The on-chain stock market value has exceeded 1.2 billion USD, with significant growth in September and December

The total market capitalization of on-chain stocks has surpassed $1.2 billion, reaching a historic high, with two significant growth waves in September and December, marking the transition of tokenized equity from early pilots to large-scale expansion.

The growth in September was primarily driven by Backed Finance launching approximately 60 tokenized stocks on Ethereum, distributed through exchanges like Kraken and Bybit, while the growth in December came from more companies pushing stocks on-chain in a clearer regulatory environment.

Analysis indicates that tokenized stocks are akin to stablecoins in 2020, being in the early stages but growing rapidly. The involvement of exchanges, issuers, and regulators shows that tokenized stocks are shifting from niche products to mainstream market structure experiments.