The market for tokenized real-world assets remains close to record territory as public equities become a larger component of blockchain-based financial infrastructure. According to RWA.xyz, distributed real-world assets on public blockchains currently total approximately $39.05 billion, excluding stablecoins, close to the $39.3 billion peak reached in September. Ethereum leads the network rankings with about $15.1 billion, followed by BNB Chain at $6.1 billion and Solana at $5.1 billion.
Tokenized stocks are one of the faster-growing segments inside that total. RWA.xyz currently measures approximately $3.58 billion in distributed tokenized-stock value, up 10.26% over 30 days, while Token Terminal separately reported that Ethereum-based tokenized stocks reached roughly $827 million at the end of October, representing 170% year-over-year growth. The two datasets use different market scopes, so Ethereum’s figure should not be treated as the entire tokenized-equity category.
Tokenized Stocks Spread Across Multiple Networks
The broader equity market is already distributed among several issuance models. RWA.xyz currently ranks bStocks at approximately $1.3 billion, Ondo at $912.6 million and xStocks at $595.8 million, together accounting for most of the measured tokenized-stock value. “Tokenized stock” therefore describes a category rather than a standardized legal instrument, with products ranging from issuer-sponsored securities to third-party structures providing economic exposure to underlying shares or ETFs.
That distinction has become increasingly visible as the market expands. Securitize’s SECZ became one of the largest individual tokenized equities through a structure representing the same company shares available through regulated channels, while xStocks use tracker certificates backed by reference securities. On Solana, xStocks has also generated substantial decentralized trading activity, including a $160 million day on Raydium. Asset value, trading volume and legal ownership structure measure different dimensions of tokenization and should not be treated interchangeably.
Ethereum’s $827 million figure is therefore notable primarily for its rate of expansion rather than dominance of the entire equity category. Other networks now host meaningful issuance and trading, while Base has developed its own liquidity venues around tokenized stocks. The emerging market is increasingly multi-chain, with distribution driven by issuer choices, investor eligibility, available liquidity and the applications capable of using the assets once issued.
JPMorgan Extends Existing Funds to Solana
Institutional fund tokenization is following the same multi-chain pattern. On October 22, J.P. Morgan Asset Management made its MONY and JLTXX money market funds available on Solana to qualified U.S. investors through Morgan Money. The move expanded two existing tokenized funds onto another public blockchain rather than launching Solana-exclusive products. MONY is a 506(c) private-placement fund, while JLTXX is a registered government money market fund.
J.P. Morgan published Solana token addresses for both products, allowing eligible investors to subscribe and redeem through Morgan Money and receive token balances directly at blockchain addresses. It did not disclose how much of either fund’s assets is currently held on Solana. Technical availability on Solana therefore demonstrates live distribution infrastructure, but not a specific amount of capital migration to the network. JLTXX itself had $628.48 million in total fund assets as of September 30, before the Solana expansion.
Solana already hosts a broader institutional asset base. Securitize recently reported approximately $1.10 billion of tokenized assets on Solana, while the network also supports active tokenized-equity markets and other regulated funds. Stellar has followed a parallel path, with tokenized fund value increasing by $3 billion over the previous year. The evidence increasingly points to institutional tokenization expanding across several public settlement rails rather than consolidating around a single blockchain.
The $39 billion market remains small relative to conventional securities markets, and deployment does not automatically demonstrate liquidity or recurring usage. But the composition is changing: tokenized Treasuries and credit now coexist with equities, money market funds and other investment products across multiple chains. The measurable shift is no longer simply more assets being represented onchain, but a widening set of regulated products becoming distributable across competing blockchain infrastructures.