Meme Coin Dominance Fades as Tokenized Stocks Claim 11% of DEX Volume

Tokenized equities made up 11% of decentralized exchange (DEX) activity in September, according to a Binance Research report. Meme coins accounted for 17% that month, leaving a six-percentage-point gap.

The study indicates that tokenized stocks are drawing some of the volume that had been concentrated in meme coins.

Tokenized Stocks Surged From Near Zero Over One Summer

Through 2025, tokenized stocks had nearly no DEX presence, the Binance Research report noted. That situation held for much of the first half of 2026 before it started to climb.

Around the end of July, tokenized equities briefly overtook meme coins. Their average share then settled at 11% in September.

Meme coin activity weakened in comparison. Their DEX share swung from 6% to 53% during 2025, then settled to a September average of 17%.

“The on-chain economy is evolving from its roots in crypto-native assets towards a broader financial network, where crypto and traditional assets trade side by side on shared, always-on rails,” the report read.

Tokenized Equities Break $3 Billion Mark With Expanding Onchain Adoption

The rise in DEX share came as the tokenized stock market expanded. According to RWA.xyz data cited in the report, the sector surpassed $3 billion in market capitalization during the fourth week of September.

This expansion positions tokenized stocks as the fastest-growing real-world asset (RWA) category of 2026. By mid-September, BNB Chain held roughly $1 billion of that total, representing 34% of the market, Binance Research stated.

On-chain transfers of tokenized stocks mirrored that rise. Counting trades, they went from $6 billion in the first quarter to over $100 billion in the third.

DeFi platforms have also been absorbing these tokens, boosting tokenized stock DeFi deposits over the last 12 months.

Data for October will show whether tokenized equities can maintain a double-digit DEX share and once again challenge meme coins.