Tokenized stocks and commodities reached peak valuations, thanks to a mix of increasing token supply and rising market prices. Equities and commodities are still the smallest class in tokenized RWAs, but have been actively growing in recent months.
Tokenized stocks and commodities reached peak valuations, based on Token Terminal data. Asset tokenization remains one of the growth stories in 2025, with more and more platforms looking to add their own equity standard.
Tokenized commodities reached $3.7 billion in December, mainly based on the performance of gold. Tokenized shares are floating around $808 million. Tokenized commodities are largely dependent on Tether’s gold-backed tokens for their growth. Tether also set the industry standard for gold reserves.
Despite silver’s recent rapid expansion, there is hardly any representation of the precious metal among tokenized assets.
Tokenized stocks are the latest trend and have shown rapid growth in recent months. | Source: Token terminal
Tokenized shares are harder to fully account for due to different standards and platforms. Ondo reports around $368 million in tokenized shares. XStocks reports around $300 million in tokens, excluding the market cap of Chainlink (LINK).
Other markets also exist, with different approaches to tokenization. However, in 2025, the tokenized shares of Ondo and XStock became market leaders.
Tokenized shares reach a broader circle of investors
Tokenized stocks are seeing record adoption based on the addition of new wallets. While stablecoins make up the majority of tokenized RWAs, more and more wallets are moving into commodities, equities, funds and private credit.
The number of owners of tokenized stocks grew by 2025, alongside the growing adoption of tokenized commodities. | Source: RWA.xyz
The entire year 2025 showed rapidly growing ownership of various tokenized asset classes. Wallet owners expanded to more than 571,000, still a fraction of the number of legacy stablecoin holders. However, tokenization appears to be a lasting trend with a growing infrastructure.
XStocks solves bridging
One of the problems with tokenizing stocks is the way corporate events such as splits and dividends are reflected on-chain.
Recently, XStocks introduced XBridge, which allows shares to be moved between Solana and Ethereum. While simple tokens are bridged on a daily basis, tokenized stock bridging can pose challenges due to the different ways to reflect corporate events.
Meet the xBridge
xStocks can now move freely through chains. Using @chainlink’s CCIP as cross-chain infrastructure, the xBridge connects Solana to Ethereum and more, the first bridge to maintain rebasing for tokenized shares.
The future is open, composable and omnichain. pic.twitter.com/x1zD436500
— xStocks (@xStocksFi) December 12, 2025
The bridge is the first step toward launching XStocks on multiple chains while maintaining the exact value and characteristics of each tokenized stock.
Tokenized shares are one of the driving forces behind Solana adoption. Recently, stock tokenization became the fastest growing trump on Solana, replacing previous stars like meme tokens.
Competition comes from other platforms, such as now that Robinhood’s stock tokenization has been enabled Arbitration. Overall, tokenized stocks are becoming increasingly attractive, after a prolonged season of betting on tokens without intrinsic backing.
Stock tokenization also allows international traders to access U.S. stocks much easier. In 2025, international investors sought to tap the growth of American companies, raising tensions over the legal status of companies tokenized assets.
Some of the available tokenized shares are permissionless, while others are tied to fully audited KYC accounts on centralized exchanges.