Tokenized Stocks Hit $1.5B at 40x Growth but Two Issuers Hold 89% of the Market

The issuer concentration behind the $1.5B figure

Token Terminal’s tokenized stocks data shows total onchain market cap of $1.5 billion across 2,649 tokenized stocks and 11 issuers. The year-over-year growth rate of approximately 40x places this as one of the fastest-growing onchain asset categories by market cap.

Ondo Finance and xStocks together hold 89.5% of the tokenized stock market by issuer, which means the $1.5 billion category that Token Terminal describes as having 40x year-over-year growth is structurally a two-issuer market where every other participant, nine additional issuers, shares the remaining 10.5%. Ondo Finance leads at $963.3 million and 63.1% share. xStocks sits at $402.7 million and 26.4%. The remaining issuers, eight of the nine visible in the dashboard, including Republic, Superstate, PreStocks, Robinhood, Dinari, Remora Markets, Tessera, and Swarm Markets, range from $74.4 million down to $731.7 thousand.

The top individual asset, CRCLon at $170 million, represents 10.3% of the total market, while the top issuer, Ondo Finance, represents 63.1%, a 52.8 percentage point gap that reveals how Ondo’s dominance comes not from a single dominant product but from aggregating multiple mid-sized positions across its product line. The second through tenth ranked assets, STRCx, preSPAX, IVVon, MUon, NVDAon, TSLAx, CRCLx, IBITon, and SPYon, range from $85.1 million down to $41.7 million, a relatively compressed range that suggests the asset-level market is more fragmented than the issuer-level market.

The chain distribution that contradicts the concentration story

The chain breakdown tells a different story from the issuer breakdown. Ethereum holds 40.3% of tokenized stock market cap at $615.1 million. Solana holds 29.3% at $447.7 million. BNB Chain holds 28.2% at $430.2 million. Together the three chains account for 97.8% of the total.

The chain distribution tells a different concentration story than the issuer distribution: Ethereum at 40.3%, Solana at 29.3%, and BNB Chain at 28.2% are separated by margins narrow enough that a single large issuance on either Solana or BNB Chain could close the gap with Ethereum, suggesting tokenized stock issuers are deliberately distributing across chains rather than defaulting to Ethereum dominance. In most onchain asset categories tracked by similar dashboards, Ethereum’s share typically exceeds 50%. In tokenized stocks, its lead over BNB Chain is 12.1 percentage points, narrow enough to suggest a strategic multi-chain deployment rather than organic Ethereum gravitational pull.

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What the 40x figure means and what it does not

The 40x year-over-year growth rate implies the category was approximately $37.5 million twelve months ago. The Token Terminal chart confirms near-zero market cap through most of 2024 and early 2025, with the steep growth curve beginning in mid-2025 and accelerating through early 2026. At $1.5 billion, the category remains small relative to total crypto market cap but the trajectory is steeper than most onchain asset categories at comparable stages.

The structural question the 40x growth rate does not answer is whether the category’s expansion depends on Ondo Finance’s continued dominance or whether the nine smaller issuers can grow their combined 10.5% share into a more competitive market. A category growing at 40x annually with 89.5% of volume in two issuers is not a competitive market, it is a market with two dominant players and a long tail that has not yet found product-market fit at scale.

A twelve-month forward reading showing the combined share of issuers outside Ondo and xStocks growing above 20% while total market cap continues to expand would indicate the category is broadening beyond its current two-issuer structure. A continued reading where Ondo and xStocks maintain above 85% combined share despite new entrants would indicate the category’s network effects and regulatory positioning favor incumbents over new issuers regardless of market growth rate.

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