Market capitalization surged fivefold in half a year, and Wall Street giants accelerated tokenization

According to Woofun AI, tokenized stocks are becoming a key entry point for the cryptocurrency industry to penetrate Wall Street. The underlying logic is to map real-world corporate stocks, ETFs, and index products to the blockchain, giving users the right to transfer without permission, the ability to trade around the clock, and function as on-chain financial collateral.

The explosive growth in market size is mainly due to the issuance of new assets rather than simply price fluctuations. By the end of June, the overall market value of tokenized stocks had climbed to $1.7 billion, an increase of more than fivefold compared to $329 million in the same period last year, leading the growth rate in all RWA (Real World Asset) categories.

Although stablecoins can clearly reflect demand due to the $1 anchoring mechanism, the market value of tokenized stocks is affected by fluctuations in the underlying share price, making it difficult to directly distinguish between new issuance volume and changes in stock value. However, available evidence indicates that new issuances are the core driving force: in the current market capitalization structure, more than half come from on-chain assets that did not exist a year ago, and most of the rest are mid-year on-chain projects. At this point, the annual stock price fluctuation cycle is nearing its end, indicating that the increase is mainly due to the introduction of new tokens rather than the appreciation of existing positions.

The evolution of the asset's internal structure reveals a shift in market focus. According to data compiled by Woofun AI, the share of assets related to cryptocurrencies, which once dominated, plummeted from 79% a year ago to 21% in June; in contrast, the share of the “other” category, which includes hundreds of small-scale assets, jumped from 15% to 35%.

Meanwhile, the share of tech giants with a market capitalization of over $100 billion increased from 0.6% to 10.6%, and ETFs and index products rose from 4.5% to 17.3%. The fastest growing sector is the artificial intelligence and chip industry, which surged to 15.5% from less than $1 million (0.3%) in June 2025. The level of on-chain activity is also impressive. The monthly transfer amount in June reached 9.22 billion US dollars, far exceeding the 53 million US dollars in the same period last year, covering the entire chain of transactions, transfers, and deposits to DeFi agreements.

The intensive action of Wall Street giants further confirms this trend. Over the past month, DTCC completed the first batch of tokenized US Treasury bonds and stock test transactions on Digital Asset's Canton network, and plans to launch a complete service in October aimed at opening up direct access to DTC's approximately $114 trillion assets. In early July, Robinhood (HOOD.US) launched a public chain mainnet integrating traditional markets, cryptocurrencies, and real-world assets. On June 22, New York Stock Exchange parent company Intercontinental Exchange (ICE.US) announced the establishment of a joint venture with OKX to provide tokenized shares listed on the NYSE after receiving regulatory authorization. Following that, on June 16, Coinbase (COIN.US) announced a US stock token with 1:1 full support for non-US users, covering dividends, full shareholder rights, and round-the-clock trading features. Binance also launched a similar product within a few days.

Although the monthly trading volume of traditional stocks is tens of millions of dollars, and the volume of tokenized stocks is still minimal, the trend of issuers and platforms migrating to the chain is irreversible, and the scale of the ecosystem continues to expand.