Tokenized stocks averaged 11% of decentralized exchange (DEX) trading in September, according to Binance Research. Meme coins averaged 17% over the same month, leaving a gap of six percentage points.
The report suggests equities are absorbing part of the trading activity that meme coins once dominated.
Tokenized Stocks Climbed From Near Zero in a Single Summer
Tokenized stocks held close to a 0% DEX share through 2025, according to the Binance Research report. The share stayed there for most of the first half of 2026 before climbing.
In late July, tokenized stocks briefly passed meme coins. Their share then averaged 11% in September.
Meanwhile, meme coin trading lost intensity. The meme coin DEX share swung between 6% and 53% during 2025, then cooled to a 17% average in September.
“The on-chain economy is evolving from its roots in crypto-native assets towards a broader financial network, where crypto and traditional assets trade side by side on shared, always-on rails,” the report read.
Tokenized Stocks Cross $3 Billion as Onchain Use Widens
The DEX gains came as the tokenized stock market itself grew larger. The category crossed $3 billion in market cap during September’s fourth week, per RWA.xyz data cited in the report.
That growth makes tokenized stocks the fastest-growing real-world asset (RWA) category of 2026. As of mid-September, BNB Chain hosted about $1 billion, or 34% of the market, according to Binance Research.
Onchain transfers of tokenized stocks followed the same upward path. Including trades, they rose from $6 billion in the first quarter to more than $100 billion in the third.
Decentralized finance (DeFi) protocols have also drawn in the tokens, lifting tokenized stock DeFi deposits over the past year.
October data will show whether tokenized stocks can hold a double-digit DEX ratio and challenge meme coins again.
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