Tokenized equities market share has tripled to 15% of the market, reaching $2.8B in total market cap.
RWA & Tokenization ·
The tokenized equities market has expanded significantly, with its share tripling to 15% and reaching a total market cap of $2.8 billion, up from the start of the year. The growth has been concentrated among a few major players, with Ondo Finance, Binance, and xStocks identified as leading drivers of this expansion.
The surge reflects growing institutional and retail adoption of tokenized stock products, which offer blockchain-based access to equities trading and settlement. The concentration among three dominant platforms suggests the space remains in early consolidation phases, with network effects and regulatory compliance potentially favoring established market participants.
It remains unclear what portion of this growth is driven by new capital entering the tokenized equities space versus migration from traditional equity markets or other blockchain products, and how regulatory developments across major jurisdictions may shape competitive dynamics going forward.