Tokenized Stocks Surge as SPY, Google, and Robinhood Lead Rally

Tokenized Stocks Surge as SPY, Google, and Robinhood Lead On-Chain Rally

Tokenized versions of major stocks, including the SPDR S&P 500 ETF Trust (SPY), Alphabet (Google), and Robinhood’s own shares, have driven a significant surge in on-chain trading activity over the past month. Data from Token Terminal reveals that SPY on Robinhood Chain experienced a remarkable increase of over 1,300% in 30 days, reaching a market capitalization exceeding $17 million.

This trend highlights a rapidly growing interest from both retail investors and platforms in tokenized equities across various blockchains and issuers. Despite this expansion, trading volume within the tokenized stock category remains concentrated among a select few assets.

According to data posted by Token Terminal on September 7, SPY’s deployment on Robinhood Chain saw the most substantial growth among tokenized stocks in the preceding 30 days, climbing 1,314% to a market cap of $17.4 million. Following closely was Reality’s rGOOGL on Arbitrum, which rose 530.9% to $18.8 million, and Binance bStocks’ HOODb, which gained 428.7% to $5.7 million.

The upward momentum was not confined to these top performers. Binance bStocks’ MSTRb reached $53.8 million after a 334.6% increase, making it the largest asset by market capitalization among the top five listed by Token Terminal. Robinhood’s tokenized NVIDIA (NVDA) shares climbed 284.4% to $15.2 million.

Other Robinhood-issued assets also posted significant gains. SPACEX rose 276.6% to $8.7 million, AAPL gained 249.9% to $5.6 million, and GameStop (GME) increased 219.4% to $3.9 million. Across the broader market, dozens of other tokenized stocks recorded gains of at least 50% during the same period.

However, a closer examination of trading activity reveals a more concentrated picture. Token Terminal separately reported that QQQb was the most actively traded tokenized stock over the past 90 days, with $4.5 billion in volume. This was followed by SPYx at $1.5 billion and SPCXb at $1.1 billion.

These three tokens alone accounted for $7.1 billion, or 44.7%, of the total decentralized exchange volume in the tokenized stock category, out of a total of $15.9 billion. This overall volume itself saw a substantial increase of 1,250.8%.

This surge in activity builds upon the momentum Robinhood Chain has experienced since its launch in early July. As previously reported, the network quickly surpassed $200 million in total value locked within its first week, attracting attention for both meme coin trading and tokenized stocks.

Tokenized equities were already identified as the fastest-growing category tracked by CoinGecko between January 2024 and May 2026. The number of listed coins expanded from 14 to 478, a jump of over 3,300%, outpacing the growth of real-world assets and AI-linked tokens during the same timeframe.

Despite the rapid expansion, not all perspectives on tokenization are entirely positive. The International Monetary Fund (IMF) issued a warning in an April note, suggesting that tokenization’s efficiency gains come at the cost of reduced settlement times. This, the IMF argued, diminishes the window for banks and regulators to manage liquidity and intervene before potential problems become irreversible, leaving less room to correct mistakes.