The total number of tokenized stock holders surged in August, with Token Terminal reporting an addition of 928,400 new holders throughout the month. This figure represented a 120% increase from July, which had about 771,000 holders. More holders were added in August than in all previous months combined, setting a new record for the sector.
Strongest growth seen to date
August accounted for approximately 55% of all growth in tokenized stock holders since Token Terminal started tracking the metric. The increase in holders during August was 3.4 times larger than the previous monthly record set in July, when about 272,000 new holders joined.
While the 120% growth is significant, previous months have seen higher percentage gains, including July’s 261% jump from a much smaller base of 20,300 to 73,300 holders. By comparison, August’s increase came off a much larger base, with nearly a million wallets involved.
BNB Chain and Robinhood Chain dominate networks
BNB Chain led tokenized stock networks with 730,000 holders in August, followed by Robinhood Chain with 518,800. In total, chains outside the leading two accounted for 462,700 holders, including 335,000 on Solana, 61,000 on Base, and 56,600 on Ethereum. Other networks such as Arbitrum One, Ink, OP Mainnet, and Polygon combined for smaller, but still notable, numbers.
ETH
SOL
BSC
ROBINHOOD
USDT
AAPL| Network | August Holders |
|---|---|
| BNB Chain | 730,000 |
| Robinhood Chain | 518,800 |
| Solana | 335,000 |
| Base | 61,000 |
| Ethereum | 56,600 |
In terms of issuers, Robinhood ended the month as the leader. Binance’s bStocks also posted notable results, growing its holder base from 52,900 in July to 464,700 in August and moving into the number two spot, surpassing xStocks.
Mini dictionary: Token Terminal is a crypto analytics platform that tracks on-chain data related to various digital assets and decentralized financial products, providing insights into metrics such as asset holders and trading volumes.
Key drivers: Fee promotions and new token listings
Two main factors contributed to the rapid growth in August. Binance removed maker fees across all bStocks trading pairs for the month and expanded its listing activity. Robinhood Crypto stated on August 13 that it launched 100 additional stock tokens on the Robinhood Chain, increasing the overall number to more than 190. This rollout came during the first full month after the chain’s mainnet launch, which saw engagement from Robinhood’s 28 million brokerage accounts.
Robinhood Crypto highlighted that with over 100 new stock tokens now live, users gained broader access to tokenized equities within the chain’s ecosystem, backed by millions of brokerage customers.
Wallet numbers vs. true user base
Industry analysts pointed out that the reported numbers count wallets, not unique individuals. Fee promotions and frequent new token listings often drive users to create multiple wallets, leading to inflated figures in the headline statistics.
Analysis of asset-level data revealed a concentration among the most popular tokens. SPCXb topped the list for August at 165,800 holders, with NVDAx and QQQb reaching 66,500 and 65,400 holders, respectively. Outside the top ten, remaining tokens collectively made up an “Other” category of 1.1 million holders, indicating that most wallet growth centers around a few assets.
September outlook and sustainability
On August 28, Binance extended its zero maker fee campaign through September 30 and enabled Spot Grid, DCA, and Rebalancing bots for roughly 70 bStocks pairs. These features introduced additional incentives and distribution channels for tokenized stocks.
Analysts believe October will provide a clearer picture of user retention, as the sustainability of August’s growth remains uncertain once fee promotions expire and normal trading fees resume.
The real challenge will come after incentives end, when activity data will better reflect genuine user demand rather than campaign-driven participation.
