Tokenised stocks circulating on the Ethereum network rose 170 percent in a year to more than $800 million. As traditional financial assets move onto blockchains in earnest, related derivatives markets are also growing quickly on decentralised trading platforms such as Hyperliquid.

On Nov. 1 (local time), blockchain media outlet U.Today reported that analytics platform Token Terminal said tokenised stocks on the Ethereum network totalled about $827 million as of late October 2026. That is up 170 percent from a year earlier. More recent figures show the total has expanded to $841 million.

Token Terminal assessed that the real-world asset (RWA) market is moving beyond the experimental stage and becoming part of actual financial infrastructure. Other blockchain networks also account for tokenised securities markets worth billions of dollars, but Ethereum is also strengthening its position as a major distribution channel, it said.

A token issuance structure similar to stablecoins is cited as a driver of growth. About 86 percent of tokenised stocks are currently issued in a way similar to traditional stablecoins. They are structured to be backed 1-to-1 by the underlying assets and designed to circulate without direct operation or legal participation by existing securities issuers.

Ethereum's existing stablecoin liquidity is also a strength. Ethereum accounts for 53.8 percent of the overall stablecoin market. Of the total market size of $294.75 billion, Ethereum-based supply amounts to $158.71 billion. Analysts say this creates favourable conditions to extend existing stablecoin infrastructure and liquidity into the tokenised securities market.

As tokenised stocks grow in spot markets, related trading is also expanding in decentralised finance (DeFi) derivatives markets. Open interest (OI) in contracts using tokenised stocks as underlying assets has increased to $1.76 billion. Open interest refers to the total size of derivatives contracts that have not yet been settled.

Hyperliquid is cited as an example of this trend. Hyperliquid is a decentralised trading platform and is expanding its ecosystem around its own token, HYPE. The outlet said HYPE is trading at about $87.70, and the platform is buying back about $1.24 million worth of tokens each day on the open market.

Some investors see the $70 to $76 range as a key support level for HYPE, and others are raising the possibility of further gains to $90 to $100. This, however, is a price outlook by market participants and should be seen separately from the growth of the tokenised stock market.

The market is focusing on the simultaneous expansion of spot infrastructure that puts traditional financial assets on blockchains and derivatives markets built on it. As tokenised stocks establish themselves as a new distribution tool linking traditional securities and digital asset markets, the blockchain finance ecosystem is also evolving into a multi-layered structure spanning spot and derivatives products.