Binance Research reports tokenized stock trading volume surging to 87.8% market share in September, with DeFi TVL in this sector growing from $21.6M to $289.1M year-to-date.
RWA & Tokenization ·
According to Binance Research, tokenized stock trading has concentrated significantly around a small set of platforms. Through September, bStocks and Robinhood commanded 87.8% of tracked issuer volume, up from 82.3% in August and just 0.8% in June, indicating rapid consolidation in the emerging sector.
The gap between supply and actual deployment has narrowed considerably. Decentralized finance venues holding these tokenized stocks saw total value locked expand from $21.6 million to $289.1 million over the year to date. This growth lifted the DeFi allocation from 2.2% to 7.2% of the active market capitalization in the space, suggesting growing real-world adoption alongside new token issuance.
What remains unclear is whether this trajectory reflects genuine product-market fit or reflects early-stage concentration risk. The speed of volume migration to two dominant platforms raises questions about whether other projects face obsolescence or whether market share will broaden as the infrastructure matures.