Tokenized equities triple market share as Ondo, Binance and xStocks dominate

Tokenized stock's market share has grown to 15%, up three times from the start of the year. It’s been one of the few RWA categories to see growth as interest in onchain equity trading has ballooned. Total market cap currently sits around $2.8 billion.RWA transfer volume has also rocketed, doubling in August to $20 billion, up from $9 billion the month prior. Despite accounting for a relatively small share of the total RWA market, tokenized equities have drawn the most attention from retail investors and have become an entry point to onchain applications.Three contenders have emerged in the race to bring stocks onchain. Ondo Finance, Binance (bStock), and xStocks have captured the majority of market share, collectively accounting for an impressive 77%. Ondo sits with the largest slice at $957 million, while bStocks and xStocks command $622 million and $600 million, respectively.RWA Market Cap by Asset Class Market ShareAll three leverage synthetic representations of underlying stock. While the specific mechanics vary, each aims to replicate the actual stock performance while giving the investor a derivative to transact or trade. Other builders such as Securitize and Superstate are working to bring actual equity onchain, where shares issued on the blockchain carry the same rights as conventional shares.Tokenized equity companies are choosing between first-to-distribute and onchain native tokenization. While synthetic stocks are being traded more frequently, they lack the full ownership, governance and shareholder protections of the underlying asset.This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.