- Tokenized stocks jumped 297% in 2024, with Backed Finance capturing 77% market share.
- Backed’s synthetic S&P 500 token leads the segment, driving investor demand for RWAs.
- Kraken and Coinbase plan tokenized stock offerings, signaling a shift toward mass adoption.
Tokenized stocks surged nearly 297% since early 2024, signaling a breakout moment for real-world assets (RWAs) on blockchain platforms. Though the memecoins and Layer 2 dominated the headlines, tokenized assets were chalking up the gains behind the scenes. Backed Finance and Dinari are the new giants of the industry.
Source: CoinGecko
Market cap of tokenized assets increased by a total of $8.6 million. Backed Finance holds the highest market share of 77%, with Dinari accounting for 23%. The tokenized S&P 500 by Backed is the most popular product, accounting for 53%. Tokenized versions of high-value U.S. tech shares are another hit product.
Fiat-Pegged Stablecoins Expand with New Entrants
The market share of stablecoins pegged to fiat also increased tremendously. In 2024 to 2025, the stablecoin market expanded by 76% and collected an additional $97 billion. This market currently consists of Tether (USDT) and USD Coin (USDC) at a 93.5% share. This dominance evidences the still increasing need for decentralized finance, specifically in dollar-pegged assets.
New stablecoins, including the USDtb by Ethena and USD0 by Usual, were included in the market. April 2025 saw its market capitalization at $1.4 billion and $0.6 billion, respectively. Conventional finance-supported coins, such as PayPal PYUSD, took a long time to acquire. To enhance their performance in the future, regulatory clarity can be achieved in the U.S.
Source: CoinGecko
Cryptocurrencies that were backed by commodities also became popular. The market cap increased by 67.8%, largely due to gold. Tether Gold (XAUT) and PAX Gold (PAXG) dominate 84% of this category. However, the amount of tokens stocked up did not grow. This indicates speculative demand as opposed to utility-based demand.
Tokenized Treasuries Lead RWA Growth Despite Low Adoption
The tokenized treasuries were the largest RWA winner, experiencing a surge of 544.8% and standing at approximately $4.7 billion. BUIDL gained market dominance, led by BlackRock, which held a 44% market share.
Even after the high growth, the adoption remains low. The tokenized treasury assets are held in approximately 11,000 wallets. The majority of activities are on several large addresses. This might, however, change when new financial instruments are introduced.
The recovery is being witnessed in the private credit markets. In April, active on-chain loans totaled $546.8 million. This sector is dominated by Maple Finance, which has outstanding loans in the amount of $374 million. Instead of dealing with credit, The Centrifuge started to work with tokenized treasuries, and, thus, the loan volume decreased temporarily.
Tokenized stock is currently becoming a new arena of significant exchanges. Backed could be used by Kraken to roll out U.S. tokenized equities. Coinbase might create tokens of its COIN shares. If these platforms prove successful, tokenized stocks can enter the mainstream sooner rather than later.
Related: Ripple and Web3 Salon Offer $200K Grants to Japan’s DeFi, RWA Startups
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