Tokenized stocks in September 2026: the month the pools arrived

More DEX pools for tokenized stocks were created in September 2026 than in any month before: 2,635, nearly four times August’s 687 and more than all earlier months combined, which come to 1,353, counting the pools that still exist. Pooled liquidity stood at $249.5M on 1 October. Most of the catalogue still has no market at all: of 17,791 stock-token contracts from seven issuers on 14 chains, 413 have a pool. The figures come from TrueHold’s tokenized stocks terminal, read on 1 October 2026; how they are built, and where they undercount, is at the end.

Where the new pools came from

Solana accounted for 995 of September’s new pools, Robinhood Chain for 982, BNB Chain for 421, Ethereum for 120 and Base for 110. By venue, Uniswap took 1,142, Raydium 733 and PancakeSwap 307. The busiest day was the last one, 30 September, with 226 new pools. The market overview charts every month since the first pool in November 2023, and no month before July 2026 had more than 100.

Most contracts still have no market

Deploying a token is cheap and funding a pool is not, so catalogues run far ahead of trading. Arbitrum carries the most stock contracts, 4,389, and four of them have a pool. HyperEVM, Optimism and X Layer hold more than a thousand each and none trades on a DEX. Robinhood Chain is the other extreme: 157 of its 195 contracts have a pool.

Ink, Optimism, TON, X Layer and Mantle carry between 1,163 and 1,169 contracts each, with five pools between them; Tron has 75 contracts and Polygon one, none with a pool.

Seven issuers, seven shapes

The issuers differ as much in footprint as in legal structure. xStocks deploys its 1,169 stocks across many chains, 11,701 contracts in all, and 59 of them trade on a DEX. Reality Protocol lists 3,248 stocks and four of them have a pool. Robinhood, bStocks and Coinbase issue far fewer tokens, and most of theirs trade. What each token is, per the issuer, is in the tokenized stocks guide, and the seven sit side by side on the issuers page.

A handful of stocks hold the liquidity

Of the 228 stocks with any pooled liquidity, nine hold half of it and 24 hold 80%. NVIDIA leads with $23.5M, ahead of SPCX (Space Exploration Technologies Corp. Class A) at $22.1M and SPY at $20.8M.

Volume and depth do not always line up. Across all pools, 24-hour volume came to $519.4M at the snapshot, and NVIDIA alone traded $119.6M, about five times its pooled liquidity. FXI, the iShares China Large-Cap ETF, traded $19.2M against $2.8M of liquidity, and BNC, which the terminal lists as CEA Industries, $19.1M against $3.6M: their pools turned over several times in a day.

Where they trade, and against what

Uniswap hosts 41.3% of all stock pools and 48.6% of the liquidity, Raydium 23.1% of the pools and PancakeSwap 13.9%; 33 venues have at least one. On the other side of the pool, stablecoins dominate: USDC pairs hold $70.1M, USDG pairs $68.7M across the most pools, 618, and USDT pairs $23.4M.

Multipliers: splits and dividends inside the token

A token’s multiplier says how many shares it represents, and it moves when the stock splits or a dividend is reinvested. On 1 October, 242 of the 449 Ondo tokens with a multiplier on record were off 1.000000, and 231 of those sat between 1 and 1.5, a range typical of reinvested dividends. At xStocks, 48 of 58 were off it. NFLX stood at 10 at both Ondo and xStocks and CRWD at 4 at Robinhood, both typical of a stock split, while ENLV stood at 0.066667 at Ondo, one fifteenth of a share, typical of a reverse split. Daily readings for every issuer that publishes one are on the multipliers page, and the multiplier explainer shows how the number changes a token’s fair price.

How these numbers are built

• The terminal reads the DEX pools of every contract the seven issuers list. A pool that pairs two tracked stocks is counted once; there were 40 of them.
• At most 30 pools are read per contract. 26 contracts sit at that cap, so their liquidity is a floor, not a total.
• Pools created per month count the pools that exist at the snapshot and report a creation date. A pool closed earlier, or one without a creation date, is not in the count.
• 24-hour volume is a rolling figure at the moment of the snapshot, not a monthly total.
• Issuer facts are compiled from each issuer’s public pages and carry a date; they are not independently verified.

The next report covers October 2026 and compares month on month. Until then the numbers move live on the terminal, where every contract can be exported as CSV.

Terms in this article