Crypto: Tokenized stocks approach $4 billion

Tokenized stocks are approaching $4 billion in the crypto market. Their value reached $3.84 billion in a statement published on October 28, before returning to around $3.74 billion on RWA.xyz. The sector now brings together 4.51 million holding addresses. Apple, Microsoft and Nvidia are also represented on blockchain, with tokens that can now be used as collateral to borrow stablecoins.

Tokenized stocks approach $4 billion

The tokenized stock market has almost reached a new symbolic threshold. According to data from RWA.xyz, their distributed value amounts to $3.74 billion, up 17.79% over thirty days. At the beginning of October, BNB Chain already represented almost 30% of the tokenized stock market.

The progression is accompanied by an increase in the number of holders. RWA.xyz now lists 4.51 million addresses, 12.14% more than a month earlier. This figure represents crypto portfolios, not necessarily as many different investors.

The market has also changed in size since January. At the start of the year, the distributed value of tokenized stocks did not exceed $1 billion. Several crypto platforms today offer blockchain versions of American securities, but also ETFs tracking major stock indices.

There are many transactions. The monthly transfer volume reached $10.14 billion. However, this amount should not be confused with the value of the assets actually held. Another interesting number: thirty-day active addresses fell to around 2.12 million, down 39.68% from the previous period. The value of assets is therefore increasing while certain activity indicators are declining.

bStocks overtakes Ondo and xStocks in the crypto market

The ranking of crypto platforms has also evolved. bStocks now leads with approximately $1.4 billion in distributed value, according to RWA.xyz. Ondo Finance follows with $930.9 million. xStocks, the infrastructure used in particular by Kraken, completes the podium with 623 million.

The ranking is the following:

Between them, bStocks, Ondo and xStocks represent almost $3 billion, or approximately 79% of the total value recorded. For bStocks, the start is quick. The crypto platform relies in particular on BNB Chain, where tokenized stocks have gained an important place in recent months. On September 21, Binance had already expanded the use of tokenized bStocks shares as collateral for its margin accounts.

At that time, the line had surpassed $30 billion in cumulative volume in less than 90 days. Ondo, for its part, continues to expand its catalog of financial assets. RWA.xyz lists 431 products associated with its platform, compared to 99 for bStocks. xStocks shows more, with 1,471 SKUs in the dashboard. These differences remind us that a large catalog is not enough to guarantee first place in value.

Apple and Microsoft become collateral in DeFi

Tokenized shares are no longer just used to buy and resell securities. Since September 25, seven American stocks tokenized by the crypto exchange Coinbase have been accepted on Aave V4, deployed on Base, the second layer network of Ethereum supported by Coinbase.

The companies affected are Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla. Eligible users, located outside the United States in permitted jurisdictions, can deposit these tokens as collateral and borrow USDC.

A person holding a tokenized version of Apple can thus mobilize their assets in a crypto protocol without necessarily having to sell them. There is, however, an important legal distinction.

Apple and Microsoft have not themselves transferred their shares to blockchain. The tokens are issued by Coinbase Onchain SPV Ltd, while the underlying securities are held in separate accounts with Alpaca Securities, a regulated broker in the United States.

Holders have economic exposure to the shares, with rights defined by the legal structure of the product. Another particularity: the prices used by the Aave crypto platform come from Chainlink oracles, which broadcast the prices of tokenized stocks over a range of five days per week.

During the weekend, the latest published prices are kept. The interest on loans continues to accumulate. Users should therefore monitor their guarantees, especially when traditional markets reopen.

The arrival of these assets in DeFi represents a new stage for the crypto market. Their use in loans, however, remains much more recent than their trading activity.

In September, Tremplin.io already noted that only a small portion of tokenized shares were used in onchain financial applications. The sector is now approaching $4 billion in distributed value. bStocks dominates the ranking, while Coinbase seeks to develop new uses around American securities. The next figures will also have to show whether the increase in assets is accompanied by a return in user activity.