Tokenized stocks hit a record $9B in 2026 volume, up 800% YTD, as Jupiter's off-hours trade booms and Securitize tops RWA fees for a fifth quarter.
Onchain tokenized equities volume has recently reached $9 billion, a new record that marks almost 207% quarter-over-quarter growth and 800% year-to-date growth.
While the space grows, the issuers building the rails are making decent money, as seen by the real-world asset (RWA) platforms collecting a record $112.6 million in top-10 fees last quarter, per DeFiLlama.
These numbers tell an interesting story. Investors want round-the-clock exposure to stocks, and the crypto rails are the only place selling it at scale. The fee table shows exactly who is monetizing the shift.
The record is broad-based rather than a single spike. Tokenized stocks on Solana alone closed Q2 with $5.77 billion in spot volume, a quarterly all-time high across every chain and more than seven times everything traded in the second half of 2025.
Holder growth matches: RWA.xyz counted almost 967,000 tokenized-stock holder addresses in early August, up 522% since January, holding $2.16 billion in value.
The demand tilts towards memory and storage stocks, in a market that never closes. It’s interesting to note that the appetite cuts both ways: July saw record volumes even as the Nasdaq fell 3.2% and Micron dropped 28.7%, meaning traders wanted 24/7 access to the drawdown as much as the rally.
Exposure on a Sunday at midnight is the real product here, whichever direction the chart points.
Jupiter, the largest onchain trading platform on Solana, sits at the center of the shift. Its routed tokenized equities volume grew 95% quarter over quarter, and the platform reports that 55% of that volume now comes from off-hours trading, when Nasdaq and the NYSE are closed.
Jupiter switched on full 24/7 tokenized equity trading in late July, which serves as the primary gateway for Ondo's Global Markets catalog of more than 200 tokenized US stocks and ETFs. It has pushed cumulative volume across its tokenized products past $20 billion.
June's SpaceX IPO previewed the model: Solana captured a peak 99% of all tokenized SpaceX trading, and Jupiter emerged as its top venue.
The clearest proof of demand is who's responding. Nasdaq has announced plans to extend trading to 23 hours a day, five days a week, a subtle acknowledgment that the fixed session is losing customers to venues that never close.
The exchange has been converging with crypto this year: it won SEC approval in March to add tokenized trading and partnered with Payward, Kraken's parent company, in the same month.
What’s better is that the regulatory lane is opening too. The SEC published an innovation exemption in May allowing crypto-native platforms to offer on-chain trading of US equities without full broker-dealer registration, and Coinbase brings tokenized stocks to non-US users this month.
The line between a stock exchange and a token venue is being negotiated in filings, and both sides are moving toward the middle.
DeFiLlama's fee data, current to 18 August, shows where the tokenization boom actually lands as revenue.
Securitize has ranked first in every one of the past five quarters, collecting $32.6 million in Q3 2025, $31.5 million in Q4, $22.5 million in Q1 2026, a record $33 million in Q2, and already $20.8 million this quarter.
With the quarter barely half done, that pace points toward roughly $39 million, which would be its best quarter yet. The position compounds a familiar name: Securitize is BlackRock's tokenization agent, so the fund giant's record inflows show up here as fee income.
The podium is stable and everything below it churns. Ondo and Centrifuge have traded second and third all year, at $10 million and $9.1 million so far this quarter.
Meanwhile Usual, third a year ago at $9.3 million, has dropped out of the top 10 entirely, along with OpenEden, Tether Gold, and Goldfinch, while Hastra, OnRe, and Apyx have climbed in, with Hastra rising from a Q1 debut to fourth place.
The sector total is the quiet headline. Top-10 fees ran $81.5 million in Q3 2025, dipped to $77.7 million in the Q1 correction, then set a $112.6 million record in Q2, and the current quarter is pacing near $117 million by the same arithmetic. Fee income set records straight through crypto's drawdown, which is the strongest evidence yet that RWA revenue has decoupled from token prices.
Volume, holders, and fees are all pointing the same direction, and the incumbents have started running toward the disruption rather than away from it.
Three things will show whether the record year compounds or cools: whether Q3's fee pace holds through September, whether Nasdaq puts a date on its 23-hour session, and whether Jupiter's off-hours share keeps climbing past half. The last one matters most, because the moment a majority of stock-token volume happens while Wall Street sleeps, the argument about whether markets should close is over.
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