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Tokenized stock prices jumped 297% by 2024 with Backed Finance taking 77% of the market.
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Backed’s synthetic S&P500 token leads the segment and drives investor demand for RWAs.
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Kraken, Coinbase and other companies plan to tokenize stock offerings. This signals a shift towards mass adoption.
Tokenized stocks have risen nearly 297% since the beginning of 2024. This is a sign that real-world assets are finally breaking through on blockchain platforms. Although memecoins were the focus of the media, tokenized assets made the most gains behind the scenes. Backed Finance and Dinari have become the new industry giants.
Source: CoinGecko
The market cap of tokenized assets has increased by $8,6 million. Backed Finance has the largest market share (77%), while Dinari accounts for 23%. The tokenized S&P500 by Backed is the product that is most popular, accounting for 53%. Another popular product is the tokenized version of high-value U.S. technology shares.
Fiat Pegged Stablecoins Expand With New Entrants
Fiat Pegged Stablecoins Expand With New Entrants
The market share for stablecoins pegged with fiat has also grown tremendously. In 2024-2025, the stablecoins market grew by 76%. It collected an extra $97 billion. Tether (USDT), and USD Coin (USDC), which hold 93.5% of the market, are currently dominating. This dominance is a sign of the increasing demand for decentralized finance in particular dollar-pegged assets.
The market has been flooded with new stablecoins such as USDtb by Ethena, and USD0 by Usual. In April 2025, the market capitalization was $1.4 billion and $0.6 million respectively. It took a long while to acquire conventional finance-backed coins, like PayPal PYUSD. In order to improve their performance in future, regulatory clarity in the U.S. can be achieved.
Source: CoinGecko
Popularity also grew for crypto currencies that were backed up by commodities. Gold is largely responsible for the market cap increase of 67.8%. Tether Gold (XAUT), and PAX Gold(PAXG), dominate 84% of the category. The amount of tokens in stock did not increase. This indicates speculative rather than utility-based demand.
Tokenized Treasurys Lead RWA growth despite low adoption
Tokenized Treasurys Lead RWA growth despite low adoption
The tokenized treasuries, which accounted for approximately $4.7 billion, were the biggest RWA winners. They saw a 544.8% increase in value. BUIDL dominated the market, followed by BlackRock with a market share of 44%.
Even after the rapid growth, adoption is still low. The tokenized assets of the Treasury are stored in approximately 11,000 wallets. The majority of activity is concentrated on a few large addresses. This could change if new financial instruments were introduced.
Private credit markets are showing signs of recovery. In April, active loans on-chain totaled $546.8 millions. Maple Finance dominates this sector, with outstanding loans of $374 millions. The Centrifuge began working with tokenized treasuries instead of credit and the loan volume temporarily decreased.
Tokenized stocks are currently a growing market for significant exchanges. Kraken could use Backed to launch tokenized US equities. Coinbase could create tokens for its COIN shares. If these platforms are successful, tokenized shares could be mainstreamed sooner than later.
Related: Ripple and Web3 salon offer $200K grants to Japan’s DeFi and RWA startups
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