Crypto

Tokenized stock trading topped $37 billion last quarter, and one token did much of the work

Dune says onchain trading of tokenized stocks and ETFs grew almost 18x since January. Its own dashboard shows a single BNB Chain token in about half the recent volume, in trades Dune says look programmatic or incentive-driven.

By Jennifer Walsh · Oct 23, 2026, 11:05 PM EDT

For information only, not investment advice. Prices delayed.

Tickers: NVDA, SPY

Tokenized stocks and ETFs traded more than $37 billion onchain in the third quarter, according to a press release from blockchain data firm Dune, which says monthly volume grew almost 18x since January. Dune also says perpetual futures on stocks, ETFs and equity indices traded $201 billion on Hyperliquid over the same quarter.

Two things are worth holding next to that number. It's Dune's own figure, and it arrived in a release launching Dune Market Data Feeds, a commercial product offering real-time trade data from more than 200 onchain venues to hedge funds, asset managers, market makers and brokers. Dune's release gives no method or January baseline behind the 18x, so the multiple can't be checked.

Half the volume, one token

The bigger caveat comes from Dune itself. Its public dashboard on tokenized stocks flags that one ETF token, QQQB from bStocks on BNB Chain, is about half of all tokenized-equity volume over the last 90 days, $21.6 billion of $42.7 billion. Dune says 84% of that QQQB trading happened while the NYSE was closed, with trade sizes clustered near $1,000, a pattern it says "suggests programmatic or incentive driven trading." That dashboard covers a rolling 90-day window rather than calendar Q3, so its totals don't line up directly with the $37 billion.

Incentives were in play. TokenPost reported that Binance ran incentives for some tokenized equities during the quarter. In plain terms, a meaningful slice of the headline volume may be rewards-chasing rather than people who actually want onchain exposure to the Nasdaq.

Strip QQQB out and the after-hours story still holds, per Dune's dashboard: 62% of tokenized-equity volume trades while the NYSE is closed, and 57% for stock tokens backed by real shares. That is the clearest pitch for the product so far, a way to trade a stock when Wall Street is asleep.

Different counters, different totals

Measures don't agree yet. TokenPost, which doesn't name its data source, put Q3 tokenized-equity trading on decentralized exchanges at $50 billion, up about ninefold and roughly 9% of spot DEX volume. By its count, BNB Chain led with about $16.5 billion, followed by Robinhood Chain at $13.7 billion and Solana at $6.9 billion. Tokenized Nvidia ($NVDA) was the most-traded single asset at about $3.1 billion, with the SPDR S&P 500 ETF Trust ($SPY) at about $2.5 billion. Neither explains the gap; the two counters use different methods.

Volume also isn't size. TokenPost reported the market value of tokenized stocks was about $3.2 billion on Sept. 30, up 86% from the end of Q2. That's a sliver of the tens of billions changing hands, which is what high turnover on a small float looks like.

Why regulators matter here

Dune ties the growth to Washington. On Sept. 17 the SEC issued a temporary, conditional "Innovation Exemption" letting Tokenized Securities Venues trade tokenized NMS stock through permissioned automated market makers without registering as exchanges. Chairman Paul Atkins called it temporary and permissioned while the Commission considers further action. The conditions cap the number of symbols and the volume a venue can trade, and a venue listing a third-party token of a company's stock must first give that issuer written notice and a chance to object.

One of the first big tests is OKXICE, the joint venture between OKX and Intercontinental Exchange, which Reuters reported filed with the SEC to launch a platform for around-the-clock trading of US stocks. Dune says the venture has filed to list 63 tokenized US stocks on XLayer.

For people holding crypto, the takeaway is that tokenized equities are becoming real business for the chains and exchanges that host them, under a rulebook that is still explicitly temporary. The volume is growing fast, but until incentive-driven trading fades, the headline numbers are an upper bound on genuine demand.

Tags: exchanges · defi · regulation · sec