ONDO Finance leads tokenized stock market with 34% share as sector hits $2.3 billion

The tokenized stock market has quietly become a $2.3 billion sector, nearly doubling from $1 billion in March 2026. And one name sits comfortably at the top: Ondo Finance, which controls roughly 34% of the entire market’s capitalization with approximately $955 million in tokenized equities.

That figure puts Ondo well ahead of its nearest competitors. Kraken’s xStocks platform trails at $507 million, while Binance’s bStocks holds $334 million. Depending on which tracker you consult and the timeframe in question, Ondo’s share among dedicated equity tokenization issuers may actually be as high as 58-70%.

How Ondo built its lead

Ondo Stocks, formerly branded as Ondo Global Markets, launched in September 2025 with a straightforward pitch: let non-US investors mint and redeem tokens representing US equities, 24 hours a day. No market close, no settlement lag, no geographic gatekeeping.

The platform hit $1 billion in total value locked by May 2026, a milestone that took roughly eight months from launch.

Ondo has pursued an aggressive multi-chain strategy, expanding beyond its initial deployment to integrate with several blockchain networks and wallet providers.

The blockchain breakdown

Ethereum remains the dominant infrastructure layer for tokenized stocks, accounting for 34% of total market value. BNB Chain follows at 30%, with Solana capturing 23%. The remaining share is scattered across smaller networks.

Why tokenized stocks are growing this fast

The near-doubling from $1 billion to $2.3 billion in roughly four months isn’t accidental. Several structural forces are converging.

First, access. Billions of people globally are locked out of US equity markets by regulatory barriers, brokerage requirements, and banking infrastructure gaps. Tokenized stocks sidestep many of those friction points by using blockchain wallets as the entry mechanism.

Second, composability. Tokenized equities can interact with DeFi protocols in ways traditional brokerage accounts cannot. A tokenized stock position could, in theory, serve as collateral for a loan, be paired with a stablecoin in a liquidity pool, or be bundled into an index product, all without leaving the blockchain.

Third, the 24/7 trading cycle. Traditional US stock markets operate roughly 6.5 hours per day, five days per week. Tokenized stocks eliminate that gap, a feature that resonates particularly with traders in Asian and European time zones.

Cumulative trading volumes on Ondo-related platforms have reportedly reached tens of billions, suggesting that activity extends well beyond simple buy-and-hold strategies.

The liquidity gap remains real

For all its growth, the tokenized stock market still faces a fundamental challenge: liquidity is considerably shallower than what traditional equity markets offer. A $2.3 billion total market cap, while impressive for a nascent crypto subsector, is a rounding error by Wall Street standards.

Tokenized stocks exist in a gray zone across many jurisdictions. They represent economic exposure to equities without necessarily conferring the same shareholder rights, voting privileges, or regulatory protections that come with owning shares through a registered broker-dealer.

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