Many people on Wall Street expected tokenization—the process of turning assets into tokens that can be traded on a blockchain—to amount to little more than reproducing legacy financial products on a digital ledger. What has happened instead has been eye-opening. According to a new report from data analytics platform Dune, on-chain investors are also using tokenization technology to construct an around-the-clock financial system that defies the design of traditional markets.
This development has coincided with rapid institutional adoption of tokenization. Dune reports that the total supply of tokenized real-world assets has exceeded $34 billion in 2026, and major categories—including cash equivalents and commodities—have more than doubled over the past year. Tokenized stocks have grown the fastest, rising more than 2,000% as the number of active holders blew past one million, per Dune.
