Tokenized stocks are over $1 billion as the leading market of Ondo and xStocks

Tokenized shares exceeded $1 billion in total value of the chain, marking a new milestone for the rapidly growing real assets (RWA) sector.

Data from RWA.xyz shows the value of tokenized stocks surpassing $1 billion as platforms that offer blockchain exposure to traditional stocks attract more trading activity and liquidity.

Much of this activity is concentrated among a small number of players. RWA.xyz data and a report published on Tuesday by Foresight Ventures show Ondo as the largest tokenized stock platform by value, while xStocks products make up another significant market share.

On Tuesday, Foresight Ventures published a report showing that the market is consolidating around these early leaders, citing regulatory hurdles, liquidity advantages and different tokenization models as key factors shaping competition in the sector.

Tokenized resources form an early duopoly

RWA.xyz data shows that Ondo occupies about 58% of the market, while equity products issued on the xStocks platform account for about 24%, forming an early duopoly in the sector.

Alice Lee, investment partner at Foresight Ventures, told Cointelegraph that early adopters gained an advantage through careful structural choices around liquidity, legal frameworks and distribution.

“Building one of these platforms requires liquidity infrastructure, multi-jurisdictional rights, and DeFi coordination, and these three things are mutually exclusive,” Lee told Cointelegraph.

Lee said Ondo and xStocks got to the point where they “made a clear architectural bet early on and built depth around it.”

related to: Tokenized RWAs rise 13.5% despite $1T crypto market decline

Market concentration is not unique to tokenized stocks. In a post on X, DeFiLlama founder 0xngmi said that revenue in several DeFi sectors is increasingly flowing to the top two platforms.

He cited data from an analytics platform that shows similar patterns in stablecoins, derivatives and decentralized exchanges.

Tokenized assets are booming in crypto markets

The rise of tokenized shares comes on the back of broader momentum in blockchain-based RWAs.

According to RWA.xyz, the total value of tokenized RWAs, excluding stablecoins, has reached approximately $26 billion, reflecting the growing demand for blockchain-based representation over traditional financial instruments.

On February 26, the US tokenized treasury market surpassed $10.8 billion in market capitalization. At the time of writing, the total value of this sector is $11.13 billion, indicating continued growth.

Trading activity also picked up for tokenized RWAs. On March 6, the volume of trading in tokenized shares and exchange-traded funds, facilitated by the integration of the 1inch aggregator with Ondo, has exceeded $2.5 billion since the start of the partnership in September 2025.