Tokenised Stock Transactions Surge, Bittime Records 2.5-Fold Growth
Trading activity for tokenised stocks in the global market is increasing alongside the advancement of financial asset tokenisation technology. In Indonesia, the Financial Services Authority (OJK) is currently preparing regulations for the offering of tokenised real-world assets (RWA), including provisions regarding issuance, licensing, and consumer protection.
According to the RWA Report 2026 from CoinGecko Research, the market capitalisation of tokenised stocks reached US$486.69 million on 31 March 2026, up from US$2.09 million in June 2025. Spot trading volume in the first quarter of 2026 reached US$15.12 billion, surpassing the US$14.84 billion recorded during the final two quarters of 2025.
Despite rapid growth, the scale of tokenised stock trading remains relatively small compared to the conventional stock market. CoinGecko noted that the trading volume of the five largest tokenised stocks still accounts for less than one per cent of the total trading volume in traditional financial markets.
In Indonesia, the development of these products is taking place amidst the drafting of a regulatory framework. In the Board of Commissioners Meeting in April 202lag, OJK announced it is preparing a Draft OJK Regulation (RPOJK) concerning the Offering of Tokenised Assets or RWA Tokenisation.
The draft includes criteria for assets that can be tokenised, offering procedures, licensing processes, consumer protection, as well as mechanisms for the recording and financial reporting of token issuers.
OJK also reported that seven regulatory sandbox participants had completed testing and were declared successful as of August 2026. Several tested business models related to the tokenisation of gold, securities through Discretionary Fund Management (KPD) schemes, and property ownership benefits.
Bittime Operational Director Ryan Lymn stated that the development of RWA requires the involvement of various parties, ranging from asset issuers and technology providers to custodians and financial institutions.
“The development of RWA requires an ecosystem involving various parties, including asset owners or issuers, technological infrastructure, custodians, and digital asset service providers. Therefore, cross-sector collaboration is essential so that tokenisation innovation can develop with a clear structure and governance,” Ryan said in a statement on Wednesday (30/9/2026).
According to Ryan, regulatory certainty is necessary so that the development of tokenisation products has clear provisions regarding asset characteristics, transaction mechanisms, governance, and consumer protection.
“The development of the regulatory framework provides important context for industry players in seeing the direction of tokenisation development in Indonesia. Clarity regarding asset characteristics, transaction mechanisms, governance, and consumer protection is a vital part of ensuring innovation can develop in a structured manner,” he added.
OJK previously recorded 1,357 partnerships between Financial Sector Technology Innovation (ITSK) providers and Financial Service Institutions (LJK). Cross-sector collaboration is one of the agendas for digital finance development, alongside governance, cybersecurity, consumer protection, and digital talent development.
At the corporate level, Bittime recorded that transactions for tokenised United States stocks increased 2.5 times in July 2026 compared to June 2026. The digital asset platform currently provides 34 tokenised stock products, including MSTRX, CRCLX, TSLAX, NVDAX, and SPYX.
However, tokenised stocks possess characteristics that may differ from direct stock ownership. Investors need to understand the product structure, underlying assets, issuance and custodial mechanisms, as well as market and technological risks before trading.
Ryan noted that global market developments open opportunities for expanding access to assets through digital infrastructure. However, the growth of these products must be balanced with transparency and user understanding of the risks.
“These global developments provide important context for seeing how access to global assets can evolve through digital infrastructure. However, product development must go hand-in-hand with regulatory readiness, transparency regarding asset structures, and user understanding of the inherent risks in the products,” he concluded.