Tokenized stocks account for 99.3% of $14.4 billion in onchain trading outside the US

Tokenized stocks made up 99.3% of the $14.4 billion traded onchain outside the US over the past 30 days. When a share figure gets that close to 100%, the category is no longer competing with anything nearby. These are blockchain-based tokens that track the price of ordinary shares. Most of the trading happens outside US borders, and a lot of it happens while Wall Street is closed. The numbers behind the surge The 30-day figure sits inside a bigger story about 2026. The market capitalization of tokenized equities is estimated to have climbed from around $600 million to between $3 billion and $4.8 billion as of September 2026. Some analyses put year-over-year growth above 300%, and others put it as high as 395%. Monthly onchain trading volume reached a record $15.6 billion in September 2026. The $14.4 billion rolling 30-day total shows activity is holding near that peak. The investors are mostly regular people. Holder counts have passed 4 million, and the average position for individual investors is around $780. That figure matters. A market built on positions under $1,000 is retail-driven, not something institutions are quietly building up in the background. Who is driving the trade...