The tokenized stocks market has reached $3.8 billion, but its growth is anything but evenly distributed. BNB Chain, Ethereum and Solana now account for roughly three-quarters of the market, with BNB Chain taking the lead at $1.2 billion.
Tokenized stocks climbed to a record $3.8 billion market capitalization on Oct. 6, putting a rapidly expanding slice of equities firmly inside the onchain market.
Token Terminal data showed BNB Chain holding the largest share at $1.2 billion, with Ethereum at $841.4 million and Solana at $753.4 million, out of which the three blockchains comprised 74% of the market.
While the figure in the first sentence may attract more attention, the one that comes after is perhaps more interesting.
BNB Chain network accounts for 31.6% of the $3.8 billion market, or so it says Token Terminal. Ethereum – 22.1%, and Solana – nearly 19.8%. Any other blockchain appears to be in the minority.
The combination produces an interesting effect on the record value, as the market appears to be expanding, but the lion’s share of it is occupied by three blockchains.
In fact, the trend is not new: tokenized stocks have seen rapid expansion in the past several months.
Token Terminal data on Oct. 2 show that tokenized stocks and ETFs were valued at $3.7 billion, with BNB Chain at $1.1 billion, Ethereum at $828 million, and Solana at $738 million. BNB Chain’s share was about 30% at the time.
The strength of the BNB ecosystem is also reflected in its lead over competitors. And this is not limited to tokenized stocks. As per a Block Insider report on September 28, the network saw 1,883,008 wallets holding tokenized real-world assets.
This figure greatly exceeds Solana’s total (697,506) and Ethereum’s (274,688). The comparison is not completely fair, as it considers RWA tokenization in its entirety, rather than just stocks. Nevertheless, the disparity between the numbers shows that BNB Chain’s lead is substantial.
On the other hand, value-wise, Ethereum appears to be in the lead. Per the same Block Insider report, based on data from Token Terminal, Ethereum accounts for 44.26% of RWA market value, compared to 14.51% for BNB Chain and 11.02% for Solana.
BNB still appears to have a significant advantage, as it attracted $3.6 billion in RWA value since the start of 2026. As such, the value gap appears to be even wider. The value-performance gap between the chains appears to be considerable, which may indicate potential issues for the networks that saw a lower increase in value.
This is not directly applicable to tokenized stocks, but recent data shows that the trend is similar – the value growth rate appears to be lower for most blockchains, compared to the number of addresses that participated in any RWA tokenization.
The situation is particularly interesting for Ethereum, which used to account for a plurality of the tokenized stocks market. As per Token Terminal data, Ethereum used to score an average of $614.6 million in tokenized stocks during the second quarter, ahead of Solana at $401.6 million, with BNB Chain at $398.9 million.
BNB Chain appeared to take the lead in late July and continued to expand through September, finishing the year at $1.2 billion versus Ethereum's $841.4 million, which puts it well ahead of its closest competitor. This trend continues to accelerate, which adds infrastructure depth to the narrative about the explosive growth of the tokenized stocks market.
BNB Chain has been using some interesting approaches to drive adoption, including combining RWA tokenization with mainstream use cases. Notably, a $4 million BNB Stonks Season campaign. The network also extended a zero-fee campaign covering USDC, USD1 and U, while BNB Chain said more than $4.5 million in gas fees had already been waived for users by the start of October.
The initiatives do not explain the sudden increase in value, but they provide the context for it: BNB Chain appears to be investing heavily in the expansion of the tokenized assets market. This is reflected in the statistics: a large portion of RWA tokens are hosted on the blockchain, and the percentage continues to rise through 2026.
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