Tokenized Equities Top $1B On-Chain with Ondo and xStocks Leading the Sector

Highlights:

• Tokenized equities exceed $1 billion on-chain due to the rising trading activity across blockchain platforms.
• Ondo controls about 58% of the tokenized stock market, while xStocks holds around 24%.
• Tokenized real-world assets, excluding stablecoins, now total about $26 billion.

Tokenized equities have now crossed $1 billion in total value on-chain, according to data from RWA.xyz. Investors use these tokens to access traditional equity exposure through digital asset markets.

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RWA xyz data shows that the total on-chain value of tokenized stocks has surpassed $1 billion. Ondo Finance and Backed Finance's xStocks platform dominate the majority of tokenized stock issuance and trading market share, with Ondo Finance accounting for approximately 58% and…

— Wu Blockchain (@WuBlockchain) March 10, 2026

RWA.xyz data also shows steady growth in the broader real-world asset market. Tokenized RWAs excluding stablecoins now total about $26 billion. The sector includes tokenized credit markets, government debt instruments, and equity products. These assets allow investors to access traditional financial markets through blockchain infrastructure.

Government debt remains one of the largest tokenized asset segments. The tokenized U.S. Treasury market recently surpassed $10.8 billion in capitalization. Current estimates place the value near $11.13 billion. Investors use these assets to access short-term government bonds through blockchain-based products.

Investors hold tokenized financial products through digital wallets connected to blockchain networks. Blockchain ledgers record ownership and transaction history for every tokenized asset. Traders can move tokens between wallets or trading platforms without relying on traditional settlement systems. This structure supports faster settlement and transparent record keeping.

Ondo and xStocks Tighten Control Over a Fast-Consolidating Market

Market data shows that two platforms dominate the tokenized stock sector. RWA.xyz reports that Ondo holds the largest share of the market. The platform controls about 58% of tokenized equities. Ondo products currently represent roughly $605 million in market value.

Ondo builds financial products linked to traditional instruments. One example includes OUSG, a token that represents short-term U.S. Treasury bonds. Investors use the product to gain exposure to government debt through blockchain infrastructure. The structure attracts users who seek yield tied to dollar-based assets.

xStocks holds the second position in the sector, accounting for roughly 24% of the market. The two platforms, therefore, control most tokenized equity activity. Several other projects operate in the sector but hold smaller market shares.

Foresight Ventures examined the market structure in a report that states that regulatory barriers limit the number of platforms entering the sector. Early platforms also benefit from deeper liquidity pools and established trading activity. Different tokenization models also influence how platforms structure financial products. DeFiLlama founder 0xngmi also discussed similar patterns across decentralized finance sectors. Data from the analytics platform shows that the top two platforms often capture most sector revenue.

In many defi sectors almost all revenue is captured by the top 2 market participants, basically most crypto verticals are turning into duopolies

credit to @joeljohn (based on defillama data) pic.twitter.com/SEihYVEnfj

— 0xngmi (@0xngmi) March 6, 2026

Tokenized Equities Face Regulatory Tests and Technical Risks

Trading activity around tokenized stocks has accelerated in recent months. A partnership between Ondo and the 1inch aggregator contributed to this activity. Traders have routed more than $2.5 billion in tokenized stock and ETF volume through the integration. The partnership began in September last year.

Several other platforms also contribute to tokenized equity activity. Matrixport offers tokenized securities linked to traditional financial instruments. Some decentralized organizations also develop their own tokenized asset initiatives. These projects explore additional ways to represent financial assets on blockchain networks.

Meanwhile, regulators across several jurisdictions are reviewing tokenized securities. Authorities are examining whether some offerings fall under existing securities regulations. The SEC recently released guidelines that show how securities laws apply to tokenized securities. The guidelines dictate that developers must secure smart contracts and maintain reliable price feeds through oracle networks.

In a related development, Nasdaq and Kraken have partnered to tokenize equity offerings. The platform will allow equities to move between regulated markets and global on-chain environments.

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