Tokenized shares are approaching the $1 billion mark, underscoring how real-world asset (RWA) tokenization is moving beyond pilots and into a rapidly evolving segment of crypto market infrastructure.
A new report from Sentora and DL Research found that tokenized stocks reached about $963 million in market capitalization by January 2026, representing a year-over-year increase of nearly 2,878% from just $32 million the year before.
The increase reflects rising demand for blockchain-based access to traditional financial assets as companies increasingly explore tokenization as a way to improve settlement efficiency, expand market access and build on ever-present financial products. In particular, tokenized equities have become one of the most visible examples of RWAs expanding beyond private credit and treasury bills into more mainstream instruments.
Nevertheless, the market remains highly concentrated. The report shows that Ondo Global Markets has the largest share, accounting for more than half of the tokenized share value, with xStocks and Securitize representing most of the rest.
The dominance of a few issuers highlights both the early stage of the sector and the importance of regulated issuance frameworks.
Much of the momentum has been driven by improvements in institutional rails. While Ethereum remains the primary settlement layer for tokenized shares, other chains such as Solana are gaining ground as platforms seek cheaper and faster transaction environments.
Regulatory developments in the US also appear to be helping to shape the next phase of growth. The report points to December 2025 as a key period, citing new SEC guidance on broker-dealer custody and a DTCC no-action letter attached to a tokenization pilot, both of which signal increased engagement from traditional market infrastructure providers.
With tokenized shares approaching $1 billion, the sector is emerging as a bellwether for how quickly RWAs can scale — and how much institutional adoption may depend on regulation, custody and market structure catching up with blockchain innovation.
