Binance Research published a report titled The RWA Activation Era on September 18, 2026. It forecasts that the market for tokenized equities could reach $349 billion by 2030 under a base-case scenario. Alternative projections include a conservative estimate of $61 billion and a bull-case scenario of $987 billion.
As of September 15, 2026, the on-chain balance of tokenized equities was $4.43 billion, representing 0.0029% of the total $151.9 trillion listed equity market. Despite this small share, the sector has experienced a 390.4% growth year-to-date.
The report shifts focus from simple token issuance to asset utilization in DeFi applications. To track this, analysts introduced two metrics: the Programmable Asset Ratio (PAR) for market penetration and the Capital Activation Rate (CAR) for measuring the deployment of on-chain value in financial services.
Data shows that the equity CAR increased from 1.95% to 7.54% this year. Currently, 65.4% of deployed equity value is held in liquidity pools, while 28.1% is utilized in lending arrangements. Across all RWA categories, assets under management reached $34.18 billion by mid-September 2026, marking an 85.2% annual increase.
