Tokenized stocks have reached a record $1.8 billion market cap as public-market assets continue moving onto crypto rails.
The latest issuer split leaves Ondo with about 58% of tracked onchain value, while xStocks holds roughly 37%. Binance’s bStocks has already taken about 6% within eight days of launch, giving the market a new fast-moving entrant after months of Ondo and xStocks dominance.
The growth shows tokenized equities moving beyond small pilot markets. Products tied to public stocks and ETFs are now being issued, traded and transferred across chains, exchange apps and DeFi interfaces, with market share forming around distribution, liquidity and issuer structure.
A CoinMarketCap report earlier placed Ondo at $638 million in tokenized-stock value, xStocks at $408 million and bStocks near $63 million after its first eight days. The same market has since continued expanding as more stock-linked products and venues enter the category.
xStocks Leads On Holders And Volume
Ondo still leads by onchain value, but xStocks leads on holder breadth and total activity.
xStocks products are distributed across Solana and other supported environments, giving users access to tokenized versions of major U.S. equities and ETFs through crypto-native wallets and trading venues. That wider retail footprint has helped xStocks lead on total holders and cumulative volume, even while Ondo keeps the larger value base.
Solana has already become one of the busiest tokenized-stock trading surfaces. Tokenized equity volume on Solana recently hit $380 million in 24 hours, led by xStocks and Backpack-linked products.
Ondo’s model is more value-heavy. Its tokenized stock and ETF products have drawn larger balances and deeper issuer-side activity, while its recent U.S. launch added tokenized IVV and Micron securities under a custodial structure. That move brought tokenized IVV and Micron into a regulated U.S. access model separate from Ondo Global Markets.
Binance Adds New Pressure With bStocks
Binance’s bStocks launch adds a distribution threat to the existing Ondo and xStocks split.
The product reached about 6% of tracked onchain value within eight days, despite launching with a smaller asset list and a shorter trading history. Binance’s advantage is its existing user base, stablecoin liquidity and app-level distribution, which can move tokenized-stock adoption faster than issuer-only distribution.
Binance had already crossed more than $1 billion in U.S. stock holdings through its stock-trading product within 30 days. bStocks extends that stock-access push into tokenized rails, where assets can move closer to wallets, collateral systems and onchain trading venues.
BNB Chain has also become a major tokenized-stock venue, with cumulative tokenized-stock volume already above $5 billion as Ondo and xStocks activity expanded across the network.
Market Share Now Depends On Distribution
The tokenized-stock race is no longer only about listing equity tickers onchain. Issuers now compete on market access, custody structure, redemption rights, chain support, trading depth, holder growth and exchange distribution.
Ondo leads on tracked value. xStocks leads on user breadth and total volume. Binance is the newest pressure point because bStocks can scale through an exchange interface already used by millions of traders.
The record $1.8 billion market cap puts tokenized stocks into one of the fastest-growing RWA segments. As of July 5, Ondo held about 58% of onchain value, xStocks held roughly 37%, and bStocks had reached about 6% within eight days of launch.
