Tokenized stocks now hold 15% market share, three times their share at the start of the year, with total market cap near $2.8 billion. Ondo Finance, Binance's bStock and xStocks together control 77% of the category.
Tokenized equities have tripled their market share to 15% since the start of the year, according to The Block. The category's total market cap now sits around $2.8 billion, making it one of the few real-world-asset segments to grow this year.
RWA transfer volume doubles
Broader RWA transfer volume has also surged, doubling in August to $20 billion, up from $9 billion the month before. Tokenized equities remain a small slice of that total RWA market, but they have drawn the most retail attention and become an entry point to onchain applications.
Three platforms dominate
Ondo Finance, Binance's bStock, and xStocks have emerged as the leading platforms, collectively holding 77% of market share. Ondo leads with $957 million, ahead of bStock's $622 million and xStocks' $600 million.
All three rely on synthetic representations of the underlying stock. The specific mechanics vary, but each aims to replicate the actual stock's performance while giving investors a derivative to trade. Other builders, including Securitize and Superstate, are instead working to bring actual equity onchain, where blockchain-issued shares carry the same rights as conventional shares.
Synthetic trades more, owns less
Tokenized equity companies are choosing between first-to-distribute and onchain native tokenization. Synthetic stocks trade more frequently, but they lack the full ownership, governance and shareholder protections that come with the underlying asset.
Source: The Block
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