Tokenized Equities Reach $2.8B; Ondo, Binance, xStocks Dominate

The tokenized equity market has climbed to roughly $2.8 billion in tracked value, data from RWA tracking platforms show. Growth is concentrated among a handful of issuers. Ondo Finance and Binance's bStocks hold the largest positions. xStocks, with multi-chain availability, is also a significant issuer. Together these platforms account for the bulk of market activity.

Monthly transfer volumes have more than doubled in recent periods, reaching tens of billions of dollars. The number of unique addresses interacting with these assets has surpassed one million, indicating growing retail interest. Users are drawn to fractional ownership and continuous trading hours, features that bypass traditional brokerage constraints.

Most of the tokenized equity products rely on synthetic structures. Instead of placing conventional shares directly on-chain, the tokens track the performance of underlying equities or ETFs. The underlying assets are held in regulated custody, allowing the tokens to be traded and integrated into decentralized applications. That structure introduces counterparty risk, because the holder does not own the underlying share directly.