Tokenized stocks, the fourth-largest RWA category by market cap, have grown from $2.23 billion to $5.5 billion since the start of the year, a roughly 147% increase in six months. The trajectory reflects a broader shift in how crypto-native users are seeking equity exposure, increasingly through onchain instruments rather than traditional brokerage accounts.

The growth signals a structural demand trend as crypto users want access to equity markets. Exchanges are responding by embedding stock products directly into their existing platforms rather than ceding that flow to traditional finance.

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Kraken and Bybit's decisions to offer the SpaceX IPO natively on their platforms are a pointed example of this dynamic, allowing their user base to access one of the most anticipated private-to-public transitions without leaving the crypto ecosystem.

Binance has similarly moved in this direction, offering stock perpetual products to its non-U.S. user base, tapping into a segment of retail demand that has historically had limited or friction-heavy access to U.S. equity markets.

The SpaceX case is particularly illustrative of the addressable opportunity. Pre-IPO and IPO-adjacent exposure has traditionally been gated behind institutional relationships or secondary market brokers. Tokenization lowers that barrier materially.

Sustained growth in this category would suggest tokenized equities are becoming a durable product line rather than a speculative footnote within the broader RWA narrative.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.