The tokenized stock market has quietly become a $2.3 billion sector, nearly doubling from $1 billion in March 2026. And one name sits comfortably at the top: Ondo Finance, which controls roughly 34% of the entire market’s capitalization with approximately $955 million in tokenized equities.
That figure puts Ondo well ahead of its nearest competitors. Kraken’s xStocks platform trails at $507 million, while Binance’s bStocks holds $334 million. Depending on which tracker you consult and the timeframe in question, Ondo’s share among dedicated equity tokenization issuers may actually be as high as 58-70%.
How Ondo built its lead
Ondo Stocks, formerly branded as Ondo Global Markets, launched in September 2025 with a straightforward pitch: let non-US investors mint and redeem tokens representing US equities, 24 hours a day. No market close, no settlement lag, no geographic gatekeeping.
The platform hit $1 billion in total value locked by May 2026, a milestone that took roughly eight months from launch.
