Tokenized stocks have surpassed $1 billion in total value on-chain, a significant milestone for the real-world asset (RWA) sector. Data indicates a rapid climb in blockchain-based equity trading, attracting substantial liquidity.
The market consolidation is primarily driven by two key platforms: Ondo Finance and Backed Finance's xStocks products. These entities account for the majority of tokenized equity issuance and trading.
According to industry analysis, Ondo holds approximately 58% of the market share, with xStocks capturing around 24%, establishing an early duopoly. Industry experts attribute this lead to strategic choices in liquidity infrastructure, multi-jurisdictional legal frameworks, and robust DeFi composability.
This concentration echoes trends seen across other decentralized finance sectors, where leading platforms often capture the majority of revenue.
Beyond equities, the broader tokenized RWA market, excluding stablecoins, has grown to approximately $26 billion. Tokenized U.S. Treasury markets also show continued expansion, surpassing $11 billion in market capitalization. Trading volumes for tokenized RWAs have accelerated, with significant activity routed through aggregators like 1inch.