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Tokenization's $30B Boom: Why ONDO and RWA Tokens Lag
Securitize SPAC and DTCC test confirm tokenization momentum. ONDO's price lags after 20% supply unlocked. The value capture gap explained.
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On-chain real-world assets hit $30 billion in three years, a 30x expansion from $1 billion. Stocks, bonds, treasuries, and real estate have moved onto blockchain rails. Securitize is listing on the NYSE under ticker SECZ on July 2 after raising $400 million through a SPAC merger. The DTCC will run a tokenization interoperability test on July 13, with a full rollout planned for October 2026.
Token prices have not followed. ONDO, the token behind one of the largest RWA platforms, trades well below its highs. The platform's total value locked and revenue are at records. The token holder sees none of that growth directly.
The gap is a design problem, not a technology problem. TedPillows, a market participant cited in recent reports, argued the problem is simple: not every crypto project needs a token. When a token does not capture the revenue or value of the underlying platform, its price floats on narrative and speculation rather than cash flows. ONDO critics point to the lack of a direct accrual mechanism: no buyback or fee sharing tied to platform revenue.
Supply mechanics compound the pressure. Nearly 20% of ONDO's total supply unlocked in January 2026. Another major unlock is expected next year. Each unlock adds sell pressure on a token that already lacks natural demand from value capture.