Tokenized stocks have surpassed $1 billion in total value recorded on-chain, marking a new milestone for the rapidly expanding real-world asset (RWA) sector and highlighting growing interest in blockchain-based access to traditional financial markets.

Tokenized stocks surpass $1 billion on-chain milestone

According to data from RWA.xyz, the combined value of tokenized equities has now exceeded the $1 billion threshold as platforms offering blockchain exposure to publicly traded companies continue to attract liquidity and trading activity. The milestone reflects increasing demand for digital representations of traditional assets that can be traded within decentralized ecosystems.

Much of the current activity is concentrated among a limited number of providers. Data from RWA.xyz, alongside a report published Tuesday by Foresight Ventures, indicates that Ondo currently represents the largest tokenized stock platform by value, while products issued through the xStocks ecosystem account for another significant portion of the market. Foresight Ventures’ report suggested that the emerging market is gradually consolidating around early leaders, with regulatory complexity, liquidity infrastructure and differing tokenization models playing major roles in shaping the competitive landscape.

Ondo and xStocks dominate the tokenized equities market

Market data from RWA.xyz shows that Ondo currently controls roughly 58% of the tokenized equities market, while tokenized stock products issued under the xStocks platform account for approximately 24%. Together, the two platforms form what analysts describe as an early duopoly in the sector. Alice Li, investment partner at Foresight Ventures, said the leading platforms appear to have benefited from early structural decisions involving legal frameworks, liquidity design and distribution strategies.

“Building one of these platforms requires liquidity infrastructure, multi-jurisdiction legal rights, and DeFi composability, and those three things pull against each other,” Li told Cointelegraph. She added that the dominant platforms established their current position by committing to clear architectural strategies early in development. Li said Ondo and xStocks achieved their current market standing because they “made a clear architectural bet early and built deep around it.”

Marko Vidrih, co-founder and chief operating officer of RWA.io, emphasized that the speed of growth may be more important than the milestone itself. “The roughly 2,900% increase in twelve months reflects the convergence of several forces, including major platform launches, improving regulatory clarity and infrastructure that now makes these products viable for retail users,” Vidrih told Cointelegraph.

Market concentration is not unique to tokenized equities. In a post shared on X, DeFiLlama founder 0xngmi noted that revenue across several decentralized finance sectors appears increasingly concentrated among the top two platforms. Data from the analytics platform indicates similar patterns in stablecoins, derivatives markets and decentralized exchanges.

Tokenized real-world assets continue expanding across crypto

The expansion of tokenized stocks is occurring alongside broader growth across the blockchain-based real-world asset market. RWA.xyz data shows that the total value of tokenized RWAs excluding stablecoins has reached approximately $26 billion, reflecting increasing interest in digital versions of traditional financial instruments.

Earlier this year, the tokenized US Treasury market also crossed a major milestone. On Feb. 26, the sector surpassed $10.8 billion in market capitalization. At the time of writing, the market value has continued rising to about $11.13 billion.

Trading volumes across tokenized asset markets have also accelerated. On March 6, cumulative trading activity involving tokenized stocks and exchange-traded funds routed through the 1inch aggregator’s integration with Ondo exceeded $2.5 billion since the partnership began in September 2025.

Sources:

https://cointelegraph.com/news/tokenized-stocks-surpass-1b-ondo-xstocks-dominate-sector

https://foresightventures.com/details?details_id=89&details_type=research

https://x.com/0xngmi/status/2030015940935532724

https://app.rwa.xyz/treasuries

https://app.rwa.xyz/stocks

https://app.rwa.xyz/