How Tokenised Gold and Stocks Reshaped Crypto in a Year

The market for tokenised real-world assets surged 267% between June 2025 and June 2026, adding substantial value at a time when nearly every other crypto sector contracted. The expansion was almost entirely driven by new token listings rather than price appreciation, according to a CryptoRank report. Gold-backed tokens and tokenised equities accounted for the vast majority of the growth, turning the asset class into the lone bright spot in a downbeat crypto year.

In mid-2025, precious metals dominated publicly traded tokenised assets virtually 100%, with Tether Gold (XAUT) and PAX Gold (PAXG) holding the bulk of the market capitalisation. By June 2026, that share had fallen to 68% as tokenised stocks and exchange-traded funds (ETFs) captured 23% of the sector. Government bonds and private credit filled most of the remainder.

The shift was fuelled by a wave of new equity token products. Platforms rStocks and Ondo together issue more than 900 stock tokens spanning individual names like NVIDIA and Apple as well as index products. Major exchanges joined the race later but with characteristic speed: Binance launched bStocks in June 2026, and Gatecoin followed with gStocks in early July. Tokenised assets were the single most-listed category on centralised exchanges in the first half of 2026, CryptoRank noted, suggesting the sector’s headline growth will again be driven by new product rollouts rather than secondary-market price moves.

Behind the 267% Growth: The Dynamics of Tokenised Asset Expansion

From Monopoly of Gold to a Multi-Asset Landscape

The near-total dominance of gold tokens a year ago reflected a narrow market that offered digital exposure to a safe-haven commodity. The rapid erosion to 68% share is not a sign of gold losing appeal — the metal’s price rose almost 20% over the period — but of a fundamental broadening. As tokenised stock and ETF products launched, investors gained access to equities and yield-oriented instruments on-chain for the first time. This structural diversification is likely to continue, putting pressure on gold token issuers to differentiate beyond a simple store of value.

Exchanges Jump In: Binance, Gatecoin and the Race for On-Chain Stocks

The entry of Binance and Gatecoin into tokenised equities changes the competitive dynamics. While rStocks and Ondo built deep menus of single stocks and indices, exchanges bring massive existing user bases and liquidity infrastructure. The risk is that a pure listings race could fragment liquidity and create token graveyards unless meaningful trading volumes follow. For now, the disparity between the number of tokens issued and the actual on-chain transaction activity — flagged by a BeInCrypto report covering nearly $60 billion worth of products — suggests that many tokens see very light trading.

Supply-Driven Growth vs. Real Demand: The Gap in On-Chain Activity

The 267% headline figure is a market-cap metric that counts the nominal value of newly issued tokens. Because it is supply-driven, it can inflate even if underlying demand remains tepid. The BeInCrypto analysis, which tracked over 7,000 products across 12 asset classes, found that genuine on-chain activity trails the advertised numbers substantially. For market participants, this creates a dual narrative: a sector expanding aggressively on paper, but one where end-user adoption must still be proven. The next few quarters will test whether the tokenised equity products launched by Binance and Gatecoin generate organic trading, or merely add to a growing but inactive inventory.

What Market Participants Should Watch as Tokenisation Accelerates

  • Precious metals token issuers face a new reality. With gold’s market share dropping from near 100% to 68% in a year, XAUT and PAXG must now compete with a wider set of yield-generating tokenised assets. Watch for product innovations — such as gold tokens that accrue yield — or the risk that their dominance continues to erode.
  • The equity token platform battle is just beginning. rStocks, Ondo, Binance (bStocks) and Gatecoin (gStocks) are all vying for market share. The winners will be those that can demonstrate genuine on-chain trading volumes, not just listing counts. Investors and partners should scrutinise wallet and transaction data before committing to any single platform’s tokens.
  • New issuances will drive near-term growth, but a slowdown could stall the sector. Because the 267% jump came from new token launches, the sector’s market-cap trajectory is highly sensitive to the pace of future listings. If the wave of exchange listings begins to cool in H2 2026, the growth rate could decelerate sharply. Watch for the next batch of listing announcements as a real-time signal.
  • On-chain activity must catch up to market-cap claims. The BeInCrypto finding that actual on-chain engagement is far lower than reported market caps is a clear warning. Any allocation to tokenised stocks or ETFs should be tested against verifiable transaction data, and users should be cautious about tokens that show large market caps but minimal daily volume.

Risk & Opportunity Assessment

Commercial RiskMediumSector value is heavily reliant on the pace of new issuances. If new token launches slow, the market cap could stagnate, and platforms that depend on listing fees may see revenue pressures. The gap between on-chain activity and reported numbers also exposes issuers to a confidence shock.
Competitive RiskHighMultiple platforms (rStocks, Ondo, Binance, Gatecoin) now offer similar tokenised equity products. Fragmentation could dilute liquidity and create ‘token graveyards.’ Exchanges with large user bases have an advantage, but first movers can defend their position if they build sticky trading communities.
Regulatory RiskMediumTokenised stocks and ETFs sit squarely at the intersection of securities law and digital assets. Any regulatory tightening — especially across jurisdictions — could force delistings or restrict cross-border access, particularly as offerings expand beyond simple commodities.
Reputation RiskLowNo major fraud or scandal has yet been attached to the tokenised asset sector. However, the discrepancy between advertised market caps and real on-chain activity could be seized upon by critics and lead to reputational damage if it becomes a media narrative.
Technology DisruptionMediumNew tokenisation standards or competing blockchains could splinter liquidity further. Most tokenised assets today rely on a handful of networks; a shift in underlying infrastructure could create transition costs and uncertainty for issuers and token holders.
Commercial OpportunityHighTokenised equities grew from zero to 23% of the sector in 12 months, flagging a large untapped demand for on-chain traditional assets. The same reports identify government bonds and private credit as the next frontiers, offering a runway for further expansion beyond the initial equity and gold wave.