Tokenized stock adoption nearly doubled over the past month as Robinhood attracted hundreds of thousands of retail holders, although Ondo continued to lead the sector by asset value.
Tokenized stock holders rise 92% in one month
Tokenized equity platforms reached 752,000 holders after their combined count increased 92% within 30 days, according to data shared by DWF Labs.
Tokenized equity holders cross 752K, up 92% in 30 days.@RobinhoodCrypto is driving most of it. Since launching on 1 July, they’ve raced to 328K holders, 44% market share. But the total value has lagged at $44M, far behind @xStocksFi ($487M) @Ondo ($857M).
At the other extreme:… pic.twitter.com/Uow5oYnKu8
— DWF Labs (@DWFLabs) July 27, 2026
Robinhood led the five platforms tracked by holder count after attracting 328,000 users since launching its latest stock-token product on July 1. That gave the brokerage a 44% share of the measured market.
However, Robinhood’s tokenized stocks represented only $44 million in total value. The difference between its holder count and asset value suggests its early growth has come largely from retail users holding small positions.
DWF Labs calculated Robinhood’s average position at just $134 per holder. By comparison, Securitize had 50 holders controlling $245 million, producing an average position of $4.9 million.
Figure showed a similar institutional tilt, with 186 holders and around $191 million in assets. Its average balance reached approximately $1.03 million.
The figures refer to platform holders and may include blockchain addresses rather than verified individual investors. They should therefore not automatically be treated as a count of unique people.
Robinhood attracts retail users but trails in value
Robinhood launched its public Layer 2 network and new stock tokens on July 1. The company made the products available through Robinhood Wallet in more than 120 countries, although access varies by jurisdiction.
Eligible users can trade the tokens around the clock and deploy them within decentralized finance applications, including lending pools and collateral markets.
Robinhood’s figures show how fractional access and wallet-based distribution can attract a broad retail audience. Its average position remains far below those recorded by the other four platforms in the DWF Labs comparison.
Activity on Robinhood Chain has also increased since the launch. Tokenized real-world assets on the network recently reached about $70 million, while total value locked rose to roughly $312 million.
That $70 million estimate covers a broader group of real-world assets and comes from a different measurement period, making it unsuitable for direct comparison with DWF Labs’ $44 million tokenized-stock figure.
Ondo and xStocks control more asset value
Ondo led the comparison with $857 million in tokenized equities and an average balance of about $5,900 per holder. Its platform offers more than 440 tokenized stocks and ETFs across Ethereum, BNB Chain and Solana.
Ondo’s international products provide economic exposure to underlying securities, including dividends after applicable withholding. However, its documentation states that the tokens are not themselves stocks or ETFs and do not give investors the right to receive the underlying assets.
xStocks ranked second by value with $487 million and an average position of $1,900. The platform currently supports 626 stocks and ETFs and reports more than $35 billion in total transaction volume.
Kraken parent Payward recently partnered with fintech infrastructure provider GTN to expand xStocks beyond US-listed securities. The companies plan to begin with Hong Kong equities before targeting the UK, Europe, South Korea and other markets, subject to local approvals.
GTN will provide execution, custody, ledgering and record-keeping infrastructure across more than 90 markets, while Payward will continue operating the tokenization layer.
US regulators face ownership-rights question
Access and ownership rights remain central issues for US investors. Ondo’s international stock tokens prohibit US persons from subscribing, acquiring or redeeming the products despite tracking securities listed in the United States.
The SEC has also warned that tokens created by third parties may carry different rights from conventional shares. Depending on their structure, holders may lack direct ownership, voting privileges, or the protections available to registered shareholders.
Continental Stock Transfer & Trust Company and the Securities Transfer Association recently urged the SEC to favor issuer-backed tokenized stocks and ETFs. The groups want tighter treatment of products issued by unaffiliated platforms without the underlying company’s approval.
Their proposal would create a clearer distinction between blockchain-based shares recognized by an issuer and tokens that provide only contractual or economic exposure. How the SEC handles that distinction could determine whether the rapid growth in tokenized-stock holders extends into the regulated US market.
