Author: Bitget Wallet Research Institute

Foreword

To what extent has tokenized stock become possible? Ultimately, it comes down to data, not just narratives.

Ondo Global Markets is currently the world's largest tokenized stock platform and the first platform to surpass $1 billion in TVL (Transaction Value Limit). As of May 2026, the platform has processed a cumulative transaction volume of $5.5 billion, covering 2.8 million transactions and supporting over 180,000 unique wallets. Looking at these figures alone, a basic conclusion can be drawn: tokenized stocks are no longer a "proof of concept," but a real, running market.

But what exactly does this market look like? Who uses it? How does it work? What is its relationship with the traditional stock market? Bitget Wallet, based on on-chain data from Ondo Global Markets, attempts to paint a relatively complete picture.

Regarding the data : The data in this report comes from the Ondo Global Markets transaction analysis dashboard on Dune, covering both Ethereum and BNB Chain, with a cutoff date of May 12, 2026. Activity on Solana and HyperEVM is not included in the statistics because Dune has not yet provided a decoding table at the time of analysis.

Several key judgments

While the blockchain can operate 24/7, people still follow the clocks of Wall Street. Approximately 99% of trading volume occurs Monday through Friday, with more than half of that happening during US trading hours, and weekend trading volume accounting for only 0.55%. Tokenized stocks are currently more like a "delayed access channel" to the US stock market than an independent 24/7 market.
Retail investors are indeed participating, but they don't control pricing. Orders under $500 account for nearly 64% of the number of trades, but only 5% of the trading volume. On the other hand, orders over $50,000, while only accounting for 0.5% of the number of trades, take up 35.3% of the trading volume. Market activity relies on retail investors, while market depth relies on large funds—a structure not unlike traditional financial markets.
AI is the first sector theme to be truly priced on-chain. AI-related tokenized stocks account for approximately 35%–40% of recent trading volume. NVDAon undoubtedly has the strongest liquidity, but what's more interesting is that supply chain and infrastructure stocks like Micron, Qualcomm, and Snowflake show stronger net inflow signals than Nvidia. Users aren't betting on a single AI leader, but rather positioning themselves along the entire AI industry chain.
Beyond tech stocks, demand for ETFs and commodities is emerging. While common stocks remain the main driver (72.5% of trading volume), silver ETFs and gold ETFs are enjoying comparable user reach to tech stocks. SLVon is the asset with the most wallets on BNB Chain (nearly 20,000), indicating that many users are not looking for high returns, but rather exposure to solid assets—something not necessarily available through local brokerages.
Ethereum and BNB Chain are two completely different markets. BNB Chain contributes 75.6% of the transaction volume and approximately 168,000 wallets, making it the main battleground for popularity and trading volume; Ethereum, on the other hand, has more than 2.5 times higher average transaction value and average transaction value per user, resembling more of a "holding layer" for high-net-worth individuals. The behavior of the same tokenized stock can be diametrically opposed on the two chains.

$5.5 billion on-chain US stock market

RWA's earliest application was in institutional infrastructure—tokenized government bonds, money market funds, collateral management, and clearing and settlement optimization. Tokenized stocks are different; they target end-users: stocks and ETFs are the most familiar financial assets to users worldwide, and are most closely tied to market data, news, and social discussions.

According to RWA.xyz data, the on-chain distribution market capitalization of tokenized stocks has exceeded $1.4 billion, with a monthly transaction volume approaching $3 billion, nearly 100,000 monthly active addresses, and over 250,000 holders. While this scale is still small within the framework of the traditional stock market, on-chain data is sufficient to support highly granular user behavior analysis.

Image source: https://app.rwa.xyz/stocks

Ondo Global Markets is the ideal data sample for observing this trend. The platform launched on Ethereum in July 2025 and subsequently expanded to BNB Chain, providing tokenized exposure based on real securities of US stocks and ETFs (custodied by US-registered brokers), supporting 24/7 permissionless trading and 24/5 instant minting and redemption via smart contracts.

The following data covers all activity on Ethereum and BNB Chain up to May 12, 2026:

Data source: Ondo Global Markets — Trading Analytics , Dune

Overall activity fluctuated significantly but trended upward. The monthly transaction volume reached a historical peak of $1.38 billion in March 2026; $430 million was generated in the first 12 days of May alone. During the same period, the platform's TVL (total value) exceeded $1 billion.

Data source: Ondo Global Markets — Trading Analytics , Dune

It operates 24/7 on the blockchain, but transactions still follow Wall Street's lead.

One of the most compelling narratives surrounding tokenized stocks is breaking down the boundaries of trading time. Even after traditional exchanges close, tokens can still be minted, redeemed, and transferred on the blockchain.

It is theoretically true, but not in practice.

