Securitize and Ondo dominate the tokenized stock market: a 40x lead over Robinhood
The total market capitalization of tokenized stocks on the blockchain has surpassed $3.7 billion. However, contrary to many expectations, the key players here are not retail applications, but institutional platforms originally focused on real-world assets. The leaders — Securitize and Ondo Finance — control nearly 60% of the entire market capitalization of this segment.
Who is at the top?
According to my analysis, the distribution of on-chain market capitalization among tokenized stock platforms is as follows:
- Securitize: $1.274 billion
- Ondo Finance: $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 biggest surprise is Robinhood's position. Despite loud claims and a broad retail base, the volume of tokenized stocks on the platform is only $31 million. This is 41 times less than the leader Securitize and 31 times less than Ondo. The gap is enormous and clearly demonstrates that real capital in this sector is managed by professionals, not retail traders.
What is traded most actively?
Looking at activity, the picture is also telling. The leader in daily trading volume is tokenized shares of SpaceX — $31.7 million. This is a private company, access to whose shares on the traditional market is extremely limited. It is tokenization that opens up such opportunities for investors.
The top 9 by daily transaction volume include:
- 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
Note: technology and semiconductor giants dominate, along with companies related to artificial intelligence. This is a clear signal of where the focus of institutional investors is directed.
My view on the situation
The market for tokenized stocks has finally moved from the experimental stage to the stage of a mature, working tool. The fact that Securitize and Ondo, not Robinhood, have seized leadership speaks to a deep understanding of the needs of large players. They offer not just access to tokens, but an infrastructure for managing real assets with high liquidity and transparency. For retail platforms like Robinhood, this is a serious wake-up call: without deep integration with traditional finance and a focus on institutional products, conquering this market will be extremely difficult. In 2026, we see not just numbers, but a real flow of capital into tokenized forms of ownership, and the leaders have already been determined.