Some say it is still a niche sector that has yet to prove itself, while others see it as an unstoppable trend that is already well established. Whatever the case may be, the tokenized stock market has just passed the symbolic milestone of $1 billion in assets under management. Here’s an update…
The tokenized stock market exceeds $1 billion
Among the notable crypto trends of 2025, the tokenization market appears to be a very popular innovation among traditional finance players seeking a new model for trading assets that is more fluid, operational, and accessible at all hours.
The sector is divided into several distinct offerings, the most important of which concerns US Treasury bills, which alone account for 45% of the market’s current valuation of $19.7 billion. But another trend is also beginning to attract attention: tokenized stocks.
Indeed, more and more cryptocurrency exchange platforms have started offering trading in these tokenized stocks over the past year, such as Kraken and its highly popular xStocks, which already had a volume of over $10 billion last October, just a few months after their launch in early June.
This success has clearly been confirmed at the start of this year, as the total value of assets under management (AUM) for these xStocks currently stands at $590 million, more than half of the historic record of over $1 billion recently achieved by this sector.
Ethereum still reigns supreme as the leading blockchain
In terms of assets under management, second place in this ranking goes to the Ondo Finance protocol, which accounts for 40% of this billion dollars ($413 million) when its activities on the Ethereum ($353.2 million) and BNB Chain ($59.7 million) blockchains are added together. Next comes Robinhood with $20 million.
To flesh out this analysis, it seems important to turn to the reference site RWA.xyz. This provides an opportunity to note that the Ethereum blockchain is largely dominant in the field with an estimated market share of over 56%, compared to 25% for Solana and 18% for Algorand.
In terms of monthly transfer volumes, only Ondo Finance protocol products are currently in the top 5. And for good reason, as it now offers hundreds of tokenized stocks in its catalog:
- Tesla (Ondo): $451 million;
- Nvidia (Ondo): $393 million;
- Amazon (Ondo): $156 million;
- Alibaba (Ondo): $148 million;
iShares Silver Trust (Ondo): $147 million.
These amounts could change rapidly over the course of the year, considering that in early December, Nasdaq affirmed its desire to move “as quickly as possible” in the field of tokenized stocks.