The trading time distribution data is clear: approximately 52% of the trading volume occurs during the US intraday and overnight trading sessions, pre-market and after-market sessions combined account for about 28%, and dedicated Asian and European sessions together account for about 20%. Weekends are almost negligible—accounting for 0.55% of trading volume and 0.39% of the number of trades.

Data source: Ondo Global Markets — Trading Analytics , Dune

More specifically, trading peaks occur between 10 AM and 12 PM Eastern Time, Monday through Friday, with trading volume during this window being 4 to 5 times that of non-trading hours. This indicates that users can indeed trade at any time, but they don't want to. Their behavior is still dictated by US stock market liquidity, news, price discovery, and market sentiment.

The current role of tokenized stocks is that of a "delayed access layer for US stocks to global users." This access layer itself has value for users outside the traditional brokerage system. However, for it to evolve from "delayed access" to an "independent market," three conditions are needed: thicker liquidity during non-trading hours, more reliable price discovery during non-US stock trading hours, and genuine user participation during non-US stock trading hours.

Retail investors are flocking in, but pricing power remains in the hands of whales.

Are there real retail investors participating in tokenized stocks? Yes. Is trading volume dominated by retail investors? Absolutely not. This structure isn't surprising; it's the same in most financial markets. But breaking down the data helps us understand the true stage of this market right now.

Let's start with the smaller orders. Orders under $100 accounted for 30% of the total number of transactions, while orders between $100 and $500 accounted for 33.9%. In total, orders under $500 made up nearly 64% of the total number of transactions, but only contributed 5% of the transaction value.

Now let's talk about the larger orders. Orders over $50,000 accounted for only 0.5% of the total number of orders, but contributed 35.3% of the transaction volume; orders between $10,000 and $50,000 contributed another 20.5%. In other words, less than 1% of the orders took more than one-third of the transaction volume.

Data source: Ondo Global Markets — Trading Analytics , Dune

Breaking down to specific assets, the divergence becomes even more pronounced. The tokenized silver ETF (SLVon) has the most wallets covered on the BNB Chain, with 19,531 users and a trading volume of $236 million. GLDon and INTCon are similar, with rapid user growth but low average transaction amounts per holder. Conversely, CRCLon and COINon have significantly higher average transaction amounts per holder—fewer users but substantial funds, making them typical "whale" assets.

The two types of assets coexist without conflict, actually forming a two-tiered structure: tokenized stocks allow people who couldn't previously buy US stocks to do so, while also accommodating people who already had money but were simply trading in a different place.

Data source: Ondo Global Markets — Trading Analytics , Dune

Ondo Global Markets directly draws on the 24/7 liquidity of Nasdaq and the NYSE, maintaining depth and minimal slippage across different trading volumes—something traditional DEXs cannot achieve. However, further improvements in market quality depend on continued deepening of liquidity. "Retail distribution" and "institutional-grade liquidity" are two pillars; lacking either one will destabilize the market.

AI concept stocks surge ahead, while gold and silver quietly emerge.

AI sector: contributing nearly 40% of trading volume

What will be the biggest theme in the US stock market from 2025 to 2026? AI. This is now directly reflected on the blockchain.

Ondo Global Markets, AI-related tokenized stocks have recently accounted for approximately 35%–40% of trading volume, making it the only clear, quantifiable, and sustainable sector theme in the current tokenized stock market.

Nvidia is the liquidity king of the AI sector: $592 million in trading volume and a net inflow of 6.7%. However, stronger directional buying signals actually appeared outside of Nvidia—stocks in storage, chip infrastructure, and enterprise software sectors saw significantly more aggressive net inflows.

Data source: Ondo Global Markets — Trading Analytics , Dune

This pattern sends a very clear signal: users are not just buying the biggest AI leaders, but are positioning themselves along the entire AI supply chain—from chips to storage, from cloud infrastructure to enterprise software, there are buyers at every stage. This is the most fundamental difference between tokenized stocks and "crypto-native AI tokens": users are expressing their judgment on public market themes by directly anchoring their assets to the equity of listed companies, rather than speculating on a new on-chain narrative.

Of course, this also means that the activity of tokenized stocks will always be dominated by Wall Street catalysts—earnings reports, guidance, interest rates, supply chain changes, and sector rotation. AI may be the most attractive entry point for tokenized stocks, but it also firmly binds this market to the cycle of traditional stocks.

Beyond tech stocks: Demand for access to commodity ETFs

Blue-chip tech stocks still topped the list in terms of trading volume, which is not surprising. However, looking only at the trading volume rankings will miss some important signals.

Breaking down by asset type, common stocks accounted for 72.5% of turnover, followed by equity ETFs (11.8%), commodity ETFs (6.9%), bond ETFs (4.7%), ADRs (3.4%), and crypto ETFs (0.7%).

