Binance Research Projects Tokenized Equities to Reach $349 Billion by 2030, Emphasizing On-Chain Utilization

Binance Research projects that the market for tokenized equities could expand significantly, potentially reaching $349 billion by 2030 under its base-case scenario. This projection, detailed in a recent report titled ‘The RWA Activation Era,’ highlights a crucial evolution in the market: a shift from the mere issuance of tokenized assets to their active utilization within on-chain applications.

Current Market Snapshot and Growth

As of September 15, 2026, the on-chain balance of tokenized equities stood at $4.43 billion. This figure represents a small fraction, approximately 0.0029%, of the current $151.9 trillion listed equity market. Despite its current size, the tokenized equities sector has experienced substantial growth, increasing by 390.4% year-to-date. The report, an update to an earlier analysis from May 15, 2026, introduces two key metrics to track this evolution: the Programmable Asset Ratio (PAR) and the Capital Activation Rate (CAR).

The Rise of On-Chain Utilization

The CAR, which measures the utilization of tokenized assets in on-chain applications, has seen a notable increase. The equity CAR rose from 1.95% at the start of the year to 7.54% by mid-September 2026. This upward trend suggests that decentralized finance (DeFi) protocols are increasingly finding uses for tokenized stocks, primarily within liquidity pools and lending applications. Currently, 65.4% of the deployed value in tokenized equities is allocated to liquidity pools, while 28.1% is utilized in lending protocols.

This focus on utilization marks a significant development, according to the report. The market’s success is increasingly being measured not just by the volume of assets tokenized, but by how actively these tokens are integrated into DeFi ecosystems. The overall on-chain Real-World Asset (RWA) market has also seen considerable growth, reaching $34.18 billion in assets under management by mid-September 2026, an increase of 85.2% within the year. Across major asset classes, total tokenized RWA penetration is currently around 0.01% of their underlying markets.

Future Scenarios and Uncertainties

Binance Research outlined three potential scenarios for the tokenized equities market by 2030: a conservative case projecting $61 billion, the base case of $349 billion, and a bull case reaching $987 billion. The report’s analysis of the CAR jump from 1.95% to 7.54% year-to-date is presented as a key data point supporting the argument for increased on-chain utility.

However, the future trajectory of this market is not without uncertainties. Key questions remain regarding whether the CAR will continue to rise, if lending will grow as a proportion of deployed value, and whether new global products will significantly boost tokenized equity balances beyond current levels. These factors will be crucial in determining whether the market reaches its projected potential.

Why This Matters

The materials describe a narrow update: Binance Research published a report projecting tokenized equities to reach $349 billion by 2030, highlighting a shift in focus from asset tokenization to the utilization of these tokens in on-chain applications. Whether CAR keeps rising.

Broader Context

Source materials place the market analysis in this context: The report is an update to an earlier Binance Research analysis on real-world asset tokenization published May 15, 2026.