Ethereum tokenized stock increased 170% to 827 million dollars in one year, and DeFi derivative open interest reached 1.76 billion dollars
According to Token Terminal data, as of the end of October 2026, the scale of tokenized stock on the Ethereum network was about 827 million dollars, an increase of 170% in one year, and the latest data has risen to 841 million dollars. About 86% of the tokenized stock uses a 1:1 underlying asset support structure similar to stablecoins, and the open interest of DeFi derivatives based on tokenized stock increased to 1.76 billion dollars.
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According to Token Terminal data, as of the end of October 2026, the value of tokenized stocks on the Ethereum network was approximately 827 million USD, up 170% from a year ago; the latest statistics show it has further risen to 841 million USD. Token Terminal assesses that the RWA market is moving from an experimental phase to actual financial infrastructure.
One of the key driving forces is the issuance structure: currently, about 86% of tokenized stocks adopt a 1:1 underlying asset support model similar to traditional stablecoins, enabling on-chain circulation without the direct participation or legal arrangements of the original securities issuer. Ethereum's stablecoin liquidity is another advantage - of the global stablecoin market size of 294.75 billion USD, Ethereum's share is 53.8%, amounting to 158.71 billion USD.
The expansion of the spot market has simultaneously driven the derivatives layer. The open interest (OI) of DeFi derivatives based on tokenized stocks has increased to 1.76 billion USD, with Hyperliquid being one of the main drivers.
The core message of these data is not 'Ethereum wins,' but rather the issuance structure of tokenized stocks is moving towards the stablecoin model. The 86% 1:1 support ratio means that the expansion of tokenized stocks has largely bypassed the direct participation of traditional securities issuers - issuers do not need to operate on the blockchain, and tokenized platforms do not need to obtain legal authorization from issuers individually. This structure explains the source of the 170% growth rate, but it also raises tensions with the OKXICE opposition wave (issuers resisting tokenization): the technical feasibility of bypassing issuers and the legal necessity of obtaining issuer consent are becoming two sides of the same coin in the tokenized stock sector.
The derivatives OI reaching 1.76 billion USD indicates that tokenized stocks are evolving from 'holding assets' to 'tradeable and hedgeable financial instruments'. For brand asset and operating rights RWA, the reference value of this path lies in: when the underlying assets lack public continuous pricing, the derivatives market may form price discovery before the spot market, but this is contingent on sufficient liquidity depth and credible asset verification mechanisms on the spot side.