Research at @birdeye_data & @birdeye_so 🇻🇳🇺🇸🇨🇳🇰🇷 RWA and tokenized stocks.
Vietnam
Joined May 2022
- Tweets1K
- Following969
- Followers683
- Likes5K
Pinned Tweet
Six weeks in, Coinbase's $28.58M book on @base is 3% of what six issuers hold in the same stocks, yet only two rivals out-traded it in late September. What we found:
- $2.06B has traded since the Aug 24 launch, 40.7% of it during New York's regular session, in under a fifth of the hours.
- 23 DeFi contracts hold 55% of the float. The largest, @aave V4's Equities Hub, holds $4.71M of the stock as collateral.
- The trading comes from wallets already there. First-time wallets supplied 0.7% of volume by late Sep.
A small book trading like a large one. Full issue of Onchain Happenings #7 👇
DJ Hà Trang retweeted
Backpack Securities led all issuers by 24h volume, with $105M+ traded on a Sunday while traditional US markets were closed.
24/7 equity markets, natively on @Solana.
Build on Backpack 🎒
Source: @Birdeye_so
5 million holder accounts is headline number, because only 15% of those are unique wallets with balance of at least $1. Move the limit to $100, only 1.6% remain.
Brutal as it may seem, this is typical in a high-growth and fast-moving sector. Tokenized stock, in the end, is only 1.5 years old. Once it cools down and settles, heavier and more sustainable adoption will show.
Measuring velocity N days since launch shows how issuers ramped. The race till day 120 is divided:
- @Backpack dominated from day 6 to day 19, thanks to its explosive launch with SPCX, then back to top 1 from day 89
- @coinbase took the lead from day 20 to day 56, printing huge volume with a small book
- @RobinhoodCrypto fit neatly in between, peaking at 7x turnover rate
More from our latest report on tokenized stocks below 👇
DJ Hà Trang retweeted
Within 16 months, tokenized stocks have grown from zero to a substantial RWA category with more than $3B in market cap across chains. Among issuers, top 6 emerges across 5 networks.
Key takeaways from our report:
1. The market grew 8x in a year with @BNBCHAIN now leading at $1.46B. @solana has the most holders holding at least $1 (446K) and most unique wallets (283K).
2. Of the $74B in spot DEX volume since Jul 2025, 88.24% came from June 2026 onward. Leadership rotated from @bstocksfinance in Jul & Aug to @RobinhoodCrypto in Sept.
3. The six issuers' tokens sit in 5M holder accounts, but only 1.2M hold at least $1. Robinhood leads on accounts with 1.6M, but bStocks leads on unique wallets with 217K.
4. Three issuers hold most of the value: bStocks, @Ondo & @xStocksFi each carry about $1B in market cap.
5. On the 9 stocks all six issuers list, four different issuers lead six measures: bStocks on market cap ($307M) and holders, @coinbase on 30-day volume ($794M) and 30-day turnover (86x), Robinhood on cumulative volume ($3.1B), and @Backpack on lifetime turnover (182.4x).
6. SPCX dominates the shared set, accounting for 54.3% of Core 9 volume & 55.1% holder accounts.
Read full report 👇
Everything you need in one terminal.
As tradfi migrates onchain and allocators give crypto more share in their portfolio, they need curated and precise data to make informed decisions. Peak offers everything allocators need in one unified interface and familiar command-driven experience.
Take a walkthrough and hit us up.
This is your reminder to celebrate small wins everyday.
Our newsletter on Linkedin reached 400 subs after 7 editions 👻
Mostly because trading hours make up of only 19% of total hours per week. If you take average volume per trading hour versus per off-trading hour the result will be different.
Example: Coinbase stocks' off-hour volume took 59.3% total volume, but average volume per RTH runs 2.13 times average overall hour. Robinhood: 1.72 times.
Of course off-hour markets are real, but comparisons need to be fair.
More than half of trading in tokenized equities takes place outside regular market hours. The demand for 24/7 access is real. The challenge is building markets that are also deep, liquid, and resilient. Learn more in our GFSR chapter on tokenization: imf.org/en/publications/gfsr…
xitter.cf/djhatrang/status/21095… More on Coinbase example
Despite the promise of 24/7 trading, onchain tokenized stocks are still largely trading by regular NYSE hours. That's a natural and expected outcome for an onchain asset that pegs its price to a traditional asset that have trading hours.
Of course, thanks to onchain liquidity, off-hour price discovery still happen at a smaller scale. For Coinbase stocks on @base, RTH volume runs 2.13 times average hour of $1.90 million, while weekends and holidays ran at only 0.53 times. @RobinhoodCrypto runs 1.72 times its average in market hours.
Despite the promise of 24/7 trading, onchain tokenized stocks are still largely trading by regular NYSE hours. That's a natural and expected outcome for an onchain asset that pegs its price to a traditional asset that have trading hours.
Of course, thanks to onchain liquidity, off-hour price discovery still happen at a smaller scale. For Coinbase stocks on @base, RTH volume runs 2.13 times average hour of $1.90 million, while weekends and holidays ran at only 0.53 times. @RobinhoodCrypto runs 1.72 times its average in market hours.
Solana, Ethereum, BNB Chain, Base, Hyperliquid
🔥 LONGITUDE: @Securitize's CSO Chongwu Du sees tokenized finance concentrating across a handful of blockchains, rather than a single network.
Which networks will make the cut?
DJ Hà Trang retweeted
Big milestone for @Backpack Securities: the cumulative trading volume across its tokenized assets has officially surpassed $5B.
Since launching its first flagship asset in June, Backpack Securities has expanded to 73 tokenized assets in just 4 months, covering a growing range of real-world exposures.
The pace is hard to ignore, and it highlights just how quickly tokenization is scaling on Solana.
Data powered by @birdeye_data.
Newly launched solana:RACEyWiM2ztEZcJx2AHXU2eWjhxU57x3vXn92b39dLD is leading all Solana RWAs in 24h volume.
Issued by @BackpackOnchain via @sunrise.
Check RWAs on @birdeye_so: birdeye.so/solana/find-gems?…
You can see the composition of that volume on Birdeye too:
- $13.7M on @Raydium
- $8.3M on @Pumpfun AMM
- $6.4M on @MeteoraAG DLMM
Great job on the payment data @Paymentscan 👏
BREAKING: The total volume of payments processed on crypto cards has reached a record $12.5 billion, up +140% year-to-date.
This also marks +247% growth compared to levels seen in October 2025.
Continued adoption of stablecoins as a payment rail and the push toward cross-border transaction efficiency are behind the surge in volume.
Furthermore, QR-code based payments for crypto cards are seeing robust growth.
This has fueled +55% quarter-over-quarter growth in activated cards on Jupiter Spend, one of the largest onchain card providers, particularly due to demand for QR payments.
Crypto cards are the next phase of crypto adoption.
DJ Hà Trang retweeted
A summary of @solana in Q3 2026 by the numbers:
- $SOL up 54% QoQ with 8.4M+ holders
- SOL ETFs reached $1.4B+ cumulative net inflow
- Onchain card payments reached an ATH of $262.7M+ onchain volume in Q3
- RWA market cap jumped 5x YoY to $4.49B
- Tokenized stocks surpassed 1M+ holders & up 17% QoQ in spot volume
- Perps summed to $431B volume YTD
Details in our report 👇
