The market capitalization of tokenized real-world assets (RWA) has surged to over $51 billion, marking a 40% increase year-to-date despite a broader crypto market decline of roughly 20%, according to a Bernstein research note. Analysts highlighted that private credit dominates the sector at around 47% of total RWA market cap, followed by U.S. Treasurys at 30% and commodities at 9%. Ethereum and Provenance together host more than 70% of tokenized asset activity, with Provenance at 39% and Ethereum at 33%. The number of RWA asset holders has grown 60% year-to-date, surpassing 917,000.
Equity tokenization is accelerating rapidly, with tokenized equities soaring 130% to $1.6 billion. The industry is coalescing around two models: a trading infrastructure model, exemplified by Robinhood’s tokenized U.S. stocks in the EU, where tokens represent custody claims but do not transfer shareholder rights; and a settlement and exchange infrastructure model, led by Figure, Bullish, and Securitize, where blockchain acts as the settlement layer and tokenholders receive full ownership. Coinbase is pursuing a hybrid path, launching tokenized equities, perpetuals, and derivatives, backed 1:1 by underlying shares, while positioning itself as a multi-asset “everything exchange.”
Regulatory catalysts are also in motion. The SEC has proposed rescinding certain rules to permit more flexible trading of tokenized stocks, issued a no-action letter to DTC for a pilot, and approved NYSE and Nasdaq proposals for tokenized securities trading. Monthly transfer volumes for tokenized equities reached $5.3 billion in June, more than doubling since April.
Amid this backdrop, Venus Protocol has launched bStocks markets on BNB Chain, adding tokenized stocks as collateral within its lending framework. The initial assets—TSLAB (Tesla), NVDAB (Nvidia), and SPCXB (SpaceX)—carry collateral factors of 60%, 60%, and 50% respectively, but borrowing is paused with borrow caps set to 0. This staged rollout is designed to test risk controls, pricing reliability, and liquidation mechanics for equity-linked tokens before debt markets open. The bStocks are issued by BTech Holdings Limited and are accessible to eligible users through Binance listings, PancakeSwap DEX, and Trust Wallet, with the potential to integrate further into DeFi if composability holds. The experiment places Venus at the center of an evolving debate on how tokenized equities can function as productive collateral in crypto money markets, as regulatory frameworks remain unsettled.
