Tokenized RWAs: $39B distributed, most new wallets in stocks

While $39 billion in tokenized asset value sounds like a milestone, the distributed value in tokenized assets has remained relatively stale around $38 to $39 billion since early August. Value over 30 days is up about 1.5%, but the number of unique holders more than doubled over the same window. New capital barely showed up, but new addresses did.

Those addresses are in tokenized stocks. The Treasury and credit tokens that still hold most of the dollars barely added wallets. Equity wrappers did, because two consumer platforms started handing them out at brokerage scale. Robinhood Chain, Robinhood's Ethereum L2, went live on July 1 with Stock Tokens aimed at its existing retail base. Centrifuge flagged more than 200,000 new RWA holders in a single week after that launch. Token Terminal then recorded 928,400 new tokenized-stock wallets in August, the largest month in that series. BNB Chain and Robinhood Chain held about three-quarters of that August total. Every other network combined sat below either one on its own.

The two products behind that split are Binance bStocks and Robinhood Stock Tokens, which are racing on distribution. Robinhood listed another 100 tickers on August 13 (past 190 names). Binance waived maker fees on all bStocks pairs and extended that waiver through September 30. By late August, Token Terminal had Robinhood stock tokens at about 863,000 holders and bStocks at 827,000. rwa.xyz's September 10 platforms page already has bStocks at 1.09 million holders on $643 million.

Robinhood's own AUM tile on that dashboard is still small (tens of millions across ~191 assets). A lot of the holder activity sits on Robinhood Chain. Chain-level DEX volume on Robinhood Chain has printed above $1 billion a day. Stock tokens are only a slice of that, next to memecoin pairs. Wallets are also not people: fee holidays and new listings are a good way to manufacture extra addresses. Even so, the holder explosion is a retail equity-wrapper story.

Distributed RWA value vs. unique holders.

The class mix on rwa.xyz around September 10 is the same split in dollars versus wallets:

Treasuries are still about 40% of the dollars and 74k holders. Stocks are 7.4% of value, +174% holders in 30 days, and almost the entire address count. xStocks is the older crypto-native book on that table (455k holders, $640 million). It is no longer the one adding wallets.

Asset-class dollars vs. holders

Permissioned cash still looks like concentrated AUM on the other side of the same dashboard:

• Circle USYC: $2.60 billion, 34 holders

• BlackRock (asset-manager page): $2.84 billion, 277 holders

• J.P. Morgan AM: $904 million, 9 holders

• Securitize as a platform: $5.01 billion, 1,871 holders

HIP-3*: Venue-Level Allowlists on Testnet

Hyperliquid is the largest onchain perpetuals venue, settling several billion dollars of perp volume a day, which is what makes the permissions attached to HIP-3 worth reading closely.

HIP-3 has been live on Hyperliquid since October 2025. Any deployer that stakes 500,000 HYPE and keeps it staked for at least 183 days can stand up one perp DEX on HyperCore, the exchange's core execution layer, with its own margining, order books, oracles and fees. The docs describe this as permissionless listing, though the stake is a real barrier rather than an open door. The deployer defines the contract, posts the oracle, sets leverage, and retains the authority to halt trading and settle the market. Validators can slash the stake by stake-weighted vote for behaviour that harms protocol correctness, uptime or performance. 

As of September 10 the live perpDexs API showed 10 builder DEXs and 139 live HIP-3 markets. Combined HIP-3 open interest was $3.98 billion and 24-hour volume $2.90 billion. Almost all of that is Trade[XYZ]: 104 live markets, $3.91 billion OI, $2.85 billion volume. EntropyIO, Paragon, and Markets By Kinetiq add 35 live markets and about $70 million of OI. Six other builder DEXs have no live markets. HIP-3 is about 28% of Hyperliquid's API-level open interest.

HIP-3* is an optional setting applied to a venue when it is created, rather than a new framework or a change to how HIP-3 works, and GitBook currently labels it testnet-only. Designating a venue as HIP-3* turns on an onchain wallet allowlist and five proxied operator actions, and a deployer can either exercise all five itself or delegate them individually to approved sub-deployers. Existing HIP-3 markets are not converted, since the functionality is strictly additive and only activated by deployers that need the access controls. The specification is preliminary, with no announced mainnet date and no published test results. CryptoBriefing attributes the September 3 note to co-founder Jeffrey Yan, who framed the tools as optional and intended to let independent operators satisfy the requirements that apply to their own deployments.

What a HIP-3* deployer, or a sub-deployer granted that one op, can do, from the official deployer-actions page:

• modifyApproval: add or remove a wallet from the allowlist

• cancel: cancel that user's resting orders by oid

• cancelAll: cancel that user's resting orders and TWAPs on this venue only

• order: place orders, every one of them reduce-only

• sendAsset: move collateral from the proxied user to another account on the same venue

Reduce-only is the hard limit: the operator can shrink a position through the proxy and cannot increase one. cancelAll and sendAsset are written as venue-scoped. This is access control on one newly created book, not a freeze across Hyperliquid. The docs do not list every action a wallet outside the allowlist can still take on its own.

Redemption latency: issuer windows vs. Liquid Lane

The stack this would sit on is already large. DefiLlama on September 10 put Hyperliquid at $7.49 billion 24-hour perp volume and $14.67 billion open interest, against $21.51 billion and $23.72 billion for the perp DEX set it tracks: about 35% of volume and 62% of open interest in that universe. The same page has an HYPE ATH of $89.6 on September 6.

CryptoSlate and Lookonchain, covering the September 3 API note, describe HIP-3* as optional tooling so a deployer can run its own markets under rules that apply to it. Official GitBook does not mention KYC, the CFTC, or U.S. access. An allowlist answers whether a wallet may trade that venue. It does not prove identity or legal eligibility. A separate August 31 Bloomberg-recap thread (Payward / Bitnomial / a CFTC outline) is not HIP-3*. The 500k HYPE stake, oracle duty, and validator slashing on HIP-3 deployers are unchanged.

Watch whether any deployer creates a HIP-3* venue if the spec reaches mainnet, and whether a gated book can keep quotes tight against Trade[XYZ]'s open flow. Until then this is a testnet control surface, not a new venue.

Tokenized RWA value crossed $39 billion while holders more than doubled, and almost all of that wallet growth is tokenized stocks. Hyperliquid, already the largest perp DEX by open interest, is testing a way for a builder to gate only its own book.

Disclaimer: The information provided in this newsletter is for educational and informational purposes only and does not constitute financial, investment, or legal advice.