Key Takeaways
- • Roughly $2.2B of equity exposure has been tokenized on-chain, a small fraction of a global equity market above $100T, according to CoinShares.
- • Tokenized equities are the fastest-growing real-world asset category by holder count, driven by lower minimum investment sizes that broaden access.
- • Real-world asset deposits across lending platforms and decentralized exchanges rose from $2.3B to $7.4B between Q2 2025 and Q2 2026, while total crypto asset deposits fell roughly 15%, per the CoinShares and Token Terminal report.
- • Average wallet balances differ sharply by segment: xStocks-issued products reflect broad retail participation, while BlackRock's BUIDL shows average balances in the tens of millions of dollars.
- • Application revenues declined year on year across lending and trading venues, as real-world asset activity remains small relative to crypto-native markets.
Summary
CoinShares, in a report produced with Token Terminal, argues that tokenized equities have grown quickly in holder count while remaining small by value. Roughly $2.2B of equity exposure has been tokenized on-chain, against a global equity market above $100T. CoinShares frames the relevant test for tokenization as usage rather than issuance: once a claim is transferable, it can be used as collateral, traded, or used for leveraged exposure.
Between Q2 2025 and Q2 2026, total crypto asset deposits fell roughly 15%, reflecting withdrawals and lower crypto prices. Over the same window, real-world asset deposits across lending platforms and decentralized exchanges rose from $2.3B to $7.4B. On spot decentralized exchanges, aggregate crypto-native volumes fell approximately 70%, while real-world asset spot volumes rose roughly 220% from a smaller base.
Tokenized equities are growing fastest by holder count, which CoinShares attributes to lower minimum investment sizes. Average wallet balance, calculated as assets under management divided by on-chain holders, separates segments: xStocks-issued products show balances consistent with broad retail participation, while BlackRock's BUIDL shows average balances in the tens of millions of dollars. CoinShares notes that wallets are not people, so the metric is directional rather than exact. Institutional capital concentrates in yield-bearing collateral, with on-chain yields of about 3.2% to 5.5%, and almost 70% of real-world asset deposits sit on Ethereum-based lending venues such as Aave, Morpho and Kamino.
CoinShares also highlights that the venues facilitating this activity are not yet capturing much revenue. Application revenues declined year on year across lending and trading. Hyperliquid generates substantially more application revenue than any other venue, while Morpho, the second-largest lending platform, runs without a protocol-level take rate. CoinShares compares tokenized stocks today to USD stablecoins in 2019: small relative to their addressable market, growing quickly, and dependent on infrastructure still being built. It describes this as a stage of development rather than a guaranteed outcome.
Between Q2 2025 and Q2 2026, total crypto asset deposits fell roughly 15%, reflecting withdrawals and lower crypto prices. Over the same window, real-world asset deposits across lending platforms and decentralized exchanges rose from $2.3B to $7.4B. On spot decentralized exchanges, aggregate crypto-native volumes fell approximately 70%, while real-world asset spot volumes rose roughly 220% from a smaller base.
Tokenized equities are growing fastest by holder count, which CoinShares attributes to lower minimum investment sizes. Average wallet balance, calculated as assets under management divided by on-chain holders, separates segments: xStocks-issued products show balances consistent with broad retail participation, while BlackRock's BUIDL shows average balances in the tens of millions of dollars. CoinShares notes that wallets are not people, so the metric is directional rather than exact. Institutional capital concentrates in yield-bearing collateral, with on-chain yields of about 3.2% to 5.5%, and almost 70% of real-world asset deposits sit on Ethereum-based lending venues such as Aave, Morpho and Kamino.
CoinShares also highlights that the venues facilitating this activity are not yet capturing much revenue. Application revenues declined year on year across lending and trading. Hyperliquid generates substantially more application revenue than any other venue, while Morpho, the second-largest lending platform, runs without a protocol-level take rate. CoinShares compares tokenized stocks today to USD stablecoins in 2019: small relative to their addressable market, growing quickly, and dependent on infrastructure still being built. It describes this as a stage of development rather than a guaranteed outcome.
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