Tokenized Equities Could Reach $349B by 2030
Tokenized equities are emerging as one of the fastest-growing segments of the real-world asset market, with Binance Research estimating that the sector could reach approximately $349 billion by 2030 under its base-case scenario.
The figure compares with an on-chain tokenized equity value of $4.43 billion as of September 15, 2026. Binance Research’s latest report, The RWA Activation Era, says equities grew 390.4% year to date while remaining a very small portion of the broader global equity market.
Binance co-CEO Richard Teng highlighted the research, noting that tokenized equities have expanded rapidly but still represent only a small share of traditional equity markets. The figures point to a growing connection between conventional financial assets and blockchain-based infrastructure.
Binance Research Models Three 2030 Scenarios
The $349 billion figure is not presented as a guaranteed outcome. Instead, it represents Binance Research’s base-case scenario for the potential size of tokenized equities by 2030.
The research outlines three scenarios: approximately $61 billion under the conservative case, $349 billion in the base case and $987 billion under the bull case. The range reflects uncertainty around regulation, custody, liquidity, distribution and the development of infrastructure needed to support tokenized financial assets.
Binance Research previously explored the broader opportunity in its Tokenization’s Trillion-Dollar Runway. That report estimated that the wider tokenized asset market could reach around $1.6 trillion by 2030 under its base case, showing that equities are only one part of the larger tokenization market.
The Current Market Remains Small Compared With Global Equities
Despite its rapid growth, tokenized equities still represent a tiny fraction of the traditional stock market.
Binance Research estimates that the $4.43 billion on-chain equity market represents approximately 0.0029% of a $151.9 trillion listed-equity reference market. This means the sector would need substantial additional adoption before tokenized stocks become a significant portion of global equity ownership or market value.
The research also notes that tokenized equities increased their share of tracked real-world asset value from 4.9% to 13.0%. Their growth therefore stands out within the broader RWA sector even though blockchain-based equity value remains small relative to traditional markets.
Trading Activity Is Growing Alongside Market Value
The expansion of tokenized equities is not limited to the amount of assets issued on-chain. Binance Research has also reported substantial growth in trading activity.
In its When Stocks Become On-Chain Assets report, Binance Research said active tokenized equity market capitalization increased 314% year to date to approximately $4.0 billion. Monthly trading volume rose from $237 million in January to $7.9 billion in August, while turnover increased substantially during the same period.
The research suggests that tokenized equities are moving beyond simple issuance. Blockchain-based stocks are increasingly being used across trading and decentralized finance infrastructure, creating additional potential applications for assets that traditionally remain within brokerage and securities-market systems.
Tokenization Adds Blockchain-Based Utility to Equities
Tokenization involves representing an asset or economic rights connected to an asset through blockchain-based tokens. For equities, this can create a digital representation that can operate on blockchain infrastructure and interact with supported applications.
Binance has expanded its own tokenized-equity offering through bStocks. In a Binance explanation of tokenized securities, the company said bStocks provide 1:1 economic exposure to selected U.S.-listed shares through tokens backed by underlying shares held with regulated custodians.
The structure can allow tokenized securities to be transferred and used across compatible blockchain applications, although the rights attached to a tokenized product depend on its specific structure. Tokenized securities should therefore not automatically be treated as identical to conventional shares held through a traditional brokerage account.
Regulation and Infrastructure Remain Key Factors
For tokenized equities to grow from billions of dollars to hundreds of billions, several parts of the financial infrastructure will need to develop alongside issuance.
Binance Research identifies regulation, custody, settlement infrastructure, liquidity and institutional distribution as important factors determining how quickly tokenization develops. Greater issuance alone does not necessarily mean that tokenized assets will become deeply integrated into financial markets.
The same issue applies to on-chain utility. Binance Research’s latest RWA analysis tracks both the amount of assets brought on-chain and how much of that capital is actually being used across applications. Its analysis suggests that future growth will depend not only on creating more tokenized assets but also on making them useful through trading, lending and collateral markets.
What the $349B Scenario Means for Tokenization
The $349 billion base case illustrates the scale of the opportunity Binance Research sees in bringing traditional equities onto blockchain infrastructure. Reaching that level would represent a major increase from the current $4.43 billion market.
At the same time, the projection shows that even significant growth could leave most global equity value outside blockchain networks. Binance Research’s own penetration calculation for the $349 billion scenario is approximately 0.23% of the reference equity market.
For the tokenization sector, the coming years will therefore be less about replacing traditional equity markets outright and more about determining whether blockchain-based versions of financial assets can gain meaningful adoption across regulated markets, exchanges, custodians and decentralized applications.
