$9B
Tokenized equities outstanding, Aug 2026
Up roughly 800% since January. Eight months, an order of magnitude — and almost all of it issuance, not turnover.
The rails are finished. Robinhood, BlackRock and Franklin Templeton solved issuance, custody and the legal wrapper. What sits on top of them is a tokenized share that behaves exactly like the untokenized one.
Ownership moved on-chain and turnover did not follow. The asset changed venue; the reason to touch it stayed the same.
Up roughly 800% since January. Eight months, an order of magnitude — and almost all of it issuance, not turnover.
Close to triple the year before. Treasuries and private credit are leading; equities and property are next.
The market these assets came from closes at 4pm. The one they live in now doesn't. Nobody owns the hours in between.
Every one of them takes a price feed and a set of positions and turns it into something people compete over. Build that once, properly, and each new asset class is a configuration — not a company.
2,222 NFT seats, each running a $100,000 book of tokenized shares on live prices. Roughly half the field cut every Friday; the last seat standing takes the majority of the pot. Live on Robinhood Chain testnet, mainnet mint next.
The same seats and the same engine, opened to instruments with more expression in them. Sold as recurring access, season on season.
$111B of notional in Q2 2026, up more than seventeenfold year on year — proof that people will return daily to compete on a price. We express it as portfolios, and already run the settlement machinery it needs.
We issue our own instruments into an audience that already holds seats. Phases one to three build the distribution that makes issuance cheap for us and dear for everyone else.
The largest asset class on earth and the least liquid. Fractional, continuously priced, and traded on a rail that never closes.
2,222 seats. Every seat runs a $100,000 portfolio of real tokenized equities on live prices. Set your weights at the weekend, they lock Monday, and every Friday the worst performers are eliminated. Eight weeks, ten survivors: the winner takes the majority of the pot, the other nine split the rest.
The books are paper. No custody, no margin, no liquidation — the only things that move are the seat, the fees you choose to pay, and the prize.
Transferable and resellable while the season runs, so a market forms on how a book is doing mid-contest. That's the part a database can't do.
Every price used to settle a week is published to an append-only tape. Anyone can recompute any elimination. Nobody has to trust us.
Same team, same NFT-native buyers Kritera sells into. Built it, ran it, and it earned that — we have done this once already.
Three contracts, a settlement engine, a live price tape across 194 instruments and a full product. On fifty thousand dollars.
Plus two adversarial reviews and 76 findings closed before anyone was invited to play. Third-party audit is booked before mainnet.
Kritera is deployed to Robinhood Chain testnet; the mainnet mint is what this round is for. Everything above already exists and you can check all of it: the contracts, the live board.