CoinDesk
Onchain tokenized-equity trading volume surged 145% in June to a record $3.86 billion, heavily driven by blockchain-based versions of SpaceX shares following the aerospace company's $75 billion IPO, according to CoinDesk Data's Stablecoins & Tokenized Assets report.
Tokenized SpaceX instruments captured $1.19 billion, or roughly 31% of the month's total trading volume. Backpack Securities' SPCX token led the field at $1.08 billion, followed by xStocks' SPCXx at $852 million. Backpack's broader tokenized-instruments book traded $1.42 billion for the month, the majority of which sat in SPCX.
Why it matters
The composition of the surge is the story more than the headline number. Established names like Nvidia, Tesla, SPY and QQQ remained actively traded, yet none matched the appetite for SpaceX. Demand is migrating from passive index and large-cap proxies toward single-name, pre-IPO exposure that traditional brokerage rails still gate. A 31% concentration in one private stock is the clearest read yet that onchain equity venues are being used as an IPO-access workaround, not just a 24/7 settlement experiment.
Market impact
The sector's market capitalization hit a record $1.53 billion in June, up 6.64% month over month and the fifteenth consecutive month of growth. SpaceX's fully diluted valuation near $1.8 trillion set the upstream anchor: tokenized secondary markets priced off that reference, and Backpack's order book emerged as the deepest liquidity venue. Watch whether the SPCX dominance fades as direct SpaceX share allocation broadens, or whether the next large private listing (OpenAI, Stripe, ByteDance) repeats the same gravity well. Stablecoin market cap, by contrast, fell to $312B in June, its largest monthly drop since TerraUSD, a divergence worth tracking as the onchain liquidity mix rebalances toward yield-bearing and equity-backed instruments.
Frequently asked questions
-
How big was tokenized equities trading in June?
Onchain tokenized-equity volume reached a record $3.86 billion in June, up 145% from May, according to CoinDesk Data's Stablecoins & Tokenized Assets report.
-
Why did SpaceX tokens dominate onchain equity trading?
Tokenized SpaceX instruments captured $1.19 billion, or 31% of monthly volume, following SpaceX's $75 billion IPO and a fully diluted valuation near $1.8 trillion that gave tokenized secondary markets a fresh reference price.
-
Which venue led SpaceX token trading?
Backpack Securities' SPCX token led with $1.08 billion in onchain volume, followed by xStocks' SPCXx at $852 million. Backpack's broader tokenized book traded $1.42 billion for the month.
-
What was the tokenized equity sector's market cap in June?
The sector's market capitalization hit a record $1.53 billion in June, up 6.64% month over month and the fifteenth consecutive month of growth.
-
What happened to stablecoins while tokenized equities surged?
Stablecoin market cap fell to $312 billion in June, the largest monthly drop since TerraUSD, a divergence CoinDesk Data flagged as onchain liquidity rotates toward equity-backed and yield-bearing instruments.
TheBlock
Crypto Rank News
WuBlockchain