Tokenized versions of SPY, Google, and Robinhood’s own stock led a burst of on-chain trading activity over the past month, with Token Terminal data showing SPY on Robinhood Chain up by more than 1,300% in 30 days to an over $17 million market cap.
The moves point to fast-growing retail and platform interest in tokenized equities across several blockchains and issuers, even as trading volume in the category stays concentrated in a handful of tokens.
SPY, rGOOGL, and HOODb Lead a Month of Rapid Growth
Token Terminal posted the data on September 7, showing SPY’s Robinhood Chain deployment gained the most ground of any tokenized stock over the past 30 days, jumping 1,314% to a $17.4 million market cap. Reality’s rGOOGL on Arbitrum followed with a 530.9% increase to $18.8 million, while Binance bStocks’ HOODb rose 428.7% to $5.7 million.
The gains were not limited to the three largest movers. Binance bStocks’ MSTRb reached $53.8 million after rising 334.6%, making it the largest asset by market capitalization among the top five listed by Token Terminal. Robinhood’s NVDA climbed 284.4% to $15.2 million.
Other Robinhood assets also posted large increases. SPACEX rose 276.6% to $8.7 million, AAPL gained 249.9% to $5.6 million, and GME increased 219.4% to $3.9 million. Across the wider table, dozens of other tokenized stocks recorded gains of at least 50% during the same period.
Trading activity tells a more concentrated story. Token Terminal separately reported that QQQb was the most traded tokenized stock over the past 90 days, with $4.5 billion in volume, ahead of SPYx at $1.5 billion and SPCXb at $1.1 billion.
Those three tokens alone accounted for $7.1 billion, or 44.7%, of total decentralized exchange volume in the category, out of $15.9 billion overall, a figure that itself rose 1,250.8%.
Robinhood Chain’s Momentum Fits a Wider Pattern
The activity builds on a run Robinhood Chain has been on since its early July launch, when, as CryptoPotato reported earlier, the network topped $200 million in total value locked within its first week, drawing attention as much for meme coin trading as for tokenized stocks.
Tokenized equities were already the fastest-growing category tracked by CoinGecko between January 2024 and May 2026, expanding from 14 listed coins to 478, a jump of more than 3,300%, faster than either real-world assets or AI-linked tokens over the same stretch.
But not everyone views the shift as purely positive, with the International Monetary Fund warning in an April note that tokenization removes the settlement delays that normally give banks and regulators time to manage liquidity and intervene before problems become irreversible, arguing the efficiency gains come with less room to catch mistakes.
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