Tokenized stocks have surpassed $1 billion in total value on-chain, marking a new milestone for the fast-growing real-world asset (RWA) sector.
Data from RWA.xyz shows the value of tokenized equities climbing past the $1 billion mark. Platforms offering blockchain-based exposure to traditional stocks are attracting more trading activity and liquidity.
Much of that activity is concentrated among a small number of players. RWA.xyz data and a report from Foresight Ventures show Ondo as the largest tokenized stock platform by value, while xStocks products account for another significant share.
RWA.xyz data indicates Ondo holds roughly 58% of the market. Tokenized stock products issued under the xStocks platform account for about 24%, forming an early duopoly.
Alice Li, an investment partner at Foresight Ventures, said the early leaders gained an edge by making clear structural choices. “Building one of these platforms requires liquidity infrastructure, multi-jurisdiction legal rights, and DeFi composability, and those three things pull against each other,” Li stated.
Market concentration is not unique to tokenized equities. A post on X by DeFiLlama founder 0xngmi said revenue across several DeFi sectors is increasingly flowing to the top two platforms.
The growth of tokenized equities occurs amid broader momentum in blockchain-based RWAs. According to RWA.xyz data, the total value of tokenized RWAs excluding stablecoins has climbed to roughly $26 billion.
On Feb. 26, the tokenized US Treasury market surpassed $10.8 billion in market capitalization. At the time of writing, the sector’s overall value is at $11.13 billion, indicating continued growth.
Trading activity has also accelerated for tokenized RWAs. On March 6, trading volumes in tokenized stocks and ETFs routed through a 1inch integration with Ondo exceeded $2.5 billion since September 2025.
