Grayscale Notes Three Chains Dominate Tokenized Equity Trading

Most tokenized stock trading volume last week took place on Robinhood Chain, BNB Chain, and Solana, according to a Thursday research note from Grayscale. The sector's weekly spot volume approached $3 billion in early August.

The numbers indicate tokenized equities are finding buyers. However, once a trade settles, virtually none of that capital is used elsewhere on-chain.

Tokenized Equity Trading Outpaces Onchain Utility

Tokenized stocks are blockchain tokens that mirror a listed company's share price without conveying actual ownership of the share. Trading them is straightforward, but doing anything else with them is difficult.

Roughly 5% of the tokenized equity market is actively deployed in on-chain finance, the Grayscale note said. Research head Zach Pandl linked that to investor demand for 24/7 trading and global accessibility.

Total value locked in tokenized stocks exceeded $110 million in late August, Grayscale said in a post citing Allium on-chain data. That is far below the billions traded each week.

$HOOD, $BNB, and $SOL are leading chains for tokenized equity trading by volume.

Weekly spot volume has already reached $3B, with onchain Total Value Locked (TVL) surpassing $110M. Tokenized equities are growing fast.

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— Grayscale (@Grayscale) September 4, 2026

Lending is beginning to catch up. Holdings on Kamino and Jupiter, two Solana lending protocols, have expanded about tenfold in a year.

BeInCrypto reported in July that Robinhood leads tokenized stock platforms by holder count, while meme coins rather than equities generate most traffic on Robinhood Chain—a network the brokerage launched on Arbitrum earlier this year. Grayscale's data points in the same direction.

Regulation Will Determine Future Developments

U.S. regulators have explored an innovation exemption, a carve-out that would allow tokenized securities to trade under safeguards such as verified participants and compliance-ready token standards.

Securities and Exchange Commission (SEC) officials have separately argued that tokenization makes shares easier to pledge as collateral. An SEC advisory committee also backed settling stock and payment in a single transaction, eliminating the risk that one side fails to deliver.

Robinhood CEO Vlad Tenev has made a similar case about the U.S. tokenized stock gap. Meanwhile, the broader tokenized asset ownership problem still leaves holders with exposure rather than shares.

The gap matters because using tokenized stocks as collateral is what would bring institutional balance sheets onto the blockchain.

The three chains saw mixed price action on Friday. Solana (SOL) traded around $101.76, down 3.2% on the day, while BNB hovered near $718.84.

Volume alone will not turn tokenized stocks into collateral. That requires regulatory action, and U.S. regulators have not finished that work.