Bitget, the world's largest Universal Exchange (UEX), today highlighted key findings from a new independent DeFiLlama research report examining the rapid growth and evolving market structure of tokenized equities.
According to the report, the sector's active market capitalization has increased by more than 140% since the beginning of 2026, rising from approximately $814 million to almost $2 billion.
Beyond measuring market growth, the report examines how leading platforms are building the infrastructure behind tokenized stocks. Researchers compared exchanges across several categories, including brokerage connectivity, reserve transparency, dividend handling, settlement models, trading architecture and execution performance.
The study suggests that while many platforms now offer exposure to tokenized equities, the quality of execution varies considerably depending on the underlying market structure.
Bitget gets highest score in perpetuals
One of the key findings concerns trading efficiency. According to DeFiLlama's analysis, Bitget recorded the narrowest median bid-ask spread among the exchanges included in the comparison, measuring 0.83 basis points. The platform also posted the deepest top-of-book liquidity across the five tokenized equity markets evaluated.
Researchers expanded their comparison beyond equities to include perpetual products linked to stocks, metals and commodities. Across a basket of 36 stock perpetual contracts and eight commodity perpetuals, Bitget ranked highest in the majority of markets measured at 5, 10 and 50 basis-point order-book depths, while also recording the largest combined liquidity across those ranges.
The report argues that execution quality is becoming an increasingly important differentiator as tokenized finance matures. For investors, deep liquidity and tighter spreads can reduce trading costs and improve price discovery, particularly when executing larger orders.
"A tokenized stock is only as good as the market behind it. Investors dont care how the asset is packaged if they can't trade it efficiently," said Gracy Chen, CEO of Bitget. "That's why liquidity and execution matter. DeFiLlama found Bitget recorded the lowest median bid-ask spread and the deepest top-of-book liquidity across the markets they evaluated. As this market grows, those are the things investors will increasingly expect."
The report also highlights trading activity within Bitget's Reality rTokens ecosystem. Between June and July, cumulative trading volume exceeded $1.16 billion, with semiconductor and technology-related companies accounting for the largest share of activity. The trend points to continued investor interest in tokenized exposure to high-growth sectors, particularly AI and advanced technology firms.
As tokenized equities continue to attract capital, the report suggests competition among exchanges is shifting beyond simply listing more assets. Instead, market participants appear increasingly focused on building the liquidity, execution infrastructure and trading experience required to support broader adoption.
U.Today Editorial Team
Dan Burgin
