The battle for liquidity in the tokenized real-world assets (RWA) market is entering a new phase. Bitget's rToken product, launched just five weeks ago, has already surpassed the $100 million mark in assets under management. This is not just a number—it is a signal that interest in tokenized securities is moving from the experimental phase into a full-fledged trend.
SpaceX as the Main Catalyst
Since June 2, the total transaction volume of rToken has reached $671.37 million, with an average daily turnover of $19.75 million. The peak daily figure was $56.16 million. The key driver of this growth has been tokenized exposure to SpaceX. rSPCX accounts for 23.51% of all platform assets—the largest digitized security in the portfolio. It is followed by rCSCO (17.75%) and rNVDA (13.38%).
The surge in activity coincided with a general rise across the entire tokenized stock segment. According to analysts, in June, their turnover reached $3.4 billion for the first time: monthly growth was 279%, and yearly growth was 1400%. The hype around SpaceX and the ability to trade 24/7, unavailable on traditional exchanges, became the main catalysts.
The Market is Gaining Momentum, but Not Without Nuances
The total market capitalization of tokenized stocks, according to analytical platforms, has reached approximately $1.82 billion. Over the past 30 days, this figure has grown by 26%. However, the transaction dynamics are even more impressive: monthly transaction volume amounted to $8.79 billion—88% more than a year ago. The number of holders also increased by 16%, to 414,000.
But there is a contradictory aspect. Despite the growth in value and number of transactions, the number of active addresses decreased by about 75% over the month. This points to consolidation: large players are increasing their positions, while retail traders are likely taking a wait-and-see approach.
Analyst Comment: Tokenization of stocks is a bridge between TradFi and DeFi that is becoming increasingly passable. The growth of Bitget's rToken and the entire segment by 1400% over the year shows that we are only at the beginning of the journey. However, the decline in the number of active addresses amid rising volumes hints that the market is moving toward institutional players. For a retail trader, this could mean both a loss of the "people's" character and an increase in liquidity and maturity of the instrument.