Tokenized equities reached $3.3B onchain
$1.67B in spot wrappers and $1.67B in HIP-3 open interest, as of May 19, 2026.
Tokenized equities now represent $3.3B in onchain exposure across two parallel markets: $1.67B in spot equity wrappers (up 13.6x year-over-year) and $1.67B in Hyperliquid HIP-3 perpetual open interest (up 3.4x in 90 days).
Key takeaways
- Spot tokenized equities reached $1.67B in market cap across 14 venues, up 13.6x year on year.
- Hyperliquid HIP-3 equity perps hold $1.67B of open interest, 19% of all Hyperliquid perp OI.
- 180,845 wallets hold spot equity tokens, up 15.8x from 11,410 in May 2025.
- Ondo Finance is the largest spot issuer at $1.04B, followed by Backed/xStocks at $510M.
- One venue, trade.xyz, holds 96% of equity perp OI.
Tokenized equities now represent $3.3B in onchain exposure across two parallel markets: $1.67B in spot equity wrappers (up 13.6x year-over-year) and $1.67B in Hyperliquid HIP-3 perpetual open interest (up 3.4x in 90 days). This report maps both sides as of May 19, 2026, covering every active issuer, venue, and builder, with growth multiples by category and five regulatory catalysts due in the next 90 days.
Informational only. Not investment advice.
September 8, 2026
Solana runs 47% of onchain RWA trades
In the twelve months to August 18, 2026, Solana accounted for 47% of all onchain RWA trades by count and a third of total RWA spot volume by dollar value, despite holding just 12% of onchain RWA market cap. Tokenized equities were its largest asset class by spot volume, with 63% of that volume trading while U.S. exchanges were closed. Two private-credit issuers generated nearly all of Solana’s fixed-income volume, which represents 74% of the onchain total.
May 17, 2026
Ondo is the only large RWA issuer with a public token
Ondo is the only large-scale RWA-platform issuer with a publicly-tradeable token. The underlying business is real and category-leading: $3.43B platform AUM across USDY ($2.10B, 8 chains), OUSG ($285M), and Tokenized Stocks ($1.04B, 268 symbols), with +$1.4B of net USDY inflows in 2026 H1.
Finance is moving onchain. Allium is the system of record it runs on.
Finance is moving onchain. Allium is the foundation it runs on.