Tokenized equities top 1% of stablecoin supply as on-chain stock trading hits a record

Tokenized equities now account for more than 1% of total stablecoin supply. A year ago, that figure barely registered. As of September 29, 2026, tokenized stocks were valued at approximately $5.89 billion, against roughly $304 billion in stablecoins. That works out to a ratio of 1.94%. It’s still a small number, but in late August 2025 the same ratio sat at a mere 0.12%. Why compare stocks to stablecoins at all? Stablecoins are effectively the cash drawer of crypto: the dollars sitting on-chain, waiting to be spent. Measuring tokenized equities against that pile shows how much of crypto’s spendable liquidity now has a blockchain-native stock market to flow into. The numbers behind the jump The growth came almost entirely from one side of the ratio. Tokenized equities expanded 17.6x over the period. Stablecoin supply, meanwhile, grew only about 10% in the same window. A separate September snapshot tells a similar story. Tokenized equities hit a record market value of $4.87 billion that month, up 13.7% from the prior month. That figure represented 1.55% of a stablecoin market then valued at $313 billion. Stablecoin supply rose about 1.29% in September to reach that $313 billion mark....