Tokenized shares, such as Ondo and xStox, have exceeded 1 billion dollars
Update March 10, 11:40 am UTC: This article has been updated to add comments from RWA.io co-founder Marco Vidrih.
Tokenized shares have surpassed $1 billion in total on-chain value, marking a new milestone for the rapidly growing real-world asset (RWA) sector.
Data from RWA.xyz shows that the value of tokenized shares has risen above $1 billion as platforms that offer exposure to traditional shares on the blockchain attract more trading activity and liquidity.
Most of the activity is concentrated among a small number of players. RWA.xyz data and a report released on Tuesday by Foresight Ventures show Ondo is the largest stock platform by value, while xStocks products have another significant market share.
On Tuesday, Foresight Ventures released a report stating that the market is consolidating around these early leaders, citing regulatory hurdles, liquidity benefits and different token models as key factors shaping competition in the sector.
Tokenized shares already form a duopoly
According to RWA.xyz data, Ondo accounts for 58% of the market, while stock products issued under the xStocks platform account for about 24%, forming the former duopoly in the sector.
Alice Lee, an investment partner at Forrest Ventures, told Cointelegraph that predecessors have done well by making clear structural choices around liquidity, regulatory frameworks and distribution.
“Building one of these platforms requires liquid infrastructure, multi-jurisdictional rights and DeFi integration, and those three things are at odds with each other,” Lee told Cointelegraph.
Li says Ondo and xStocks got to where they are because they “first made a clear architectural bet and built deeply around it.”
RWA.io founder and chief operating officer Marco Widrich said that while the $1 billion milestone is meaningful, the momentum achieved is more important.
“The increase of approximately 2,900% in twelve months shows the convergence of several forces, including the launch of a major platform, regulatory transparency and infrastructure that now make these products viable for retail users,” Widrich told Cointelegraph.
Related: Tokenized RWAs rise 13.5% despite $1T crypto market decline.
Market focus is not limited to tokenized stocks. In a post on X, Defilama founder 0xngmi said revenue from multiple DeFi sectors is increasingly flowing into the top two platforms.
He cited analytics platform data showing similar patterns in stablecoins, derivatives and decentralized exchanges.
Tokenized assets continue to proliferate across crypto markets.
The development of token stocks comes at a faster pace in blockchain-based RWAs.
According to RWA.xyz data, the total value of tokenized RWAs, excluding stablecoins, has risen to about $26 billion, fueling the growing demand for blockchain-based representation of traditional financial instruments.
In the year At the time of writing, the sector's total value is $11.13 billion, indicating continued growth.
Transaction activity also accelerated for converted RWAs. In the year On March 6, the 1inch aggregator's merger with Ondo has surpassed $2.5 billion since the partnership's September 2025 launch of tokenized shares and exchange-traded funds.
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