Report Finds Onchain Investors Trade Tokenised Stocks While Tokenised Treasuries Sit Idle

What happened

Equities are a small part of the roughly $34 billion tokenised asset market but make up 93% of its spot trading, with perpetual futures on Asian chipmakers doing much of the work.

Confirmed

Global impact / market context

This shows trading activity can concentrate in one tokenised asset type even when it is a small part of the total market, which may pull investor attention and fees toward tokenised stocks rather than tokenised treasuries.

Analyst inference

Tokenised treasuries sit idle while tokenised stocks attract heavy spot trading. That gap suggests investors are using onchain markets for stock speculation, not for holding yield-bearing government debt, so demand is skewed toward active trading.

Analyst inference

What to watch

1. Watch whether equities keep making up 93% of spot trading in the roughly $34 billion tokenised asset market, since that share reflects where onchain activity concentrates. Confirmed
2. A proposal for issuers could be to add trading incentives for tokenised treasuries, which means rewards or fee cuts designed to make holding those tokens more attractive. Proposed
3. If perpetual futures on Asian chipmakers keep driving volume, investor positioning may stay focused on chip stock exposure, leaving tokenised treasuries with less trading revenue and attention. Analyst inference

Affected assets

• DEFI — DeFi

Evidence

• blockhead.co