Tokenized stock market leadership shifting rapidly: Ondo's dominance fell from 61.4% to 28.4% market share in four months as exchanges and brokers enter the space with existing user bases.
RWA & Tokenization ·
Ondo's dominance in the tokenized stock market has eroded significantly, with its share falling from 61.4% in May to 28.4% by September, while bStocks captured roughly 25% of the market in approximately three months. The competitive landscape has fragmented substantially: in January, Ondo and xStocks controlled 76.2% of tokenized-stock value, but by September six platforms each held roughly 5% or more. This shift reflects structural changes in how the market is organized, with exchanges and brokers—including Binance and Robinhood—leveraging existing user bases to distribute tokenized equity products, and issuer-native platforms like Securitize and Superstate offering alternative models.
Absolute value flows reveal a more nuanced picture than market-share percentages alone. Robinhood expanded by 334% over 30 days but added approximately $120M in tokenized-stock value in absolute terms, while bStocks contributed roughly $173M and now leads the overall market. The distribution of value across products varies dramatically: Securitize holds just three tokenized equities totaling around $357.5M, with a single listing (SECZ) representing $281M or 78.6% of its portfolio, whereas platforms like xStocks and Dinari offer extensive catalogs despite lower average value per product.
Chain-level dynamics underscore how quickly market concentration can shift. BNB Chain's tokenized-stock value surged from $145M in January to $1.09B by September after attracting xStocks and bStocks, though both Ethereum and Solana more than doubled their holdings while losing overall share. Trading activity concentrates even further, with bStocks generating 55% of spot decentralized exchange volume and Robinhood accounting for 26.6%, yet DeFi deployment of these assets varies widely—Robinhood deploys 41.3% of its active value on-chain while Ondo deploys only 0.8%, suggesting issuance size and actual protocol usage remain disconnected metrics.