Snapshot on Tokenized Asset Market: Issuers, Venues, and Assets

I think 2027 will be the defining year for tokenized assets, and the signals are already showing up in this year's data. Thousands of stocks, commodities, private companies, and index products are now available onchain, and the trading volume sits in the few venues.

RootData shows the competition moving past the question of who can issue the most products, toward who can actually distribute and execute. The firms that win will be the ones that turn a broad catalogue into concentrated liquidity, repeat trading, and users who keep coming back.

Let’s walk through the pipeline, from issuers to venues to the assets themselves, and see where the market stands now.

*Primary source: RootData Tokenized Asset Dashboard. The analysis uses its trading volume, open interest, market share, spread, depth, and asset coverage metrics. Issuer comparisons use supplementary public data, while the expanded centralized and onchain venue comparison uses CoinMarketCap Research's 19 venue RWA perpetual dataset.

1. Issuers: The Top Three Hold 72%

Source: rwa.xyz

Tokenized stocks now carry $2.91 billion of distributed value across 3.17 million holders, counting the market value of tokens that can leave the issuing platform and move between wallets (definition here). Over the past thirty days that value grew 7.43% while the holder count grew 174.29%, so the crowd expanded far faster than the money behind it.

For now, the average holder is carrying about $918, which looks less like institutional allocation and more like a wave of small wallets trying the product for the first time. Monthly transfer volume tells a similar story at $13.31 billion, roughly 4.6 times distributed value, yet it fell 52.65% over the same window even as new holders poured in. Access is expanding much faster than the habit of using it, and the figure worth watching next is how many of those holders come back for a second and third trade.

Ondo, bStocks, and xStocks together control about 72% of reported tokenized stock value, which hands three companies real influence over custody, redemption, network choice, and where liquidity ends up sitting.

For everyone else competing with them, a smaller product range backed by clear legal rights, redemption that holds up on a difficult day, and books deep enough to absorb a real order will build a stronger franchise than hundreds of tokens that barely trade.

2. Venue: Binance Leads, While Hyperliquid Anchors Onchain Liquidity

Source: Coinmarketcap, Rootdata

Cumulative RWA perpetual volume in 2026 is concentrated to few venues, where Binance processed $1.59 trillion, Hyperliquid HIP-3 $542.8 billion, OKX $345.1 billion, and Bitget $238.2 billion. That adds up to roughly 86% of a $3.16 trillion market, and Hyperliquid is the lone onchain venue in the group, holding 17.2% of everything traded.

The balance between the two sides also shifted through the year, because as stock perpetuals took off traders drifted back toward centralized order books. Onchain venues slipped from about 45% of market volume in December to 13% in August, while Binance's monthly share climbed to 54.1%.

Set the listing counts beside those figures and the mismatch jumps out. Gate runs the widest shelf in the market at 405 tickers and still cleared only $148.5 billion, about 4.7% of volume, while Binance gets by with 179 tickers and cleared $1.59 trillion. Bitget's 302 listings brought in $238.2 billion, Bybit's 224 brought $105.2 billion, OKX's 168 brought $345.1 billion, and Hyperliquid's 161 brought $542.8 billion.

3. Assets: Volume Follows Scarce Access Assets

Source: Rootdata

Look at what people actually trade and a consistent pattern appears around semiconductors, leveraged technology products, crypto sensitive equities, commodities, and private companies. SanDisk(SNDK), SOXL ETF(SOXL), SK Hynix(SKHYNIX), Micron(MU), and SpaceX(SPCX) sit at the top of the expanded snapshot.

RootData's earlier Binance snapshot shows gold(XAU) at $1.79 billion of daily volume, SK Hynix(SKHYNIX) at $1.61 billion, and SpaceX(SPCX) at $1.17 billion. Each of them answers a different need, since gold(XAU) offers continuous macro exposure, SK Hynix(SKHYNIX) is the cleanest way to trade the artificial intelligence memory cycle around the clock, and SpaceX(SPCX) opens a door that most investors simply do not have through conventional channels.

The clearest signal in the data is that tokenized markets gain traction when they solve an access problem or open a trading window that did not exist before, for example like SK Hynix which was only accesible in the korean markt before it was listed in US through ADR. Copying highly liquid United States stocks wins very little ground, because conventional brokers already serve that demand cheaply and well.

That points the best opportunities toward private companies, Asian equities, commodities, and thematic baskets, where the access gap is genuine. Structure still deserves attention, because a perpetual contract, a synthetic token, and a legally backed share token give the holder very different rights.

The leaders that emerge will pair access nobody else offers with credible legal claims and liquidity deep enough to trust.

4. What’s Next

Taken together, the issuer, venue, and asset data show that competition in the tokenized asset market is shifting from expanding product catalogues to demonstrating real usage and liquidity.

Issuer performance should therefore be assessed through metrics such as the number of holders who trade repeatedly, redemption activity, and transfer volume per holder rather than the cumulative number of issued assets. These indicators reveal whether users merely try a product once or continue to hold and trade it, providing a much clearer picture of the underlying business and the sustainability of its growth.

Also for assets, private companies, Asian equities, commodities, and thematic products that are difficult to trade in conventional financial markets or constrained by time and geography give investors a clear reason to use crypto based markets. Assets that are already available easily and at low cost through traditional brokers are unlikely to attract sufficient onchain demand through replication alone.

This year, the industry expanded the potential of tokenized assets by bringing a wide range of products to market. The coming year will reveal which products and platforms can generate repeat trading and sustainable liquidity. Companies that combine access to otherwise difficult assets with credible legal rights, reliable operating structures, and sufficient liquidity to absorb real orders will lead the market’s growth.