Key Takeaways:
On-chain trading volume for tokenized equities surged 145% month-over-month to a record $3.86 billion in June, driven by demand for blockchain-based SpaceX shares after the aerospace company's $75 billion initial public offering, according to CoinDesk Data's latest Stablecoins & Tokenized Assets report.
"SpaceX's IPO was a watershed moment for tokenized equities — it brought a new class of investors onto on-chain platforms who had never traded tokenized stocks before," the report's authors wrote.
Tokenized SpaceX shares, trading under the ticker SPCX, generated $1.19 billion in on-chain volume, representing 31% of all tokenized equity trading in June. Backpack Securities' SPCX token was the most actively traded version at $1.08 billion, followed by xStocks' SPCXx at $852 million. xStocks led all issuers with $1.59 billion in total monthly volume, while Backpack recorded $1.42 billion and Ondo Stocks reached $815 million.
The sector's market capitalization rose 6.64% to a record $1.53 billion, marking 15 consecutive months of growth. Established names like Nvidia, Tesla, SPY and QQQ remained actively traded, but none matched the interest in SpaceX — a shift that signals tokenized equity demand is increasingly driven by marquee IPO events rather than just existing stock coverage.
The June surge coincided with broader expansion in the tokenized asset market. Total real-world asset market capitalization on blockchain rose 1.75% to a record $30.1 billion, led by tokenized Treasuries at $17 billion, according to the report. Circle's USYC overtook BlackRock's BUIDL as the largest tokenized fund asset, reaching a record $3.11 billion.
The stablecoin market, by contrast, contracted. Total stablecoin market capitalization fell 2.39% to $312 billion in June, its first month-end decline in five months and its largest monthly contraction since the TerraUSD collapse in May 2022. The $7.7 billion drawdown coincided with broad weakness across major digital assets and ETF outflows during the month.
Three stablecoins lost their pegs in June. apxUSD slipped to $0.90-$0.93 after its primary collateral, Strategy's STRC preferred shares, fell below $80. MIM broke parity on June 8 and declined to $0.50 by June 24 as liquidations drained DEX liquidity. msUSD collapsed roughly 71% to $0.29 after its proof-of-reserves provider terminated its service agreement.
Despite the stablecoin contraction, on-chain utility remained strong. Stablecoin trading volumes on centralized exchanges rose 10.8% to $981 billion in June, the first monthly increase in five months. USDT maintained a 72.6% share of that volume, with USDC at 22.3%.
The tokenized equity record suggests that blockchain-based stock trading is gaining traction beyond early adopters. With SpaceX now trading on Nasdaq and its tokenized versions available across multiple platforms, the infrastructure for on-chain equity trading is attracting volume that previously flowed only through traditional brokerages.
This article is for informational purposes only and does not constitute investment advice.
