# Tokenized Stocks and ETFs Hit $37 Billion in On-Chain Volume

> Crypto trading cools as tokenized stocks and ETFs hit $37 billion in on-chain volume.
- Title: Tokenized Stocks and ETFs Hit $37 Billion in On-Chain Volume
- Summary: Crypto trading cools as tokenized stocks and ETFs hit $37 billion in on-chain volume. Tokenized stocks and ETFs reached $37 billion in on-chain trading…
- Keywords: tokenized stocks, etf, on-chain volume, dune analytics, hyperliquid, securities and exchange commission, okx, intercontinental exchange, xlayer, robinhood markets, perpetual futures, crypto trading
- Source: BigGo Finance — https://finance.biggo.com/news/24fbb93a-ef8c-4192-aadc-42417659a40f
- Author: BigGo Finance
- Published: 2026-10-22T22:55:22+00:00
- Read time: 1 min
- Topics: tokenized stocks, etf, on-chain volume, dune analytics, hyperliquid, securities and exchange commission, okx, intercontinental exchange, xlayer, robinhood markets, perpetual futures, crypto trading
## On-Chain Trading Volume
Tokenized stocks and ETFs hit $37 billion in on-chain volume during Q3, up nearly 18 times since January.
## Crypto Trading Cools
Spot trading volume has fallen, ETF inflows have slowed, and meme-coin interest has faded.
## SEC Exemption Opens
A September SEC exemption allows qualifying platforms to trade tokenized U.S. stocks with volume caps.
## OKX-ICE Venture
OKX-ICE filed to list 63 tokenized securities on XLayer, drawing objections from 16 companies including Microsoft and Goldman Sachs.
## Equity Perpetual Futures
Equity perpetual futures on Hyperliquid traded $201 billion in Q3, about five times tokenized share volume.
## Dune Analytics Launches
Dune launched real-time data feeds covering more than 200 on-chain venues across 12 blockchains.
## Dune Co-Founder Fredrik Haga
Haga said tokenized stocks and equity perpetuals are converging into a single on-chain equity market.
## Robinhood Markets
Robinhood rolled out Stock Tokens, digital securities backed one-to-one by underlying stocks.
## Ric Edelman's View
Edelman predicts tokenization will dominate crypto for the rest of the decade, spreading to real estate and collectibles.
## Mark Connors' View
Connors compares tokenization to ETFs, speeding up trading and extending investment opportunities beyond market hours.
## Hyperliquid's Market
Hyperliquid's markets use mark prices for margining and liquidation, with oracles supplying reference prices.
## Coming Quarters
The coming quarters will show whether on-chain share volume closes the gap with perpetual futures once 63 tokenized stocks go live on XLayer.
## Key takeaway

Tokenized stocks and ETFs reached $37 billion in on-chain trading volume in Q3, with monthly volume up 18x since January, as crypto trading cools.