Tokenized stocks just hit a record. Almost nobody is trading them. ★ Owning is up → Distributed value is $3.32B, up 13.5% in 30 days (@RWA_xyz). → Holders are at 4.39M, up 18.9%. ★ Trading is down → Monthly transfer volume is $10.06B, down 72% in 30 days. → Monthly active addresses fell 64% to 1.26M. → People are buying and holding. They aren't moving these tokens around. ★ Who is winning share → bStocks: $983M, +39.7%. It's now the largest platform. → @Ondo: $914M, +8.7%. → @xStocksFi: $595M, −1.6%. → @Securitize: $357M, +25.2%. It started onchain trading of US stocks on Oct 8, after the SEC's conditional exemption in September. → The biggest underlying names are crypto-adjacent. $CRCL leads with $330M, Securitize's own stock is next at $291M, and $MSTR adds ~$431M across two share classes. ★ The big money is still waiting → @MorganStanley pushed its own tokenized equity support back to Q1 2027. → Its head of digital asset strategy still says tokenized assets will reach $3–10T by 2030. → $3.3B against that range is still a rounding error. → Caveat: a 72% drop in volume after a busy month can partly be noise. Also, "distributed value" moves with the underlying stock prices, not only with new demand. Is a holder base without trading the start of a real market, or just a wrapper people buy once and forget?