets were not on the chain a year ago, and the rise in stock token prices was not the main reason. Structurally, the share of crypto-related products fell from 79% to 21%, while the share of the “other” category, which includes hundreds of smaller products, rose from 15% to 35%. The share of giant tech companies with a market capitalization of over $100 billion jumped from 0.6% to 10.6%, and the share of ETFs and index products increased from 4.5% to 17.3%. Notably, the AI and chip industry had a market capitalization of less than $1 million (0.3%) in June 2025 and surged to 15.5% a year later, becoming a new engine of growth. These tokens support autonomous hosting, permissionless transfers, 7×24 hour transactions, and can be used as DeFi collateral. Unlike stablecoin logic, their value is anchored to underlying stocks such as Apple, Tesla, etc.
On-chain activity accelerates simultaneously with infrastructure implementation. The total monthly on-chain transfers of tokenized stocks in June reached US$9.22 billion, an increase of more than 170 times over the previous year's $53 million, covering secondary market transactions, wallet transfers, and DeFi collateral. DTCC completed the first batch of real-time tokenized treasury bonds and stock transactions on Digital Asset's Canton network, and plans to fully launch the service in October to access approximately $114 trillion of assets managed by DTC. Robinhood launched its own chain on the mainnet, integrating traditional markets, cryptocurrencies, and RWA. On June 22, the parent company of the New York Stock Exchange announced the establishment of a joint venture with OKX to provide users with tokenized NYSE-listed shares. On June 16, Coinbase launched 1:1 supported tokenized US stocks to non-US users, providing dividends, full shareholder rights, and round-the-clock trading. Binance also launched similar products.
Although the current volume is still small compared to the traditional stock market of tens of trillions of dollars, issuers and trading platforms continue to pour in, and the trend of circuit expansion is clear. This is another landmark breakthrough in the RWA field following the popularity of stablecoins, which heralds the maturity and large-scale application of on-chain financial infrastructure.