Tokenized assets top $34 billion as equities drive trading

Tokenized real-world assets surpassed $34 billion in value by late August, with equities generating a disproportionate share of trading even as cash-equivalent products held the largest portion of supply, according to a Dune study. The data show that investors’ activity on blockchain-based markets differs by asset class and, in equities, tilts heavily toward individual stocks rather than exchange-traded funds. Dune’s third-quarter study valued four tracked asset classes at $33.9 billion on August 31, more than 140% above the level a year earlier. An accompanying release gave a broader total of $34.5 billion. The study tracked tokenized and synthetic exposure across equities, cash equivalents, credit and commodities. The figures come from the same research effort, with the totals covering different scopes. Individual stocks made up 81% of tokenized equity spot supply, while ETFs represented 19%. Equities accounted for 93% of spot trading in August despite making up a small share of the tracked market’s supply. Dune recorded $12.6 billion in tokenized equity spot volume and a further $72.4 billion in equity perpetual trading during the month.