a16z: Tokenized Stock Market Accelerates Expansion, AI and Chip Segments Rise to 15.5%

A report from a16z crypto shows that as of the end of June, the total market capitalization of tokenized stocks reached approximately $1.7 billion, more than quintupling from $329 million a year ago, making it one of the fastest-growing tokenized asset categories. Over half of the current market cap comes from assets that were not on-chain a year ago, indicating growth is driven primarily by new issuances rather than just gains in underlying stock prices. The market structure has also shifted significantly: the share of crypto-related products dropped from 79% a year ago to 21%; the "other" category, consisting of hundreds of small underlying assets, rose to 35%. Large-cap tech stocks’ share climbed from 0.6% to 10.6%, while ETFs and index products’ share increased from 4.5% to 17.3%. Tokenized stocks of AI and chip-related sectors saw the fastest growth, with their market cap share rising from 0.3% in June 2025 to 15.5%. On-chain activity has risen in tandem: the monthly transfer volume of tokenized stocks hit $9.22 billion in June, more than 170 times the $53 million recorded in the same period last year. Related transactions include on-chain purchases and sales, inter-wallet transfers, and collateral deposits into DeFi protocols. Institutional infrastructure is accelerating its rollout: DTCC has completed the first production-environment transactions of tokenized U.S. Treasuries and stocks on the Canton Network; Robinhood has launched its own blockchain; the parent company of the New York Stock Exchange (NYSE) has formed a joint venture with OKX to offer tokenized NYSE stocks once approved; Coinbase and Binance have also launched or plan to launch tokenized U.S. stock services for non-U.S. users.