Data source: Ondo Global Markets — Trading Analytics , Dune

The numbers themselves are not surprising; what is surprising are the signals from the user dimension. SLVon (Tokenized Silver ETF) is the asset with the most wallets on BNB Chain, covering 19,531 users; GLDon (Gold ETF) also has extensive user participation. The trading volume of these two products cannot compare with mainstream tech stocks, but they outperform the vast majority of assets in terms of "coverage breadth".

The underlying logic is easy to understand: for many global users, commodity exposure may be unavailable or too expensive within their local brokerage system. Tokenized silver and gold then become the lowest-barrier tools for gaining exposure to hard assets, diversifying portfolios, and hedging against cryptocurrency price and inflation uncertainties.

This doesn't mean that commodity ETFs outperformed tech stocks in terms of trading volume. However, it illustrates that the market's demand for "access" is much broader than trading volume rankings suggest. In the long run, the most viable use cases for RWA are likely to be combinations of "familiar assets" and "genuine access gaps": ETFs, commodities, indices, bonds, and overseas stocks—these don't require educating users about "what these are," but rather about "how to buy them."

Same asset, two chains, two completely different markets

Tokenized stocks are often discussed as a whole, but at least on BNB Chain and Ethereum, they have developed very different market profiles.

First, let's look at the scale: BNB Chain contributed 75.6% of the total transaction volume, with approximately 168,000 unique wallets; Ethereum accounted for 24.4%, with approximately 21,000 wallets. BNB Chain's user base is about 8 times that of Ethereum, and its transaction volume is about 3 times that of Ethereum.

In terms of quality: Ethereum's average transaction amount is $3,092, while BNB Chain's is $1,791; Ethereum's average transaction amount per person is about $64,286, which is more than 2.5 times that of BNB Chain (about $25,000).

Data source: Ondo Global Markets — Trading Analytics , Dune

The most telling indicator is the cross-chain comparison of fund flows for the same asset. CRCLon saw a slight net sell-off on Ethereum (-1.4%), but a strong buy-off on BNB Chain (+32.6%); QQQon, on the other hand, saw a significant accumulation of Ethereum users (+37.6%), while BNB Chain user activity remained lukewarm (+3.4%). MUon, TSLAon, and COINon also exhibited clear divergence in cross-chain behavior.

Data source: Ondo Global Markets — Trading Analytics , Dune

User growth data further exacerbated this divergence. BNB Chain's monthly active users (MAUs) surged from 3,877 in December 2025 to 122,861 in January 2026, before declining month by month—32,015 in February, 19,055 in March, 8,172 in April, and 7,049 in May. This curve almost perfectly illustrates a typical cycle of "activity-driven new user acquisition → user churn → return to steady state." Ethereum's MAUs are much smaller, but their volatility is also lower.

Data source: Ondo Global Markets — Trading Analytics , Dune

Looking at both chains combined, the current actual steady-state monthly active users (MAU) are closer to 8,000 to 12,000 users, rather than the scale implied by the cumulative number of wallets. This difference in itself is noteworthy—the cumulative number of wallets is suitable for telling a story of coverage, while MAU and repeat behavior are the hard indicators of "product-market fit".

This has direct strategic implications for RWA issuers and wallet platforms. "Moving assets onto the blockchain" is only the first step. What truly determines distribution efficiency are: Which blockchain are users on? How do they trade? Which blockchain do they trust? What are their expectations for the product experience? The same tokenized stock might be a "holdable asset" on one blockchain, but a "high-frequency trading tool" on another—meaning that channel strategies cannot be applied uniformly.

Next step: From "asset on-chaining" to "market access"

The first phase of RWA addressed a fundamental question: how can traditional assets be moved onto the blockchain? That question has now been answered.

The next questions are even more difficult: How to distribute it? How to get users to use it? How to build trust? How to retain users?

Tokenized stocks are a living example of this transformation. The data has already told us several things: users are using on-chain transactions to express their views on public market topics like AI; they are acquiring tools that were previously inaccessible through ETFs and commodity-related products; and behavioral patterns differ across different chains. But the boundaries are equally clear—trading still follows the US stock market clock, trading volume is still concentrated in the hands of large funds, and user retention is still in its early stages.

The value of tokenized stocks today lies not in "replacing Wall Street"—that narrative is too grand and inaccurate. Its true value lies in enabling users outside the service radius of traditional brokerages, or those whose access to standard markets is not user-friendly, to more easily gain exposure to Wall Street assets.

For wallet products, the role is clear: lower the barrier to asset discovery, simplify deposit and execution processes, help users understand risks, and make portfolio management more intuitive. Whoever provides the best experience will reap the benefits of the leap from "experimentation" to "daily allocation" of tokenized stocks.

Tokenized stocks have crossed a key hurdle: they are no longer just theoretical concepts. The next question is whether they can truly be integrated into the daily portfolios of global users, based on a clear product structure, reliable liquidity, and a user experience that encourages repeated use.

Machi's 25x leveraged ETH long position suffered partial liquidation, with cumulative losses approaching $35 million.

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