Tokenization Briefing: Tokenized Treasuries Grew 75% in 2026

Tokenized Equities Represent Three-Quarters of Robinhood Chain's Tokenized Value

Robinhood Chain launched mainnet on July 1, 2026, and has shown impressive growth in every tracked metric since. 

Tokenized equities are a part of that growth story. The platform rolled out with roughly 95 Stock Tokens available across more than 120 countries, with tokenized equities meant to be the anchor product on the network. The catalog has since grown to over 190 Stock Tokens while total value tokenized on the network rose from $11.9 million on July 1 to $149.4 million on September 4. 

Tokenized equities have accounted for at least 75% of tokenized value since launch and stood at 77.1% on September 4, or roughly $115.1 million of the $149.4 million total. ETFs are the only category to have gained meaningful ground, roughly doubling their share since the end of July to 15.3%.

Each Stock Token is a standard ERC-20 issued by Robinhood Assets (Jersey) Limited as a tokenized debt security, providing economic exposure to an underlying US share or ETF without conferring any legal or beneficial rights in it. Structuring Stock Tokens as ERC-20 gives these assets instant composability, allowing them to plug into lending protocols, liquidity pools, and yield strategies across the ecosystem. Pool-level data shows the memecoin market taking up a meaningful share of that liquidity. 

While we’re building robinhood chain to be the best chain for RWA … it works great for memes too

— Vlad Tenev (@vladtenev) July 8, 2026

A September 1 read of pool reserves by DeFiPrime identified 432 liquidity pools using a Stock Token as the quote asset for a memecoin, holding 17.2% of the onchain float across the 19 tickers it examined and carrying 31.3% of their 24-hour trading volume, with both figures stated as lower bounds. Concentration in individual pools runs higher, with the BONER/HIMS pool holding roughly half the onchain float of tokenized Hims & Hers. Launchpads including Long, Bankr, Flap and PAIR now offer stock-paired memecoins as a default product, and Pons extended quote-asset support to NVDA, AAPL and HOOD in its v2 release.

A memecoin quoted in tokenized Hims & Hers absorbed enough of its onchain supply over a weekend to push the token 112% above the NYSE close, a premium that closed the following week when new supply was minted. Demand for the token as a quote asset had outrun the float available onchain. Price dislocations like this are temporary and predictable, and they should compress once these tickers carry larger supply.

Tokenized Treasuries Grew 75% This Year

Tokenized US Treasuries reached $15.86 billion across all issuers on September 6, up 75% from $9.07 billion at the end of 2025. The growth has been front-loaded: $5.1 billion arrived in the first quarter and $1.7 billion in the five months since. Most of the largest issuers now sit below their own peaks, with Ondo down from $3.39 billion in May to $2.61 billion, Anemoy down from $1.53 billion in April to $829 million, and Circle off roughly $509 million since June. WisdomTree is the only top-seven issuer at its high.

The additions have mostly come from traditional asset managers. J.P. Morgan Asset Management grew roughly ninefold this year, from $100 million to $903 million, and now ranks sixth by market capitalization. State Street is up nearly the same multiple off a smaller base. Franklin Templeton added $1.6 billion, more than any other issuer in dollar terms.

ICE, the owner of the NYSE, agreed on August 31 to invest in tZERO and build infrastructure for a planned tokenized securities platform, with the agreement also covering the evaluation of tokenized assets as collateral at ICE's clearing houses. Acceptance as margin in regulated markets would open a considerably larger pool of demand than crypto collateral does, and because clearing houses apply conventional counterparty standards, the issuers best positioned to qualify are the traditional asset managers that have gained the most ground this year.

The LSE is Tokenizing its 100 Largest Companies

Payward, the parent company of Kraken, has processed more than $40 billion in cumulative trading volume through its xStocks program, settled roughly $20 billion of that onchain, and reached more than 200,000 active holders. 

On September 1, the London Stock Exchange agreed to tokenize its 100 largest listed companies as xStocks, each backed one-for-one by shares held in regulated depositories. The LSE plans to list the full suite on LSE 24, a 24-hour continuous trading venue slated for the first half of 2027, subject to regulatory clearance. The tokens support withdrawal to self-custody wallets and use as collateral in lending protocols.

Three incumbents announced tokenized equity initiatives within a month, each at a different layer. ICE invested in tZERO and is building transfer agent and broker-dealer infrastructure for an NYSE-affiliated platform. The London Stock Exchange partnered with Backed, an existing issuer. Robinhood launched its own chain and issues through its own Jersey subsidiary. Tokenized equities are the smallest major real-world asset segment at $2.9 billion, well behind the $15.9 billion in tokenized Treasuries. Still, they are also the fastest-growing, having added $187.8 million in market capitalization last week, more than any other category.