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TL;DR

• Tokenized stocks adoption should be measured like a market, not a vault. The clearest indicators are (1) unique holders, (2) repeat trading activity, and (3) multi-venue flow across CEX + DEX. Total Value Locked (TVL) can describe parked capital, but it does not capture whether tokenized stocks are actually being used, traded, and integrated.

• On the public “market usage” metrics for tokenized stocks, xStocks is the clear leader. Across CEX + DEX, xStocks has exceeded $20B in cumulative trading volume since launch in June 2025 (Dune), represents 7 of the top 10 tokenized stocks by 24h trading volume (CoinMarketCap), and comprises the top 8 tokenized stocks by unique holders plus 68% of the top 25 by unique holders (RWA.xyz).

• Don’t conflate “RWA leadership” with “tokenized stocks leadership.” Some issuers are most associated with tokenized treasuries/cash equivalents (where TVL is a more central metric), while tokenized stocks leadership is best evidenced by breadth of ownership and liquidity across venues. By those equities-native measures, the public data points to xStocks as the most meaningfully adopted tokenized stocks market today.

The data behind the claims

Over the past few weeks, claims about “market leadership” in tokenized stocks have started circulating widely across crypto media and social channels. The category is still early, so depending on the metric you choose, you can tell very different stories.