Tokenized equities market doubled to $1.89B in four months, but growth concentrated in three products and three platforms with fragmented liquidity and ownership structures.
RWA & Tokenization ·
Tokenized equities reached $1.89B in July, up from $951M in March—a near-doubling over four months. Yet this expansion masks significant fragmentation: three products (SECZ, FGRS, STRCx) accounted for 49% of that growth, while three platforms (Ondo, xStocks, Securitize) held 85.1% of total value. Blockchain concentration was equally stark, with Ethereum, Solana, and BNB Chain representing 71.7% of holdings combined.
The market faces a structural trade-off. Assets with legally enforceable ownership structures and direct clearing integration struggle to attract trading volume, whereas those with strong liquidity often rely on offshore wrapper arrangements that create ambiguity around actual ownership rights. Currently, no single product successfully combines all four attributes: verifiable ownership, wallet accessibility across a broad user base, institutional-grade trading depth, and autonomous price discovery on-chain.
Growth this year expanded the market's surface area without resolving its underlying fragmentation. The sector remains split between products optimized for legal certainty and those optimized for trading efficiency, but not both simultaneously.