Tokenized Equities: Market Adoption and Trading Dynamics

Key takeaways

1. Spot tokenized equities reached $1.67B across 14 venues, up 13.6x year on year.
2. HIP-3 equity perp OI is $1.67B, 19% of all Hyperliquid perp OI, up from 10% in February.
3. 180,845 wallets hold a tokenized equity across 2,214 active tickers; Solana hosts 60% of holders.
4. Median trade size is $144 across 2.5M transactions in the last 30 days.
5. Equity perp OI rose 3.4x in 90 days, while spot took most of a year to triple.

For fintech platforms, exchanges, institutional investors, and builders evaluating the tokenized equity opportunity.

What's inside:

1. Market structure & leading platforms – Breakdown of the largest tokenized equity issuers including Ondo, Backed xStocks, and Securitize, and how supply has grown to nearly $1B.
2. Liquidity across trading venues – Centralized vs decentralized exchange activity and where tokenized equities actually trade.
3. Price divergence vs traditional markets – How tokenized equity prices compare to traditional equities and what liquidity means for price efficiency.
4. Overnight price discovery – How tokenized markets contribute to price discovery while traditional markets are closed.
5. Geographic adoption – Regional participation and why roughly 90% of tokenized equity volume originates outside the United States.
6. Tokenization models & market structure – Direct, indirect, and native tokenization models and what they mean for investors and market participants.