a16z: Tokenized Stock Market Accelerates Growth, AI and Chip Stocks Account for 15.5%

BlockBeats News, July 22nd, a16z crypto published an article stating that as of the end of June, the total market capitalization of tokenized stocks reached around $1.7 billion, a growth of over 5x from $329 million a year ago, making it one of the fastest-growing categories of tokenized assets. Over half of the current market cap comes from assets that were not on-chain a year ago, indicating that the growth is mainly driven by new issuance rather than just underlying stock price appreciation.

The market structure has also undergone significant changes. The market cap share of crypto-related products has decreased from 79% a year ago to 21%; the "other" category, consisting of hundreds of small targets, has increased to 35%. The share of large-cap tech stocks has increased from 0.6% to 10.6%, and the share of ETFs and index products has risen from 4.5% to 17.3%. AI and chip-related tokenized stocks have seen the fastest growth, with their market cap share increasing from 0.3% in June 2025 to 15.5%.

On-chain activities have also seen a synchronous increase. The monthly transfer volume of tokenized stocks in June reached $9.22 billion, a growth of over 170x from $53.1 million in the same period last year. These transactions include on-chain trading, wallet transfers, and collateral deposits to DeFi protocols.

Institutional infrastructure is accelerating its development. The DTCC has completed the first batch of tokenized US Treasury and stock transactions on the Canton Network; Robinhood has launched its proprietary chain; the parent company of the NYSE has established a joint venture with OKX, planning to offer tokenized NYSE stocks upon approval; Coinbase and Binance have also launched or planned to launch tokenized US stock services for non-US users.