Securitize and Ondo dominate the tokenized stock market: a 40x lead over Robinhood
The market for tokenized stocks on the blockchain has reached $3.7 billion, and the numbers unmistakably point to its institutional nature. Contrary to many expectations, the leaders are not retail applications but specialized platforms for working with real-world assets—Securitize and Ondo. Together, they control nearly 60% of the entire market capitalization in this segment, leaving giants like Robinhood far behind.
Duopoly of Leaders: Who's at the Top?
An analysis of on-chain capital distribution reveals a clear hierarchy. Securitize confidently holds the first place with $1.274 billion. It is followed by Ondo with $966 million. These two platforms have formed a true duopolistic framework for the market. Other participants lag significantly behind: xStock ($576 million), bStock ($376 million), and Figure ($210 million) round out the top five, but their combined share still falls short of the leaders.
Robinhood's position deserves special attention. Despite loud claims and extensive media coverage, the retail trading app ranks only tenth with a market capitalization of $31 million. The gap between it and the leaders is more than 40-fold. This is a clear confirmation that real demand for tokenized assets is driven not by the mass investor, but by large institutional players seeking efficient and reliable tools for working with real-world assets.
Most Traded Assets: A Technological Bias
Looking at the top assets by daily trading volume paints an even more telling picture. Tokenized shares of SpaceX are the undisputed leader, with a daily volume of $31.7 million. This is a vivid example of how tokenization opens access to securities that are nearly impossible or extremely difficult to buy on the traditional market.
Overall, the top of the list is dominated by technology and semiconductor giants: SanDisk ($25.5 million), SK Hynix ($15.2 million), NVIDIA ($14.7 million), and Alphabet ($11.6 million). Investors are clearly betting on companies tied to artificial intelligence and chip manufacturing. The presence of companies like Nebius and Cerebras in the list only confirms this trend.
Analytical Conclusion
Tokenized securities have ceased to be a theoretical concept. In 2026, this is already a fully functioning market with real capital, measurable volumes, and a clear signal about what investors truly want to own. My forecast: in the next 12-18 months, we will see further market consolidation around Securitize and Ondo, as well as the emergence of new major players capable of offering liquidity for undervalued private companies.