Some describe it as a niche sector that has yet to prove itself, while others see it as an unstoppable trend that is already well-established. Either way, the tokenized equity market has just crossed the symbolic milestone of $1 billion in assets under management. Here’s an update…
The tokenized equity market surpasses $1 billion
Among the notable crypto trends of 2025, the tokenization market has emerged as a highly popular innovation among traditional finance players seeking a new model for trading assets that is more fluid, operational, and accessible around the clock.
The sector is divided into several distinct offerings, the largest of which involves U.S. Treasury bonds, which alone account for 45% of the market’s valuation—currently estimated at $19.7 billion. But another trend is also starting to make waves: tokenized stocks.
In fact, more and more cryptocurrency exchanges have begun offering trading in these tokenized stocks over the past year, such as Kraken and its highly popular xStocks, which already had a trading volume exceeding $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 all-time record of over $1 billion that the sector has just reached.
The tokenized stock market surpasses the $1 billion mark
Ethereum continues to lead as the top blockchain
In terms of assets under management, second place in this ranking goes to the Ondo Finance protocol, which accounts for 40% of that $1 billion ($413 million) when combining its activities on the Ethereum ($353.2 million) and BNB Chain ($59.7 million) blockchains. Next comes Robinhood, with $20 million on the books.
To further this analysis, it’s worth consulting the leading reference site RWA.xyz. This reveals that the Ethereum blockchain dominates the sector with an estimated market share of over 56%, compared to 25% for Solana and 18% for Algorand.
In terms of monthly transfer volumes, only products from the Ondo Finance protocol appear in the current top 5. And for good reason: 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 figures could change rapidly over the course of the year, given that the Nasdaq stated in early December its intention to move “as quickly as possible” in the area of tokenized stocks.
