The tokenized stock market has surpassed $3.7 billion: Securitize and Ondo outperform Robinhood by 40 times
The market for tokenized stocks is rapidly gaining momentum, and its structure has finally become clear: it is not a retail story, but a purely institutional game. The total on-chain market capitalization of the sector has already exceeded $3.7 billion, and the distribution of power here is extremely telling.
Contrary to many expectations, the leaders are not popular retail applications like Robinhood, but platforms originally designed for real-world assets (RWA). These are Securitize and Ondo, which together control about 60% of the entire tokenized stock market.
Who is at the top: on-chain capitalization of platforms
Analysis of on-chain capitalization data reveals a massive gap between the leaders and other participants. The top 10 platforms are as follows:
- Securitize: $1.274 billion
- Ondo: $966 million
- xStock: $576 million
- bStock: $376 million
- Figure: $210 million
- Aktionariat: $118 million
- Republic: $113 million
- Mt Pelerin: $56 million
- Stobox: $34 million
- Robinhood: $31 million
As you can see, Robinhood, despite its big name and media hype, ranks only tenth with $31 million. For comparison, Securitize and Ondo surpass it in capitalization by more than 40 times each. This is clear evidence that real money and liquidity are concentrated in specialized infrastructure projects, not mass-market brokerage apps.
What is traded most actively: an unexpected leader
Analysis of daily trading volumes also brings surprises. The absolute leader in this metric is tokenized shares of SpaceX with a volume of $31.7 million per day. This is notable because SpaceX is a private company, and tokenization opens access to its securities, which are nearly impossible to buy on the traditional market.
Top 9 tokenized stocks by daily trading volume:
- SpaceX: $31.7 million
- SanDisk: $25.5 million
- SK Hynix: $15.2 million
- NVIDIA: $14.7 million
- Alphabet: $11.6 million
- Nebius: $6.1 million
- Cerebras: $5.3 million
- Broadcom: $4.2 million
- Tesla: $4.1 million
The top of the list is dominated by technology and semiconductor giants. Demand is clearly shifting toward assets related to artificial intelligence and chip manufacturing. SpaceX's presence at the top spot is especially telling: investors are voting with their dollars for access to assets that were previously closed to them.
My expert conclusion: The tokenized stock market has finally moved from the theoretical stage to a functioning market with real capital. Institutions have chosen Securitize and Ondo as reliable infrastructure solutions, while retail giants like Robinhood remain on the sidelines of this process. The trend toward tokenization of private companies (SpaceX) and high-tech giants will only intensify, opening new horizons for global investments.