Binance Research projects tokenized equities could reach $349 billion by 2030
In brief
- Binance Research's base case puts tokenized equities at about $349 billion by 2030.
- Other 2030 scenarios range from a $61 billion conservative case to a $987 billion bull case.
- On-chain equities total $4.43 billion, or 0.0029% of listed equity markets, the report says.
- Equity Capital Activation Rate rose from 1.95% to 7.54% year-to-date, the report says.
- Binance Research is the Binance exchange's research arm, and Binance has a commercial interest in tokenized assets.
LeoDex News didn't review the report directly. The figures below come from Binance Research as relayed by Crypto Briefing.
Three scenarios for 2030
The $349 billion figure is one of three 2030 scenarios in the report. Binance Research's conservative case lands at $61 billion. Its bull case stretches to $987 billion. (These are the firm's projections, not forecasts by LeoDex News.)
It's worth keeping in mind who's doing the projecting. Binance Research sits inside the Binance exchange, and Binance has a commercial interest in tokenized assets.
The starting point is small. According to the report, tokenized equities represented 0.0029% of the $151.9 trillion listed equity market, although the category grew 390.4% year-to-date.
Measuring use, not just issuance
The report's angle isn't simply how many assets get tokenized. It focused on whether those tokens are used in on-chain applications such as liquidity pools, lending and collateral arrangements. Binance Research argued that utilization deserves equal attention alongside issuance totals.
To track that, it introduced two metrics. The Programmable Asset Ratio (PAR) measures how much of an underlying asset class has been brought on-chain, and the Capital Activation Rate (CAR) measures how much of that on-chain value is deployed in financial applications.
According to the report, equity CAR rose from 1.95% to 7.54% year-to-date. Of the tokenized equity value that's deployed, 65.4% was in liquidity pools and 28.1% was in lending.
Lending and liquidity pools account for most of the deployed value.
The broader RWA picture
According to the report, on-chain RWA assets under management across all categories reached $34.18 billion by mid-September 2026, up 85.2% within the year. Its PAR measurements put total tokenized RWA penetration across major asset classes at around 0.01% of their underlying markets.
The report updates an earlier Binance Research analysis of real-world asset tokenization, published May 15, 2026. Binance Research also pointed to emerging products aimed at users in global markets as part of its outlook.
Frequently asked questions
What are Binance Research's 2030 scenarios for tokenized equities?
Binance Research's report The RWA Activation Era sets out three scenarios for 2030: a conservative case of $61 billion, a base case of $349 billion and a bull case of $987 billion. These are Binance Research's own projections. As of September 15, 2026, the on-chain balance of tokenized equities was $4.43 billion.
What are the Programmable Asset Ratio and Capital Activation Rate?
Binance Research introduced both metrics in its September 2026 report. The Programmable Asset Ratio (PAR) measures how much of an underlying asset class has been brought on-chain. The Capital Activation Rate (CAR) measures how much of that on-chain value is deployed in financial applications. The report says equity CAR rose from 1.95% to 7.54% year-to-date.
Where is deployed tokenized equity value being used on-chain?
According to the Binance Research report, 65.4% of deployed tokenized equity value was in liquidity pools and 28.1% was in lending. The report measured whether tokens are used in on-chain applications such as liquidity pools, lending and collateral arrangements, not only how many assets get tokenized.
