Tokenized Stocks September 2026: SPY, Google, and Robinhood Take the Spotlight

Token Terminal released data on 7 September 2026 that immediately sparked discussions among crypto traders. The tokenized SPY stock on the Robinhood Chain surged more than 1,300% in just 30 days, breaking through a $17.4 million market cap. 

This rise is not an isolated event — tokenized Google stock and even Robinhood’s own stock also recorded massive surges over the same period, marking a new chapter where conventional investment instruments can now be traded 24/7 in token form on the blockchain.

This phenomenon is worth examining not only because of the fantastic percentage gains, but also because it shows how quickly the tokenized stock ecosystem is evolving in just a matter of months. Here is the full breakdown, from the latest data to the risks and regulatory direction surrounding it.

Key Takeaways

• SPY on Robinhood Chain surged 1,314% in 30 days to a $17.4 million market cap; rGOOGL (+530.9%) and HOODb (+428.7%) also posted sharp gains.
• QQQb, SPYx, and SPCXb accounted for 44.7% ($7.1 billion) of the total $15.9 billion DEX volume in the tokenized stock category over the past 90 days.
• This trend aligns with global growth — the tokenized stocks category on CoinGecko surged 3,314% since 2024, while the IMF and OJK have begun highlighting risks and regulatory directions.

Sharp Surge in SPY, rGOOGL, and HOODb in 30 Days

According to data shared by Token Terminal, the SPY deployment on Robinhood Chain recorded the largest gain among all tokenized stocks in the past 30 days, jumping 1,314% to a $17.4 million market cap. 

In second place is rGOOGL from Reality on the Arbitrum network, up 530.9% to $18.8 million, followed by HOODb from Binance bStocks, up 428.7% to $5.7 million.

The gains did not stop at those top three. MSTRb from Binance bStocks soared 334.6% to $53.8 million, making it the largest market cap asset among Token Terminal's top five. 

The Robinhood version of NVDA rose 284.4% to $15.2 million, while SPACEX (+276.6% to $8.7 million), AAPL (+249.9% to $5.6 million), and GME (+219.4% to $3.9 million) rounded out the list of tokenized stocks with notable performance. Dozens of other stock tokens outside this list even recorded gains of at least 50% in the same period.

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The trading volume picture tells a different story. Token Terminal separately reported that QQQb was the most traded tokenized stock in the past 90 days with $4.5 billion in volume, followed by SPYx ($1.5 billion) and SPCXb ($1.1 billion). 

These three alone accounted for $7.1 billion, or 44.7% of the total $15.9 billion DEX volume in the tokenized stock category — a category whose volume itself surged 1,250.8% compared to the previous period.

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Robinhood Chain and the Global Tokenized Stock Momentum

This surge did not appear out of nowhere. Robinhood Chain, an Ethereum layer‑2 network based on Arbitrum Orbit, only launched its public mainnet on 1 July 2026 — and from day one, its growth has been rapid. 

The network's total value locked (TVL) jumped from about $39 million on the third day to over $130 million in two weeks, broke through $400 million by mid‑July, and then $600 million by the end of that month.

Two months after launch, Robinhood Chain has already recorded $34.6 billion in DEX volume, 576 million transactions, and 12.3 million active addresses, with more than 190 stock tokens having contributed over $3 billion in cumulative DEX volume. 

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Robinhood's already large user base — more than 27 million active customers with hundreds of billions of dollars in assets on the platform — is one of the reasons this new chain could grow quickly without having to build a user base from scratch.

The growth of tokenized stocks is also not exclusive to Robinhood Chain. CoinGecko research noted that tokenized stocks were the fastest‑growing coin category on its platform from January 2024 to May 2026, surging 3,314% from just 14 to 478 listed coins — outpacing the growth rates of both RWA and AI categories. 

In terms of market value, the market cap of tokenized stocks grew from $2.09 million at the end of June 2025 to $486.69 million at the end of March 2026, while spot trading volume reached $15.1 billion in just the first quarter of 2026 — surpassing the total volume of the entire second half of 2025.

Efficiency versus Risk: IMF Warnings and OJK's Regulatory Direction

Such rapid growth has not escaped the attention of global financial institutions. The IMF, through notes by its Financial Counsellor Tobias Adrian, has already highlighted this issue twice in 2026. 

The essence is that the settlement delay, which has long been considered an inefficiency, actually serves as a buffer — giving banks, regulators, and risk managers time to detect problems before they spread widely. 

Once tokenisation eliminates this lag, liquidity needs can emerge instantly, margin calls can be automated, and system failures could potentially propagate faster than institutions or regulators can respond.

In Indonesia, the regulatory direction is actually moving towards carefully accommodating this trend. On 2 September 2026 at the Coinfest Asia event in Bali, Adi Budiarso, Chief Executive of the Supervisory Board for Financial Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, outlined several real‑world asset tokenisation models that have passed the regulatory sandbox — ranging from gold, government securities (SBN), to the economic rights of property. 

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OJK itself cited data showing 256.7% global RWA market growth from the first quarter of 2025 to the first quarter of 2026, approaching $33.5 billion by mid‑2026, as the context behind the preparation of a more comprehensive regulatory framework.

This trend is also keeping pace with the growth in domestic crypto investors. OJK data shows that Indonesian crypto asset consumers reached 22.69 million in June 2026, with monthly transaction value of Rp28.58 trillion — up 24.2% from the previous month. 

Several Ondo Finance‑based tokenized stock products, such as NFLXon and SBUXon, are already available on local platforms like Bittime, indicating that this global trend is already reaching the Indonesian market.

Conclusion

The sharp surges in SPY, rGOOGL, and HOODb over the past month confirm that tokenized stocks are no longer just a niche experiment, but a category that is growing in real terms — in price, volume, and the number of available assets. 

Robinhood Chain is one of the key drivers behind this, but CoinGecko data shows that the momentum has already spread to the wider ecosystem. 

On the other hand, the IMF's warning about the loss of settlement buffers and OJK's cautious approach in drafting RWA regulations remind us that such rapid growth must be balanced with adequate risk understanding before investing.

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FAQ

What are tokenized stocks? 

Tokenized stocks are digital representations of conventional stocks issued on a blockchain, usually backed 1:1 by the original stock held by a regulated custodian. This form allows stocks to be traded 24/7 like crypto assets.

Why did SPY on Robinhood Chain surge more than 1,300%? 

This rise was driven by a small initial market cap base, making the percentage change appear very large, combined with the rapidly growing adoption momentum of Robinhood Chain since its launch in July 2026. Although the percentage is high, the absolute market cap ($17.4 million) is still relatively small compared to conventional stock markets.

What is Robinhood Chain? 

Robinhood Chain is an Ethereum layer‑2 network based on Arbitrum Orbit, launched by Robinhood on 1 July 2026 to support on‑chain trading of tokenized assets, including stocks and ETFs.

Are tokenized stocks risky? 

Yes. The IMF has warned that tokenisation eliminates the settlement delay that has long served as a risk buffer, so market shocks or system failures could spread more quickly. Investors still need to understand liquidity and regulatory risks before investing in these assets.

What is Indonesia's position on this tokenized stock trend? 

OJK is in the process of developing a more comprehensive regulatory framework for real‑world asset (RWA) tokenisation, with several models such as gold and SBN already tested through the regulatory sandbox. Several Ondo Finance‑based tokenized stock products are also already available on licensed local platforms like Bittime.