Tokenized stocks hit $4.3B DEX volume as BNB, Robinhood lead

Tokenized stocks on BNB Chain and Robinhood Chain generated $4.3 billion in combined decentralized exchange volume, with the top seven offerings trading across both networks.

Data from rwa.xyz shows tokenized public equities total $2.49 billion in market value, up 5.18 percent over 30 days, with 2.12 million holders and $27.28 billion in monthly transfer volume. Ondo leads the sector with $872.7 million across 406 assets, followed by Backed's xStocks at $588 million and Binance's bStocks at $552.7 million.

Uniswap has captured about 99 percent of tokenized stock liquidity on Robinhood Chain since launching there July 1, reaching $130 million in daily volume and surpassing $1 billion in cumulative volume in under two months. The protocol supports ERC-20 versions of popular US stocks and ETFs, enabling 24/7 trading outside traditional market hours for global retail traders. Robinhood benefits by using Uniswap's established liquidity rather than building its own decentralized exchange from scratch.

The $4.3 billion in DEX volume shows growing demand for tokenized real-world assets and could push more Layer-1 chains to compete for RWA liquidity. Coinbase entered the space Aug. 24 with four tokenized tech stocks on Base — NVDAc, AAPLc, METAc, and GOOGLc — with Chainlink serving as the official oracle. Base's total value locked stands at $5.49 billion, fourth among all chains behind Ethereum, BNB Chain, and Solana, per DefiLlama.

Coinbase's Base entry adds fourth venue

Coinbase's four tokenized equities had a combined onchain value near $4.55 million late Monday against $3.06 million of DEX liquidity and $10.8 million in 24-hour volume. NVDAc, the largest, had 6,794 tokens outstanding across 1,745 holders, according to BaseScan. Pricing tracked the underlying closely: NVDAc changed hands at $208.51 against Nvidia's $208.48 close, AAPLc at $311.23 against Apple's $310.34, and METAc at $558.50 against Meta's $559.02.

Aerodrome captured the deepest liquidity for every token, holding $957,307 behind NVDAc and between $619,000 and $669,000 behind the others. AERO traded at $0.5334, up 11.3 percent on the day and 29 percent over the week on $94.3 million of volume.

Goldman backs Coinbase, Robinhood as volume slumps

Goldman Sachs maintained buy ratings on Coinbase Global and Robinhood Markets on Aug. 25, raising its Coinbase price target to $196 from $173 and setting a $124 target on Robinhood. The call came as crypto trading volume fell 30 percent in July and another 21 percent in August, leaving activity roughly 75 percent below its recent peak, per the same report.

Goldman is betting that new revenue lines — prediction markets, tokenized stocks, and perpetual futures — can carry crypto stocks even while the trading engine underneath them idles. Robinhood launched Robinhood Chain in July, an Ethereum layer-2 network built for tokenized stocks. Bernstein separately projected Robinhood's prediction-market revenue could climb from $150 million in 2025 to $586 million in 2026.

The expansion of tokenized equities across BNB Chain, Robinhood Chain, and Base creates a competitive dynamic where each network competes for RWA liquidity. Tokenized shares don't carry the voting or ownership rights of ordinary stock, and several state regulators have challenged whether certain sports prediction contracts amount to unlicensed gambling. The next milestone to watch is whether the $4.3 billion in DEX volume translates into sustained daily activity as more traditional finance players explore tokenization.

This article is for informational purposes only and does not constitute investment advice.