Ondo’s Lead Narrows
DWF Labs puts Ondo Finance at $1 billion and still the largest issuer, with its share of the market down to 26% from 56% as competitors entered. It puts Binance’s bStocks at $905 million and 24% of the market, and xStocks at $954 million.
DefiLlama’s real-world asset dashboard cuts the same market differently, listing $946.03 million in onchain assets for xStocks, $975.98 million for bStocks and $3.829 billion for Ondo across 556 assets, a count that includes products other than equities.
Ethereum’s share of tokenized equities fell to 22% from 50%, DWF Labs says, while BNB Chain rose to 32% from 9% and Avalanche reached 9%.
Exchanges Keep Adding Stocks
The report lands as trading venues widen their equity offerings. Robinhood reported $15 billion in stock token trading as its chain passed 100 days, and EQX plans 11 tokenized stock and ETF markets on Hyperliquid. The International Monetary Fund found most tokenized equity trading happens outside regular market hours.
The expansion is drawing objections from the companies whose shares are being tokenized. CoreWeave and Broadcom joined objections to the stock tokenization venue proposed by OKX and Intercontinental Exchange.
