Stocks have found a new place to trade, and it never closes. ARK Invest’s Q3 DeFi Quarterly report says tokenized equities grew from roughly 1% to about 9% of decentralized exchange spot volume in a single quarter.
The effects also spread beyond the stock tokens themselves. ARK linked the jump to higher stablecoin address activity and stronger application revenue across DeFi.
The numbers behind the surge
Tokenized equities are blockchain tokens that track the price of traditional shares.
Their share of DEX spot volume rose from about 1% to roughly 9% during Q3 2026. A DEX, or decentralized exchange, matches trades through smart contracts instead of a traditional broker or exchange operator.
Dollar figures tell a similar story, though the estimates vary depending on the measurement window. Cumulative DEX volumes for tokenized equities have been estimated in a range of $13.7 billion to $20.9 billion.
Over recent 90-day periods, cumulative volume came in at approximately $15.9 billion to $16 billion. In the month before the report, trading volumes were placed between $15.75 billion and $20.9 billion.
Activity peaked at around $20.9 billion in September and October 2026.
The market capitalization of active tokenized equities reached about $4 billion in September 2026, up 314% year-to-date.
Total value locked in tokenized equity protocols rose from $21.6 million in January to $289 million by September. Total value locked, or TVL, measures how much money users have deposited into a protocol’s smart contracts.
Where the trading happens
Solana led quarterly volumes early on, contributing around $5.8 billion in Q2 2026.
BNB Chain and Robinhood Chain also added meaningful volume.
On the exchange side, Uniswap holds a commanding position. It captured about 60% of activity in recent 30-day trading windows.
Why traders are showing up
Traditional stock exchanges keep fixed hours and close on weekends. DEXs run around the clock, so a trader who wants to react to news on a Saturday night can actually do so.
Integration with the wider DeFi ecosystem is another draw. A tokenized stock can sit in the same wallet as stablecoins and other crypto assets, and it can plug into the same on-chain applications.
Tokenized equities can offer stock exposure to investor groups who may face barriers in conventional brokerage accounts.
Pre-IPO trading has added fuel. Opportunities to trade exposure to companies before they list publicly have brought in fresh interest and supported broader metrics, including stablecoin use and app revenue.
The broader context
The rise also connects tokenized equities to the stablecoin story. Traders typically buy tokenized stocks with stablecoins, which helps explain why ARK tied the trend to growth in stablecoin addresses.
What this means
For the competitive landscape, the concentration is worth watching. Uniswap’s roughly 60% share gives it an early lead, while Solana, BNB Chain and Robinhood Chain are all competing for volume at the network level.
There are risks to keep in view. The wide spread in volume estimates, from $13.7 billion at the low end to $20.9 billion at the top, shows that measuring this market is still imprecise.
A 314% year-to-date jump in market capitalization is striking, but the total of about $4 billion remains modest next to traditional equity markets.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.