The tokenized stock market is said to have surged since the beginning of 2026, attracting participation from many digital asset platforms. As the number of products expands, liquidity, execution quality, and the ability to verify underlying assets are becoming increasingly important issues.
Rapid Expansion of the Tokenized Stock Market
According to data from DeFiLlama, the market capitalization of tokenized stocks has increased by over 140%, from approximately $814 million to nearly $2 billion in 2026.
Tokenized stocks are blockchain-based products that have value or economic rights linked to traditional stocks or ETFs. The growth of this segment is driving many digital asset platforms to expand into products related to traditional financial markets.
Bitget is one of the platforms implementing this model through rToken issued by Reality. According to information released by Bitget, the system currently supports over 500 tokenized stocks and ETFs.
However, the rapid increase in the number of products raises questions about the ability to maintain liquidity and the level of transparency of the assets backing each token.
Liquidity Becomes a Key Focus
An asset can be brought onto the blockchain, but its market still depends on the number of buy and sell orders, price spreads, and order book depth.
According to data cited from a study by DeFiLlama, Bitget recorded a median spread of approximately 0.83 basis points in the year the tokenized stock market was surveyed.
Additionally, Bitget leads in market depth across most of the 36 perpetual contracts related to stocks studied.
"A tokenized stock is only good if there is a sufficiently good market behind it. Investors do not care how the stock is packaged if they cannot trade it effectively," said Gracy Chen, CEO of Bitget.
These figures need to be viewed within the context of the sample, timing, and specific survey methodology. Liquidity can change rapidly based on market conditions and does not necessarily mean that a platform or product is safer.
From a broader perspective, the competition among platforms for order book depth indicates that the market is gradually shifting from merely expanding the number of assets to improving the trading infrastructure behind them.
Transparency of Underlying Assets Becomes an Important Requirement
In addition to liquidity, another issue with tokenized stocks is the ability to verify the underlying assets, custodianship, and the level of information update regarding reserves.
Reality, the platform issuing rToken backed by Bitget, states that the underlying assets are custodied through Alpaca Securities and the reserve data is verified by The Network Firm. Bitget also announced that Reality has issued over 500 tokenized stock and ETF products.
However, Proof of Reserves or asset confirmation reports only provide partial information about the product structure. They do not automatically guarantee investment safety, comprehensive liquidity, or that the product is allowed to be offered in every country.
As the tokenized stock market continues to expand, competition among platforms may increasingly focus on three factors: liquidity, the ability to verify underlying assets, and operational transparency, rather than just the number of listed products.
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