Dune says tokenized assets do not always track traditional markets

A new Dune report says tokenized markets do not always move in step with traditional markets, based on a comparison of onchain and offchain activity across equities, credit, commodities, and cashlike products. The report says the tokenized realworld asset market reached $34.5 billion by Aug. 31, up more than 140% from a year earlier. Cashequivalent products still made up the largest share of supply, while equities drew the most trading activity. In tokenized equities, single stocks represented 81% of spot supply and ETFs accounted for 19%, showing a market structure that differs from conventional equity investing. Binance Research separately estimated the tokenized equity market at $4.43 billion as of Sept. 15, a small share of global listed equities, though it has grown rapidly in 2026. The article also notes that US regulators and exchanges are taking steps to expand tokenized trading, including a temporary SEC exemption for limited onchain trading of tokenized USlisted stocks and planned tokenized stock and ETF offerings from the New York Stock Exchange and Blockchain.com, pending approval.