Tokenized actions at record high, and still far from it. The Kobeissi Letter notes an on-chain capitalization of tokenized stocks of $3.5 billion, up 33% over the month and around 860% over one year. The acceleration coincides with the SECâs Innovation Exemption, a five-year sandbox for trading tokenized U.S. stocks on-chain.
Key Points
The capitalization of tokenized on-chain stocks reaches $3.5 billion, a record high
The category gained 33% in September and roughly 860% in one year
The SEC opened a five-year exemption for permitted trading of tokenized NMS stocks on September 17
Jupiter, the main on-chain rail on Solana, saw its volumes of tokenized shares jump 104% over the month according to Kobeissi
Tokenized shares: record assets of $3.5 billion
This September 30, The Kobeissi Letter published a series of data concerning the explosion of tokenized on-chain actions since the start of the year. The latter recorded an increase of 33% last month and 860% over the space of one year.
As the image shows the curve very well, the market was almost non-existent at the start of 2025, then it reached a first level in the fall, then a steeper slope since the summer of 2026. Token Terminal placed the market at around 3.6 billion at the end of last week, on more than 4,500 securities, around twenty issuers and around fifteen chains. In January, the outstanding amount was around 700 million to a billion according to aggregators.
The record remains small on the scale of the Stock Exchange. A single mid-cap American stock is already worth more than the 3.5 billion of the entire category. Some observers see room for growth. This is also the real ceiling, because the depth of the markets is still weak.
Furthermore, these assets are concentrated within a handful of solutions. BNB Chain carries almost a billion dollars and the largest number of wallets. Ethereum, Solana, Arbitrum and Avalanche share the remaining balance. On the issuer side, Securitize, Ondo, xStocks and Binance or Backpack tokens represent the bulk of the offering.
Even in tokenization, tokenized actions are just a grain of sand. On-chain real world assets (RWA) excluding stablecoins are around 38 billion. Tokenized stocks represent barely 8% of this total.
SEC Opens a Sandbox, Not a Free Market
On September 17, 2026, the Commission published an Innovation Exemption valid until September 17, 2031. It creates two coordinated reliefs. Tokenized Securities Venues can run permissioned AMM pools on tokenized NMS stocks without registering as an exchange. Some liquidity providers escape dealer status if they trade on their own account.
âThe Innovation Exemption, although temporary, would allow TSVs to trade tokenized NMS shares in a permissioned environment today, while the Commission considers whether to go further. »
It's not a wild west though. The platform must be American, publish market data, respect symbol and volume caps, and comply with OFAC sanctions. Third-party synthetic products, which provide exposure without representing the title, also fall outside the scope. The Commission says it wants to observe before writing permanent rules, after the failure of the CLARITY Act in the Senate a few days earlier.
Three and a half billion is not the New York Stock Exchange. It is a market which has quadrupled in the year and which has just obtained, in the United States, an official window to test almost instantaneous settlement on real listed securities. What happens next will depend less on the capitalization record than on the SEC ceilings and the legal quality of what really circulates on-chain.
