October 23, according to a report from the on-chain analytics platform Dune cited by Bloomberg, the on-chain transaction volume of tokenized stocks and ETFs in the third quarter exceeded $37 billion, with monthly transaction volume increasing nearly 18 times from January 2026. The statistics cover more than 200 trading venues and 12 blockchains. At the same time, the perpetual contract trading volume on the decentralized perpetual contract platform Hyperliquid, which is linked to stocks, ETFs, and stock indices, reached $210 billion. Dune also pointed out that about 25% of the spot trading of crypto assets is currently conducted on-chain.

Raed's Perspective The quarterly transaction volume of $37 billion itself is not the biggest number, but the fact that the monthly transaction volume has increased nearly 18 times from January reveals a key turning point in the RWA sector: tokenized stocks and ETFs are moving from 'issuance and holding' to the 'high-frequency trading' stage. The industry's previous focus was on the issuance scale, while the surge in transaction volume indicates that tokenized assets are being actually used and circulated within the on-chain ecosystem. For RWA related to brand assets and operating rights, the reference value of this data lies in: the trading activity after being on-chain, rather than the issuance scale, is the indicator of whether RWA is truly embedded in the on-chain financial system.