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Tokenized US stocks are closing in on $4 billion in distributed value, with RWA.xyz showing $3.74 billion, according to Cointribune. That figure was up 17.79% over thirty days, and an earlier report dated October 28 put the total at $3.84 billion before it settled at the lower level.
A separate tally from Crypto Briefing tracks a different metric: Coinbase-issued equity tokens on the Base network have passed $4 billion in cumulative trading volume on decentralized exchanges since their August 24 launch. The two figures measure different things and are not directly comparable.
Also read: Kraken lets traders use tokenized stocks as collateral for leveraged trades
Key facts
- RWA.xyz counted 4.51 million holder addresses for tokenized stocks, up 12.14% in a month, though the figure counts wallets rather than distinct investors.
- bStocks leads the platform ranking at about $1.4 billion, ahead of Ondo at $930.9 million and xStocks at $623 million; together the three hold roughly 79% of total value.
- Since September 25, seven Coinbase-issued tokenized stocks — Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla — have been accepted as collateral on Aave V4 on Base for eligible users outside the United States.
- Crypto Briefing reported that Aerodrome handled between 76% and 98% of trading volume during key periods, and that more than $260 million in tokens has been deposited into DeFi protocols such as Aave.
- Monthly transfer volume reached $10.14 billion, while active addresses over thirty days fell to about 2.12 million, a 39.68% drop.
Value climbs while activity cools
The market has expanded sharply this year. At the start of January, distributed value did not exceed $1 billion, Cointribune reported. Crypto Briefing’s volume series shows a similar acceleration: tens of millions of dollars shortly after launch, past $1 billion by mid-September, $2.26 billion by October 11 and past $3 billion by October 19.
Activity indicators point the other way. The 39.68% decline in active addresses means asset value and the number of participating wallets are moving in opposite directions. Cointribune noted that monthly transfer volume should not be mistaken for the value of assets actually held.
Also read: Intel, IBM, Oracle, IonQ object to OKXICE tokenized stocks
Platform catalogs vary widely. RWA.xyz lists 431 products for Ondo, 99 for bStocks and 1,471 for xStocks, which Cointribune said shows a large catalog does not by itself secure first place by value.
Apple and Nvidia exposure inside DeFi
Lending is the newest use case. Coinbase Onchain SPV Ltd issues the tokens, while underlying shares sit in segregated accounts at Alpaca Securities, a regulated US broker. Apple and Microsoft have not themselves moved shares onchain; holders instead receive economic exposure defined by the product’s legal structure.
Pricing brings a structural wrinkle. Aave draws tokenized stock prices from Chainlink oracles that publish five days a week, so weekend trades use the last published price while loan interest keeps accruing — a risk for borrowers when traditional markets reopen.
Crypto Briefing added that issuance is restricted to non-US persons and that the custody arrangement sits under Abu Dhabi regulations, meaning the plumbing for these US equity tokens is regulated outside the United States. Separately, Binance expanded the use of bStocks as margin collateral on September 21, when the range had exceeded $30 billion in cumulative volume in under 90 days.
Why it matters
Tokenized equities have moved from a trading curiosity to a balance-sheet asset. Holders can now borrow stablecoins against blue-chip exposure without selling, which ties a market that once lived inside crypto exchanges to DeFi credit markets. Most of the collateral and volume still runs through a handful of venues, so stress in one protocol or chain would be felt across the group.
That concentration cuts both ways for readers weighing exposure: the leading platforms carry the liquidity, but the value figures rest on oracle prices that pause on weekends. Nothing here is financial advice, and these markets remain volatile and uncertain.
What to watch
Cointribune framed the next test as whether rising asset value is matched by a return of user activity. The active address count and the monthly transfer volume are the numbers to track when the next RWA.xyz update lands.
Reported by Cointribune.
Sources: Cointribune, Crypto Briefing