More than a quarter of the entire tokenized stock market now belongs to ETFs. That’s a remarkable concentration for a product category that barely existed on-chain two years ago.
Tokenized ETFs account for 26.6% of the total market capitalization of tokenized stocks, with the largest single product living on Solana and attributed to Ondo Finance. The shift suggests that when investors want on-chain equity exposure, they’re gravitating toward the same diversified wrappers they already trust in traditional finance.
The players building on-chain Wall Street
The tokenized equities space isn’t evenly distributed. Alpaca commands a 94% market share of tokenized US stocks and ETFs, with $480M in assets under custody. That kind of dominance in any market would raise eyebrows, but in a nascent sector it effectively means one platform is setting the rules for how tokenized equities work in practice.
Kraken is making moves to change that math. Its xStocks product currently covers around 100 tokenized US stocks and ETFs, with plans to expand that roster to 500 by the end of 2026. That’s a fivefold increase in available instruments, which would give retail and institutional users significantly more on-chain options.
