Securitize and Ondo captured 60% of the tokenized stock market: Robinhood remained an outsider
The market for tokenized stocks has reached a volume of over $3.7 billion, and its structure has turned out to be far more institutional than expected. Leading positions were taken not by popular retail applications, but by platforms initially focused on working with real assets — Securitize and Ondo.
Together, these two platforms control about 60% of the total market capitalization of tokenized securities on the blockchain. This is a serious signal: liquidity and trust are concentrated not with mass brokers, but with specialized infrastructure projects.
Top 10 platforms by on-chain capitalization
- Securitize: $1.274 billion
- Ondo: $966 million
- xStock: $576 million
- bStock: $376 million
- Figure: $210 million
- Aktionariat: $118 million
- Republic: $113 million
- Mt Pelerin: $56 million
- Stobox: $34 million
- Robinhood: $31 million
The gap between the leaders and the rest of the participants is enormous. Robinhood, despite its big name and wide user base, ranks only tenth with a figure of $31 million. Securitize and Ondo surpass it by more than 40 times. This clearly demonstrates that the tokenized stock market is not a story about retail trading, but about institutional flows and deep liquidity.
Most active securities: SpaceX in first place
In terms of daily trading volume, tokenized shares of companies that are either difficult to access on the traditional market or not publicly traded at all lead the way. The top of the list is occupied by technology and semiconductor giants:
- SpaceX: $31.7 million
- SanDisk: $25.5 million
- SK Hynix: $15.2 million
- NVIDIA: $14.7 million
- Alphabet: $11.6 million
- Nebius: $6.1 million
- Cerebras: $5.3 million
- Broadcom: $4.2 million
- Tesla: $4.1 million
SpaceX deserves special attention. Tokenization opens access to securities that are practically impossible to buy on the classic market. This is a key driver of demand: investors turn to tokenized assets precisely for unique opportunities, not for a copy of traditional exchange instruments.
The market for tokenized securities has ceased to be a theory. In 2026, it is already a working segment with real capital, measurable volumes, and a clear signal about what investors actually want to own.
My comment as an analyst: The current market picture is not a coincidence, but a natural stage of evolution. Institutional platforms like Securitize and Ondo are building infrastructure for large capital flows, while retail applications are only testing demand so far. Until Robinhood and similar services offer deep liquidity and access to unique non-public assets, they will remain on the periphery of this market.