The Weekly: The Rise of Tokenised Equities
JUL 6, 2026
Tokenised stocks are accelerating toward a market inflection point, with distributed value up nearly fivefold in 18 months to almost $2 billion and holders surpassing 400,000. Backpack's SpaceX share launch showcased a new model for on-chain equity issuance, pairing regulated brokerage infrastructure with blockchain settlement, while Solana now captures roughly 95% of tokenised equity trading volume, reinforcing its role as the dominant settlement layer. Meanwhile, BTC, ETH, and SOL are flashing seller exhaustion signals on monthly charts, altcoins are outperforming broader crypto beta, and stablecoin lending yields on Aave and Pendle remain attractive for DeFi investors positioning for a potential capital rotation back into crypto.
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Weekly Summary
We cover:
Why tokenised stocks are reaching an inflection point, as assets, holders and trading volumes climb to new all-time highs.
How Backpack’s SpaceX launch demonstrated growing demand for on-chain equity markets and a new model for stock issuance.
Why Solana has emerged as the dominant settlement layer for tokenised stocks, capturing almost all trading activity today.
Market update
The Rise of Tokenised Equities
Last week we looked at the rise of RWA perpetuals. This week, we turn to the underlying assets.
Tokenised stocks are blockchain-based representations of publicly traded equities, allowing investors to buy and transfer them using crypto-native wallets and infrastructure.
The market remains small relative to global equities, but adoption appears to now be accelerating.
The total value of distributed tokenised equities has increased almost fivefold over the past 18 months to nearly $2 billion, with most of that growth occurring over the last year.
Total value of on-chain equity since 2025.
Adoption has broadened alongside capital. The number of holders has climbed to more than 400,000, also an all-time high.
Rather than being concentrated in a single issuer or equity, participation has expanded across multiple assets, suggesting adoption is becoming increasingly broad-based.
Number of tokenised equities holders by equity.
Secondary market activity is accelerating as well. Spot trading volumes reached record highs in recent weeks, driven in part by the launch of tokenised SpaceX shares.
Even excluding this event, monthly spot volumes are roughly six times higher than at the start of the year, pointing to sustained rather than event-driven growth.
Tokenised equities volume by blockchain on spot DEXs (weekly).
Backpack emerged as one of the early leaders.
Unlike platforms that simply provide synthetic price exposure, Backpack combines regulated brokerage infrastructure with on-chain settlement, creating a direct link between tokenised shares and the underlying security. That structure helped it capitalise on demand around the SpaceX listing.
Nearly 95% of tokenised equity trading volume now settles on Solana. That dominance is likely to compress as competing ecosystems launch their own products, but it highlights an important dynamic: liquidity follows issuance. Where issuers choose to launch increasingly determines where trading activity concentrates.
That share will likely decline as competing ecosystems launch their own products, but it demonstrates an important dynamic: liquidity follows issuance.
Tokenised equities remain tiny compared to global equity markets, but the direction of travel is becoming increasingly clear.
The infrastructure is now largely in place. The next phase is less about proving tokenisation works and more about expanding the universe of assets that can be listed on-chain.
Market Update
Crypto markets have now rebounded 7% MTD, broadly in line with where we expected the next impulse higher to begin.
BTC is showing clear seller exhaustion on the monthly chart (DeMark 9 count) right around the longer-term trend.
BTC/USDT (monthly).
It’s not just BTC, ETH is also showing clear seller exhaustion on the monthly at its own longer-term support zone.
ETH/USDT (monthly).
SOL is the same too…
SOL/USDT (monthly).
In fact, its the whole of the altcoin market that has become so oversold.
Altcoins have outperformed broader crypto beta by 2% MTD.
Altcoin market capitalisation (monthly).
Prices continue to hold major long-term support while momentum improves beneath the surface, consistent with a transition from distribution to accumulation.
With broader equity leadership beginning to narrow, the conditions are increasingly in place for capital to rotate back into crypto.
Crypto/NDX has now confirmed seller exhaustion on longer-term timeframes. Technically, the stage appears set for a rotation back into crypto…
Crypto/NASDAQ ratio (weekly).
State of Yields
Stablecoin lending yields:
~3.01% on Aave (USDC) — utilisation rates have come down slightly to 87%. Slight yield compression from prior week.
~3.82% on Aave (USDe) — utilisation at ~59%. Slightly higher utilisation vs. last week.
Fixed-rate DeFi lending: yield premium in fixed markets marginally expanding from last week:
Pendle sUSDAi: ~9.61% (Oct–Feb 2026 maturities)
sUSDe: ~4.07%
ETH yield benchmarks:
Lido staking: ~2.3% - no material change from prior week.
About Re7
Re7 Capital is a research-driven digital asset investment firm specialising in DeFi yield and liquid alpha strategies.
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