Tokenized Stocks Smash Record at $3.8B as NYSE and Robinhood Push Onchain

Tokenized stocks just notched another record. The total circulating supply of onchain tokenized equities hit $3.8 billion, according to The Kobeissi Letter, and that figure has now climbed to a fresh high for ten straight weeks. Since the start of 2026, the market has grown 590%.

The Kobeissi Letter called tokenization 'the biggest bull market in crypto' in a November 2 post on X, arguing that financial markets are migrating toward blockchain rails. The pitch is simple: tokenization converts stocks, bonds and funds into digital tokens, and unlike the fixed hours of traditional exchanges, blockchain venues never close. That around-the-clock access looks like the real hook.

The numbers back it up. The Kobeissi Letter said roughly 70% of tokenized asset trading on Solana-based platform Jupiter happens outside traditional market hours. Earlier research found the same pattern elsewhere, with more than 70% of tokenized stock trading on BNB Chain landing outside regular US hours, 63% on Solana and close to 60% on Base. Jupiter reported a 215% quarter-on-quarter jump in tokenized equity trades in October.

Not every tracker reads the tape the same way. RWA.xyz counted about $3.69 billion in distributed tokenized stock value as of November 3, with Ondo Global Markets, xStocks and bStocks making up much of the pile. Slightly different math, same trajectory.

Wall Street is already moving. In January the NYSE unveiled plans for a platform supporting 24/7 trading and onchain settlement of tokenized US-listed stocks and ETFs, complete with fractional shares, instant settlement and stablecoin funding, though it still needs regulatory sign-off. Robinhood is pushing deeper into the space too, with CEO Vlad Tenev framing it as the start of a tokenization supercycle. Bullish added fuel in August with transactions involving tokenized versions of its own shares.

Grayscale's September research put weekly tokenized equity spot volume near $3 billion in August, while noting that very little of that value is being put to work in decentralized finance. Regulatory uncertainty, fragmented liquidity and the gap between tokenized products and actual share ownership remain live problems. For now, the draw is access.