The following is a guest post and analysis by Vincent Maliepaard, Marketing Director at Sentora.
A year ago, tokenized stocks were barely registering as an asset class. Today, the market is approaching $1 billion (a nearly 30x increase) and December 2025 may have provided the regulatory clarity needed to accelerate institutional adoption.
What changed? Three things: A small group of platforms moved quickly to capture market share, regulators started building actual frameworks instead of issuing warnings, and traditional financial players started treating blockchain settlement as infrastructure rather than an experiment.
The race to climb
When Ondo Global Markets launched in September 2025, it became the largest tokenized stock platform within 48 hours. That kind of speed doesn’t happen by accident; reflects pent-up demand from investors who wanted exposure to US stocks via blockchain rails, particularly from outside the United States, where 24/7 market access is a significant advantage.
The market is now dominated by three players. Ondo owns about half of all tokenized stock value with over 200 assets. Backed Finance, acquired by Kraken in December 2025, controls about a quarter of the market. Securitize rounds out the top three with a single asset: Exodus, the first US-registered company to tokenize its common stock. Together, these three platforms represent more than 93% of the market.
| Platform | Total Value | Market share | Assets |
|---|---|---|---|
| Ondo Global Markets | $461.6 million | 53.8% | 201 |
| xStocks (backed/Kraken) | $193.7 million | 22.6% | 74 |
| Ensure | $146.6 million | 17.1% | 1 |
| WisdomTree | $23.0 million | 2.7% | 5 |
| Opening bell of the superstate | 18.5 million dollars | 2.2% | 3 |
| Dinari dShares | 3.1 million dollars | 0.4% | 88 |
Source: Sentora Research – Tokenized Stocks
Growing faster than tokenized Treasuries
Tokenized Treasuries remain the largest market at $9.3 billion, but stocks are growing about 30 times faster. The divergence reflects different buyer profiles. Treasury tokenization attracted institutions looking for stable, profitable security, a relatively conservative use case. Stock tokenization is capturing more speculative and access-oriented flows.
Trading patterns support this interpretation. Monthly transfer volume of tokenized shares reached $2.4 billion against approximately $860 million in assets under management, a volume-to-AUM ratio of nearly 3x. That’s active trading, not passive holding.
Where the assets live
Ethereum still leads with 38.5% of tokenized capital value, but its dominance is eroding. Solana has captured 18.5% as the top chain for xStocks, benefiting from sub-second finalization and integration with lending protocols such as Kamino Finance. Algorand owns 15% through Exodus alone, reflecting its focus on a compliant securities infrastructure rather than general-purpose DeFi.
| Chain | Tokenized capital value | Share |
|---|---|---|
| Ethereum | $329.8 million | 38.5% |
| solarium | $158.8 million | 18.5% |
| Algorando | $130.6 million | 15.2% |
| BNB Chain | 33.7 million dollars | 3.9% |
| Stellar | $22.7 million | 2.6% |
Source: Sentora Research – Tokenized Stocks
The December regulatory change
Two events occurred in December 2025 that could reshape the market. First, the SEC authorized a three-year DTCC pilot that allows tokenization of Russell 1000 stocks, U.S. Treasury securities, and major index ETFs. Expected to launch in the second half of 2026, it creates a path for traditional market infrastructure (central clearing, regulated exchanges, broker-dealer intermediation) to interoperate with blockchain settlement.
Second, the SEC clarified that broker-dealers can maintain custody of tokenized stocks if they control the private keys and implement appropriate security policies. This removes a barrier that previously complicated institutional participation. Nasdaq has also proposed trading tokenized securities on its exchange while maintaining oversight of the national market system.
Internationally, Ondo received approval to offer tokenized US shares in all 30 EEA countries through the Liechtenstein regulator, a distribution channel that reaches more than 500 million potential investors. The SEC closed its investigation into Ondo without charges in November 2025, eliminating regulatory overflow.
What to watch from here
Tokenized stocks have gone from an idea to a functional market infrastructure in less than a year. What comes next depends on two things: whether the regulatory push continues and whether traditional market infrastructure actually migrates to blockchain rails or keeps blockchain in a separate sandbox.
Forecasts for tokenized assets span a wide range: from about $2 trillion to nearly $19 trillion by the early 2030s, depending on the methodology. If stocks maintain their current proportion of real-world tokenized assets, that implies a market of between $20 billion and $190 billion by the end of this decade. Achieving that scale would require sustained annual growth of between 50% and 100%+, ambitious but not inconsistent with what the category has already demonstrated over the past 12 months.
A significant catalyst for that growth could be stocks tokenized as usable collateral in DeFi, effectively allowing retail investors to borrow against publicly traded stocks in a programmable, on-chain manner.
