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, as platforms offering blockchain-based exposure to traditional stocks attract more trading activity and liquidity.
Much of that activity is concentrated among a small number of players. RWA.xyz data and a report released Tuesday by Foresight Ventures show Ondo as the largest tokenized stock platform by value, while xStocks products account for another significant share of the market.
On Tuesday, Foresight Ventures released a report arguing that the market is consolidating around these early leaders, citing regulatory barriers, liquidity advantages and differing tokenization models as key factors shaping competition in the sector.
Tokenized stocks form an early duopoly
RWA.xyz data shows that Ondo holds roughly 58% of the market, while tokenized stock products issued under the xStocks platform account for about 24%, forming an early duopoly in the sector.
Alice Li, an investment partner at Foresight Ventures, told Cointelegraph that the early leaders gained an edge by making clear structural choices around liquidity, legal frameworks and distribution.
“Building one of these platforms requires liquidity infrastructure, multi-jurisdiction legal rights, and DeFi composability, and those three things pull against each other,” Li told Cointelegraph.
Li said Ondo and xStocks got to where they are because they “made a clear architectural bet early and built deep around it.”
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Market concentration is not unique to tokenized equities. In a post on X, DeFiLlama founder 0xngmi said revenue across several DeFi sectors is increasingly flowing to the top two platforms.
He cited data from the analytics platform showing similar patterns in stablecoins, derivatives and decentralized exchanges.
Tokenized assets continue to expand across crypto markets
The growth of tokenized equities comes 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, reflecting growing demand for blockchain-based representations of traditional financial instruments.
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 exchange-traded funds routed through the 1inch aggregator’s integration with Ondo exceeded $2.5 billion since the partnership launched in September 2025.
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