Securitize and Ondo are head and shoulders above Robinhood: the tokenized stock market has reached $3.7 billion
The market capitalization of tokenized stocks on the blockchain has exceeded $3.7 billion. And, contrary to many expectations, the leaders here are not retail apps like Robinhood, but institutional platforms originally focused on real-world assets — Securitize and Ondo Finance. Together, they control nearly 60% of the entire capitalization of this segment.
An analysis of on-chain capital distribution reveals a clear picture: the market for tokenized securities is deeply institutional in nature. Platforms that built their infrastructure for working with traditional assets, rather than for speculative retail, have taken dominant positions.
On-Chain Capitalization Distribution
At the top of the ranking are:
- Securitize — $1.274 billion
- Ondo Finance — $966 million
- xStock — $576 million
- bStock — $376 million
- Figure — $210 million
Notably, Robinhood, despite loud media headlines and a broad user base, ranks only tenth with a figure of just $31 million. The gap between the leaders and the retail giant is more than 40 times. This speaks volumes about who is truly driving this market.
What Is Being Traded Most Actively?
The demand structure is also interesting. In terms of daily trading volume, tokenized shares of SpaceX are the undisputed leader at $31.7 million. They are followed by SanDisk ($25.5 million), SK Hynix ($15.2 million), and NVIDIA ($14.7 million). The top also includes Alphabet, Nebius, Cerebras, Broadcom, and Tesla.
It is clear that investors are gravitating toward technology and semiconductor companies, as well as assets that are difficult to access or not publicly traded on the traditional market. Tokenization opens access to securities like SpaceX, which explains their high popularity.
My expert opinion: The market for tokenized stocks has definitively ceased to be an experiment in 2025. It is now a functioning mechanism with real capital and a clear signal of what investors want to own. Institutional platforms like Securitize and Ondo are setting the standards, and retail players like Robinhood will have to seriously rethink their strategy to avoid being left behind in this growing segment.