Tokenized stocks captured 11% of decentralized exchange trading in September, narrowing the gap with meme coins and signaling a broader shift in on-chain activity.
Key Points:
- Tokenized stocks averaged 11% of DEX trading in September, compared with 17% for meme coins.
- The category crossed $3 billion in market value, while Q3 on-chain transfer volume topped $100 billion.
- Binance Research says the shift shows traditional assets gaining ground on infrastructure built for crypto-native trading.
Tokenized Stocks Rise
Tokenized stocks held close to 0% of DEX activity through 2025 and most of the first half of 2026 before their share began climbing sharply.
According to Binance Research, the category briefly passed meme coins in late July before settling at an 11% September average. Meme coins still led September. Their DEX share averaged 17% after swinging between 6% and 53% during 2025.
The expansion was not limited to trading share, as tokenized stocks crossed $3 billion in market capitalization during the fourth week of September. On-chain transfers, including trades, rose from $6 billion in the first quarter to more than $100 billion in the third quarter. BNB Chain hosted about $1 billion of tokenized stocks by mid-September, equal to roughly 34% of the market cited by Binance Research.
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Binance Research View
Binance Research said, “The on-chain economy is evolving from its roots in crypto-native assets towards a broader financial network, where crypto and traditional assets trade side by side on shared, always-on rails.” That shift matters because infrastructure built largely for native crypto assets is increasingly being used to trade representations of conventional equities.
The report also described tokenized stocks as the fastest-growing real-world asset category of 2026.
DeFi use has expanded alongside trading, with tokenized stock deposits rising as platforms add new ways to use the assets on-chain. The September gap was only six percentage points. October will offer a clearer test of whether tokenized stocks can keep a double-digit DEX share and again challenge meme coins.
A year earlier, meme coins set much of the pace for speculative DEX trading, with their share ranging from 6% to 53% during 2025. Tokenized stocks were then near zero, making their 2026 rise a sharp change in the composition of decentralized trading.
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