Robinhood Takes Lead as Tokenized Equity Trading Hits Record $15.6B

Tokenized equity trading reached a record $15.6 billion in September, according to CoinDesk Research, as Robinhood rapidly emerged as the largest venue. The data also showed renewed growth across stablecoins and a changing composition of tokenized real-world assets, trends that could shape liquidity across Solana and other blockchain markets.

Stablecoin Market Regains Momentum

Stablecoin market capitalization rose 1.29% to $313 billion in September, marking the second consecutive monthly increase. Growth in trading activity outpaced the expansion in supply: stablecoin-pair volumes on centralized exchanges climbed 24.8% to $1.01 trillion, the first month above the $1 trillion mark since March.

Stablecoins’ share of the broader digital asset market nevertheless declined to 10.5% from 11.3%, as the total crypto market grew 8.46%. The market’s leading assets remained concentrated, although their relative positions shifted:

• Tether held 58.7% of total stablecoin supply, worth approximately $184 billion, down from 59.4%.
• USDC rose 0.70% to $74.6 billion, its highest market capitalization since May 2026.
• Ethena’s USDe gained 20.2% to $4.90 billion, the largest increase among the 10 largest stablecoins.
• USYC, issued by Circle, recorded the largest decline in that group, falling 13.4% to $2.40 billion.

Circle also launched its Arc mainnet on September 16. USDC supply on Arc ended the month at approximately $465 million, providing an early measure of activity on the new network.

Tokenized Assets Shift Toward Equities

The overall tokenized real-world asset market remained broadly stable, but its internal mix changed. Tokenized bonds and money-market funds fell 8.1% to $17.3 billion, reducing their share from 54.3% to 50.5%. Private credit increased 7.15% to $5.62 billion, while tokenized commodities rose 2.13% to $6.43 billion. Tether Gold accounted for $3.46 billion of the commodity category.

Tokenized stocks and equities were the strongest growth segment, expanding 13.7% to a record $4.87 billion and increasing their share of the market to 14.2% from 12.4%. Securitize led equity assets under management at $1.62 billion, followed by Ondo at $1.00 billion and xStocks at $874 million.

Robinhood Reorders the Trading Landscape

On-chain tokenized equity volume rose 16.4%, surpassing the previous record of $15.4 billion set in July. Robinhood’s volume surged 407% to $6.57 billion, giving it a 42.0% market share, compared with 9.7% in August.

• Robinhood: $6.57 billion, 42.0% share
• bStocks: $5.42 billion, 34.7% share, down 45.5%
• xStocks: $2.11 billion
• Coinbase: $804 million

What This Means

September’s figures point to a market where stablecoin liquidity is recovering and tokenized equities are moving from a niche product toward a more competitive trading category. For Solana, the key implication is not a reported Solana-specific volume gain—the research does not provide chain-level attribution—but the growing demand for fast settlement, liquid stablecoin pairs and accessible tokenized-asset venues. If that demand continues, networks and applications that can support high-throughput trading and compliant asset issuance may compete for a larger share of the next phase of on-chain markets.