Ondo Finance’s dominance of the tokenized equities market has narrowed, with its share sliding from 56% to 26% between early January and the week of Oct. 5 as new entrants such as Binance and Robinhood attracted users and capital, according to new research from DWF Labs.
An early mover in institutional real-world asset tokenization, Ondo still led the market with about $1 billion in value during the period, while the sector’s total market value climbed 483% to $3.8 billion.
Binance’s bStocks, which recently hit $1 billion in assets under management, grew to $905 million and captured 24% of the tokenized stock market, the report reveals. Robinhood’s tokenized equities increased from $20 million following their July launch to $170 million.
Meanwhile, Securitize reached $290 million, accounting for 8% of the market, while xStocks grew from $187 million to $954 million and maintained a 25% share.
The report notes that Ethereum’s early lead in tokenized equities has weakened as issuers have expanded into competing networks. Its share declined from 50% at the start of the year to 22% in October, while BNB Chain increased from 9% to 32%.
Binance’s entry also strengthened BNB Chain, where CRCLb, SPCXb and MSTRb rank among the 10 largest tokenized equities. Avalanche, which had no market share at the start of the year, reached 9% after Securitize launched tokenized shares on the network in July.
On-chain activity jump 42-fold in 2026
On-chain activity in tokenized equities has increased sharply in 2026, with weekly transfer volume rising 41.8-fold from $420 million in early January to $17.5 billion in early October, according to the report.
Turnover climbed from 0.64 times to 4.6 times market capitalization, while weekly decentralized exchange (DEX) trading velocity rose from 0.07 times to 0.67 times market capitalization.
Trading peaked at about $7.3 billion in the week of Aug. 31, with Robinhood Chain accounting for approximately $5.4 billion, the report details.
Activity has also spread across more networks. Solana’s share of trading fell from 99.8% in January to 31% in October, while Robinhood Chain, BNB Chain and Base captured 26%, 25% and 18%, respectively.
Tokenized equities are also seeing increased use in decentralized finance (DeFi). Active total value locked (TVL) rose about 20-fold, from $15.5 million on Jan. 1 to $313 million on Oct. 15, compared with 5.8-fold growth in market capitalization between early January and early October. Deployed capital increased from approximately 2% to 8% of market capitalization.
Spot DEX pools held $77.9 million, followed by lending and borrowing markets at $51.3 million, Saturn at $50.9 million, Figure Markets Exchange at $48.9 million and Pendle yield markets at $42.6 million. The top 10 protocols accounted for 89% of total deployed value.
Despite rising trading activity and DeFi adoption, tokenized equities are still small relative to traditional equity markets, which DWF Labs estimates at $75 trillion in the US and $150 trillion globally. The gap leaves enormous potential for further growth as on-chain trading and DeFi use develop.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.