Yet Avalanche barely registered among the networks attracting new holders. Instead, Solana added 123,500 tokenized-stock holders, suggesting institutional capital and retail crypto adoption are increasingly moving through different rails.
Avalanche Captures the Institutional Money
Blackrock-backed Securitize accounted for $131.1 million of issuer-level market-cap growth, more than seven times the rest of the top eight issuers combined. xStocks ranked a distant second with $17.5 million.
SpaceX exposure also remained popular. Binance’s SPCXb added $13.3 million, while xStocks’ SPCXx gained $3.6 million. Tokenized products built around Strategy—the $70 billion bitcoin treasury behemoth—added another $22.6 million across Binance and xStocks.
The striking detail is that SECZ did not appear among the leading assets for new holders. That suggests its growth came from a relatively small group of large investors rather than a broad retail rush.
When one X user expressed surprise that Avalanche led growth, RWA Foundation responded simply: “Over the past seven days, yes!”
Zooming out, however, $BNB Chain still leads in terms of overall tokenized stocks market cap, representing about $1.1 billion worth, per data from Token Terminal. Ethereum ranks second at $773 million, with Solana not far behind at $723 million and Avalanche a distant fourth with about $428 million in tokenized stocks market cap.
Solana and Robinhood Win the Retail Race
The holder data tells almost the opposite story.
Solana attracted 123,500 new tokenized-stock holders, driven largely by xStocks and Backpack. Robinhood Chain followed with 83,200, while $BNB Chain added 23,200. At the issuer level, Robinhood led with 83,200 new holders, narrowly ahead of xStocks at 73,400 and Backpack at 44,100.
The contrast is increasingly clear: Avalanche is attracting larger pools of capital, while Solana and Robinhood are attracting more individual users.
$20.9 Billion in Stocks Moved Onchain
Trading activity is scaling even faster. Over the past 30 days, decentralized exchanges processed $20.9 billion of tokenized-stock volume.
Uniswap v4 led with a 40.7% market share, while Uniswap v3 captured another 19.4%. Together, the two versions accounted for roughly $12.6 billion in volume.
The $3.6 billion market is still tiny when compared to global equities. But the emerging split between institutional capital, retail adoption, and growing onchain turnover suggests tokenized stocks are no longer developing as one market.
They are becoming an ecosystem.
