Tokenized equities have quickly grown into a new onchain market structure. This report analyzes the emerging ecosystem of tokenized stocks to understand where liquidity lives, how these assets trade compared to traditional equities, and who is participating globally.

For fintech platforms, exchanges, institutional investors, and builders evaluating the tokenized equity opportunity.

By Elton Shehdula, Research Lead @Allium

What's inside:

1. Market structure & leading platforms – Breakdown of the largest tokenized equity issuers including Ondo, Backed xStocks, and Securitize, and how supply has grown to nearly $1B.
2. Liquidity across trading venues – Centralized vs decentralized exchange activity and where tokenized equities actually trade.
3. Price divergence vs traditional markets – How tokenized equity prices compare to traditional equities and what liquidity means for price efficiency.
4. Overnight price discovery – How tokenized markets contribute to price discovery while traditional markets are closed.
5. Geographic adoption – Regional participation and why roughly 90% of tokenized equity volume originates outside the United States.
6. Tokenization models & market structure – Direct, indirect, and native tokenization models and what they mean for investors and market participants.