Tokenized stocks surge to $3.8 billion: Ondo’s share falls from 56% to 26%, while BNB Chain rises to 32% (October data)
In the week of October 5, the total market cap of tokenized stocks reached $3.8 billion, up 483% from $654 million at the start of January (according to DWF Labs’ October report, “The Bright Side: Tokenized Equities,” published on October 16).
The numbers themselves aren’t the news. The real shift is in how market share is distributed.
1. Issuers reshuffle: Ondo remains in first place with about $1 billion in issuance, but its market share has fallen from 56% to 26%. xStocks has grown from $187 million to $954 million (25%); Binance’s bStocks, which launched in June, had reached $905 million by early October (24%); and Robinhood’s tokenized stocks reached $170 million after launching in July. Ondo hasn’t lost; the market has simply shifted from one dominant player to three leading contenders.
2. Trading volume multiplies 55-fold: Weekly spot trading volume on DEXs rose from $45.8 million in January to $2.54 billion in early October. However, another set of data is worth noting (The Chain Post, October 11): the weekly peak of $726 million came in late August, while 30-day trading volume fell about 64% month over month. The peak excitement has passed, but holdings are still growing—a shift in behavior from speculation to accumulation.
3. Chain migration: Ethereum’s share of tokenized stock issuance fell from 50% to 22%, while BNB Chain rose from 9% to 32% and Avalanche went from zero to 9%. bStocks’ 24% share has translated almost directly into growth for BNB Chain.
4. An easily overlooked figure: As of October 15, $313 million worth of tokenized stocks had been deployed in DeFi protocols. These products are moving from “buy and hold” to “put them to work on-chain.”
Overall view: The turning point for RWA’s most mature segment isn’t total market cap, but the speed at which market share is shifting. Robinhood, Securitize ($290 million, or 8%), and Binance are all betting on the same idea: the restrictions of U.S. stock-market trading hours will gradually give way to demand for 24/7 on-chain trading. This is solely my personal opinion and does not constitute investment advice.
#ONDO #RWA #TokenizedStocks
In the week of October 5, the total market cap of tokenized stocks reached $3.8 billion, up 483% from $654 million at the start of January (according to DWF Labs’ October report, “The Bright Side: Tokenized Equities,” published on October 16).
The numbers themselves aren’t the news. The real shift is in how market share is distributed.
1. Issuers reshuffle: Ondo remains in first place with about $1 billion in issuance, but its market share has fallen from 56% to 26%. xStocks has grown from $187 million to $954 million (25%); Binance’s bStocks, which launched in June, had reached $905 million by early October (24%); and Robinhood’s tokenized stocks reached $170 million after launching in July. Ondo hasn’t lost; the market has simply shifted from one dominant player to three leading contenders.
2. Trading volume multiplies 55-fold: Weekly spot trading volume on DEXs rose from $45.8 million in January to $2.54 billion in early October. However, another set of data is worth noting (The Chain Post, October 11): the weekly peak of $726 million came in late August, while 30-day trading volume fell about 64% month over month. The peak excitement has passed, but holdings are still growing—a shift in behavior from speculation to accumulation.
3. Chain migration: Ethereum’s share of tokenized stock issuance fell from 50% to 22%, while BNB Chain rose from 9% to 32% and Avalanche went from zero to 9%. bStocks’ 24% share has translated almost directly into growth for BNB Chain.
4. An easily overlooked figure: As of October 15, $313 million worth of tokenized stocks had been deployed in DeFi protocols. These products are moving from “buy and hold” to “put them to work on-chain.”
Overall view: The turning point for RWA’s most mature segment isn’t total market cap, but the speed at which market share is shifting. Robinhood, Securitize ($290 million, or 8%), and Binance are all betting on the same idea: the restrictions of U.S. stock-market trading hours will gradually give way to demand for 24/7 on-chain trading. This is solely my personal opinion and does not constitute investment advice.
#ONDO #RWA #TokenizedStocks