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The following is a guest post and analysis from Vincent Maliepaard, Marketing Director at Sentora.
A year prior, tokenized equities were hardly recognized as a distinct asset class. Currently, the market is nearing $1 billion—a nearly 30-fold increase—and December 2025 may have provided the regulatory clarity necessary for institutional adoption to gain momentum.
What has changed? Three key factors: a select group of platforms acted swiftly to seize market share, regulators began establishing concrete frameworks instead of merely issuing warnings, and traditional finance entities started viewing blockchain settlement as a foundational element rather than a mere experiment.
The Race to Scale
When Ondo Global Markets debuted in September 2025, it quickly became the largest tokenized stock platform within 48 hours. Such rapid growth is not coincidental; it indicates significant demand from investors seeking exposure to U.S. equities via blockchain technology, especially from outside the United States, where continuous market access is a considerable advantage.
The market is currently led by three major players. Ondo commands approximately half of the total tokenized equity value with over 200 assets. Backed Finance, which was acquired by Kraken in December 2025, holds around a quarter of the market. Securitize completes the top three with a single asset: Exodus, the first U.S.-registered firm to tokenize its common stock. Collectively, these three platforms represent over 93% of the market.
| Platform | Total Value | Market Share | Assets |
|---|---|---|---|
| Ondo Global Markets | $461.6M | 53.8% | 201 |
| xStocks (Backed/Kraken) | $193.7M | 22.6% | 74 |
| Securitize | $146.6M | 17.1% | 1 |
| WisdomTree | $23.0M | 2.7% | 5 |
| Superstate Opening Bell | $18.5M | 2.2% | 3 |
| Dinari dShares | $3.1M | 0.4% | 88 |
Source: Sentora Research – Tokenized Equities
Growing Faster Than Tokenized Treasuries
Tokenized treasuries still represent the larger market at $9.3 billion, yet equities are expanding approximately 30 times quicker. This divergence highlights differing buyer profiles. Treasury tokenization has attracted institutions in search of yield-bearing, stable value—a relatively conservative application. In contrast, equity tokenization is drawing in more speculative and access-driven investments.
The trading trends support this analysis. Monthly transfer volume for tokenized equities reached $2.4 billion compared to around $860 million in assets under management—a volume-to-AUM ratio of nearly 3x. This indicates active trading rather than passive holding.
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Where the Assets Live
Ethereum continues to lead with 38.5% of tokenized equity value, although its dominance is diminishing. Solana has secured 18.5% as the main chain for xStocks, benefiting from sub-second finality and integration with lending protocols like Kamino Finance. Algorand accounts for 15% through Exodus alone, reflecting its emphasis on compliant securities infrastructure rather than general-purpose DeFi.
| Chain | Tokenized Equity Value | Share |
|---|---|---|
| Ethereum | $329.8M | 38.5% |
| Solana | $158.8M | 18.5% |
| Algorand | $130.6M | 15.2% |
| BNB Chain | $33.7M | 3.9% |
| Stellar | $22.7M | 2.6% |
Source: Sentora Research – Tokenized Equities
The December Regulatory Shift
December 2025 brought two significant developments that could transform the market. First, the SEC approved a three-year DTCC pilot allowing the tokenization of Russell 1000 equities, U.S. Treasury securities, and major index ETFs. Set to launch in H2 2026, this establishes a pathway for traditional market infrastructure—central clearing, regulated exchanges, broker-dealer intermediation—to work alongside blockchain settlement.
Second, the SEC clarified that broker-dealers may hold custody of tokenized equities if they manage private keys and implement suitable security measures. This alleviates a barrier that previously complicated institutional involvement. Nasdaq has also suggested trading tokenized securities on its exchange while maintaining oversight of the national market system.
On an international scale, Ondo received authorization to provide tokenized U.S. stocks across all 30 EEA countries through Liechtenstein’s regulator—a distribution channel that could reach over 500 million potential investors. The SEC concluded its investigation into Ondo without any charges in November 2025, eliminating regulatory uncertainty.
What to Watch From Here
Tokenized equities have transitioned from concept to operational market infrastructure in under a year. The future developments depend on two factors: whether regulatory momentum persists, and whether traditional market infrastructure genuinely transitions onto blockchain technology or remains in a separate environment.
Projections for tokenized assets vary widely—from approximately $2 trillion to nearly $19 trillion by the early 2030s, depending on the methodology used. If equities retain their current share of tokenized real-world assets, this suggests a market size of $20 to $190 billion by the end of this decade. Achieving that scale would necessitate sustained annual growth of 50% to 100%+, which is ambitious but aligns with the growth the category has already shown over the past year.
A significant driver for that growth could be the use of tokenized stocks as collateral in DeFi, effectively allowing retail investors to borrow against publicly traded equity in a programmable, on-chain manner.
The post Tokenized equities approach $1B as institutional rails emerge appeared first on CryptoSlate.
