Tokenized assets don’t always mirror traditional markets, Dune finds

What happened

Dune found that tokenized (representing an asset as a tradable entry on a blockchain) markets show different trading patterns from traditional markets, with RWA value reaching $34.5 billion. Dune found the difference pronounced in equities, where single stocks accounted for 81% of tokenized equity spot supply while exchange-traded funds (ETFs (a fund traded on a stock exchange like a share)) made up 19%.

Tokenized markets show different trading and investment patterns from traditional markets, according to a new Dune report comparing onchain and off-chain activity across equities, credit, commodities and cash-equivalent products. Armand Khatri, head of ecosystem at Ondo Finance, said tokenization gives investors more control over asset selection by reducing their dependence on local intermediaries’ offerings.

“The investor decides which they want,” he said, referring to the choice between single-company and index exposure. Dune put the value of tokenized real-world assets at $34.5 billion as of Aug.

31, up more than 140% from a year earlier, with cash equivalents still dominating supply while equities were the most actively traded segment. 15, up 390% in 2026 but equivalent to just 0.0029% of the $151.9 trillion global listed-equity market.

Key facts

• Dune — found: that tokenized markets show different trading patterns from traditional markets, with RWA value reaching $34.5 billion
• Dune — found: the difference pronounced in equities, where single stocks accounted for 81% of tokenized equity spot supply while exchange-traded funds (ETFs) made up 19%