Tokenized traditional finance (TradFi) assets traded across six major cryptocurrency exchanges expanded to $6.59 billion by the end of June, according to a CoinGecko report published Wednesday, highlighting rapid growth in a market that allows crypto traders to gain exposure to assets such as stocks, precious metals and foreign exchange products.
The report tracked actively traded tokenized TradFi markets on Binance, OKX, Bybit, Bitget, Gate and MEXC. Combined market capitalization rose from $1.41 billion at the start of 2025 to a peak of $7.50 billion in early February 2026 before easing to $6.59 billion on June 30. The increase represents a 366.7% rise, or nearly fivefold growth, over the 18-month period.
Source: CoinGeckoTrading activity expanded even faster as spot and perpetual trading volume across the six exchanges reached $1.45 trillion during the first half of 2026, more than ten times the total recorded throughout 2025. February alone generated $186.32 billion in trading volume, surpassing the combined volume posted during the previous year.
US Stocks Overtake Precious Metals
Precious metals accounted for the largest share of trading activity during much of the market’s early expansion. Monthly trading volume climbed from $23.99 billion in October 2025 to a record $236.76 billion in March 2026 as gold prices reached all-time highs. Volumes later fell 48.2% to $122.59 billion in June as gold prices retreated from their peak.
Tokenized U.S. equities gained momentum over the same period with monthly trading volume remained near $10 billion through much of late 2025 before rising to $43.40 billion in May. A further 337.4% increase pushed volume to $189.84 billion in June, allowing U.S. stock-linked products to surpass precious metals for the first time.
CoinGecko attributed much of the growth to strong demand for semiconductor-related stocks, including Micron and SanDisk, alongside increased interest in tokenized pre-IPO SpaceX shares. Separate data from FinanceFeeds also showed strong activity in tokenized equities during June, although it uses a different methodology to measure the market.
Binance Extends Lead as Competition Intensifies
Open interest also climbed sharply during the period, rising from approximately $60 million at the beginning of 2025 to $4.67 billion by June 30. U.S. stock-linked contracts overtook precious metals in mid-June, ending the month with $2.01 billion in open interest.
Binance remained the largest venue for tokenized TradFi trading throughout 2026, with earlier research from the exchange pointing to round-the-clock access and contracts without expiry as key drivers of demand for TradFi perpetuals. Monthly trading volume increased from $39.60 billion in January to $231.49 billion in June, giving the exchange a 58.9% share of June’s trading volume across the six exchanges tracked.
Source: CoinGeckoMEXC ranked second for much of the year after reaching a monthly peak of $91.12 billion in May. However, the competitive landscape shifted in June, with OKX recording $53.00 billion in monthly volume and Bitget reaching $44.23 billion, both moving ahead of MEXC’s $38.68 billion. Smaller venues have also moved to capture the trend, with Hotcoin listing five new TradFi perpetual contracts in July.
According to the report, leadership among exchanges was far less consistent during the market’s early stages in 2025, when MEXC, Gate and Bitget each briefly led monthly trading before Binance established a sustained lead at the beginning of 2026.