The digital asset landscape is undergoing a structural shift as tokenized real-world assets (RWAs) move beyond stablecoins into the realm of global equities.
A new report from leading digital asset analytics and research firm Block Scholes examines the rapid growth of tokenized stocks and the evolving role of exchanges in bridging traditional and on-chain markets. According to the report, tokenized equities are increasingly used as a gateway to global markets, while stablecoins remain the foundation of on-chain finance.
The Evolution of On-Chain Liquidity
The report shows that tokenized assets, long dominated by stablecoins, are now entering a new phase driven by tokenized equities and ETFs.
Products tracking assets such as the S&P 500, major U.S. equities, and technology stocks have seen meaningful adoption since Q3 2025, supported by improved liquidity, tighter spreads, and growing participation from both retail and institutional investors.
This shift reflects a broader demand for always-on markets that operate beyond traditional trading hours.
Data in the report indicates that tokenized stocks generally track their off-chain counterparts closely during regular market hours, with intraday spreads often remaining within narrow ranges.
Price deviations tend to widen overnight or on weekends, when underlying markets are closed and minting or redemption pauses, underscoring both the opportunity and the structural differences of 24/7 on-chain trading. Even so, the growing consistency of pricing during core sessions suggests that market infrastructure is maturing quickly.
The Rise of the "Universal Exchange"
Central to this transition is the emergence of unified trading environments. Platforms are increasingly moving toward a Universal Exchange (UEX) model—a system designed to consolidate crypto assets, stablecoins, and tokenized traditional instruments into a single interface.
One notable example cited in the report is Bitget, which has integrated tokenized assets such as stocks, metals and commodities, alongside its standard spot and derivatives markets.
This model allows traders to fund equity positions directly with digital assets such as stablecoins, removing the friction of maintaining separate brokerage accounts. According to Block Scholes, exchanges that can provide deep liquidity and integrated infrastructure are becoming the primary gateways for this new asset class.
A convergence of user behavior
The report also points to a convergence in user behavior. A large majority of traders engaging with tokenized stocks already hold crypto assets, suggesting that demand is coming from existing market participants looking to extend their exposure rather than from an entirely new audience.
This overlap positions exchanges as the natural gateway for tokenized RWAs, especially as institutions continue to explore on-chain settlement and custody efficiencies.
Thabib Rahman, a Research Analyst at Block Scholes, views 2025 as a pivot point for the industry.
“The volume of tokenized assets grew exponentially in 2025, in line with a crypto-friendly US administration and growing institutional participation. Throughout the year, Block Scholes has advocated that stablecoins are the first step in on-chain tokenization, citing their role in advancing the Trump Administration's fiscal goals. The next phase of that growth, which we believe will be a major narrative in 2026, is the on-chain tokenization of real-world stocks and commodities from the TradFi world.”
As the market for tokenized treasuries, equities, and index-linked products expands, the report concludes that the sector is becoming increasingly scalable.
The convergence of 24/7 access and unified portfolio management is reshaping how global markets are accessed, suggesting a future where the line between digital and traditional finance becomes permanently blurred.
