Equities overtook commodities in onchain RWA perps, first in open exposure and then in turnover. August data across tracked venues shows: • Equities: 48% of RWA perp volume, commodities 28%, indices 18% • Equity open interest passed commodities in June, $1.6B against $1.2B • Equity volume passed commodities a month later • Equity open interest reached $2.2B against $1.6B for commodities Open interest shows how much exposure is still open, while volume shows how much was traded. Equities led on the first measure before leading on the second.

Tokenization brings funds onchain, but distribution brings them into financial products. Centrifuge shows this through four distinct layers: • Ground: portfolio access through one API call • Compass: sign-ready transactions for apps and agents • Para: embedded deposit and redemption flows on Base and X Layer • LI.​FI: swaps, bridging and routing across 1,000+ integrations Together, these layers let asset managers distribute onchain funds through multiple channels without building a dedicated investor interface for each one.

Tokenized-stock growth is occurring across several chains, while most of the tracked value remains concentrated on three platforms. Token Terminal data for the past 30 days shows: • Robinhood Chain: +$129.3M • BNB Chain: +$125.7M • X Layer: +$115.3M Ondo, bStocks and xStocks currently account for 71.3% of the tokenized-stock value tracked by @RWA_xyz. Allocators require both perspectives. Chain data identifies where market capitalization has increased, while platform data highlights which entities hold the majority of tracked value.

Tokenized funds are entering the systems already used by traditional fund distributors. • Fund/SERV processes 85%+ of U.S. mutual fund transaction activity • Oasis Pro Markets is the network’s first tokenization member • One connection covers transaction processing, reconciliation, distributions and reporting That reduces the integration work required to distribute tokenized funds through existing wealth platforms and service providers.

Only a small share of tokenized AUM is currently used as DeFi collateral. According to @Dune: • Onchain AUM tracked: $33.7B • Working as DeFi collateral: $1.5B • Implied share of tracked AUM: approximately 4.5% Three products account for roughly 65% of that collateral. Two are managed by Maple: • Hastra PRIME: $357.5M • Maple syrupUSDC: $311.1M • Maple syrupUSDT: $300.2M Before a lending market accepts a tokenized asset, it needs a reliable price, borrowing limits, and a route for liquidators to sell or redeem the collateral. Without those pieces, the token cannot support borrowing in that market.

The RWA market added 2.2M holder records over the past 30 days. Tokenized stocks accounted for 98% of the increase. According to @RWA_xyz: • Holder records for tokenized stocks: 1.33M to 3.51M, up 164% • Distributed value: $2.48B to $2.84B, up 14.5% • Monthly transfer volume: $30.13B to $12.85B, down 57.3% The increase in holder records makes the expansion look much larger than the accompanying capital and transfer activity.

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Ondo uses more than one structure to keep tokenized stocks tied to U.S. shares. Oasis Pro TA mints corresponding tokens backed 1:1 by shares that remain in regulated custody. For CRCLon and SPYon, DTC tokenized entitlements generated through the DTCC Tokenization Service serve as digital twins of DTC-held securities. For investors, the key distinction is which ledger or register is authoritative and how the onchain balance is reconciled with it.

Ten of these 835 markets did almost half the volume. • Top 10 markets: $62.52B of $128.4B, or 48.7% • Those ten are 1.2% of all tracked markets • All ten settle on Trade.xyz, which also holds 76.5% of open interest • Four of them are memory and chip names, SK hynix, Sandisk, Micron and a memory ETF, at $30.32B combined The report ranks by venue, but the picture becomes more clear when ranked by contract. Those four memory names traded $30.32B. Precious metals and oil together traded $29.23B. One theme in semiconductors now moves more volume than gold, silver and crude combined.

Robinhood Chain captured 78.5% of tracked L2 revenue over the past 30 days, more than every other L2 combined. It looks like tokenized stocks are driving that lead, but @RobinhoodCrypto volume data shows they are still a minority of trading activity. Since launch: • $34.6B in cumulative DEX volume • $3B+ in cumulative Stock Token DEX volume Stock Tokens account for roughly 9% of the total. Pons extends their role beyond direct trading. On @ponsdotfamily, creators can pair new launches with approved Stock Tokens. When a launch graduates, the same pair moves into a Uniswap v4 pool. The same Stock Token can support direct trading and a separate launch market at the same time. Those pairs let Robinhood Chain build more activity around tokenized equities before direct Stock Token volume dominates.