Two market-makers have told me that ±40% of their order-flow is now RWA and on-chain representation of equities. It's the simplest measure of where capital is heading - both from retail and institutional flows. Tokenisation is much bigger than crypto. https://x.com/BrianInCrypto/status/2075951473

Two market-makers have told me that ±40% of their order-flow is now RWA and on-chain representation of equities. It's the simplest measure of where capital is heading - both from retail and institutional flows. Tokenisation is much bigger than crypto. https://x.com/BrianInCrypto/status/2075951473

Tokenized stocks are quietly eating the RWA market. Their share of total RWA market cap has climbed from ~1.4% last July to over 15% today. Monthly on-chain volume tells the same story: $117M in July 2025 → $3.4B in June 2026. Nearly 30x growth in a year.