Securitize and Ondo dominate the tokenized stock market: a 40x lead over Robinhood
The total market capitalization of tokenized stocks on the blockchain has exceeded $3.7 billion, and this is not a retail story, but an institutional one. Contrary to many expectations, the leaders are not mass-market applications, but platforms originally designed to work with real assets: Securitize and Ondo.
An analysis of capital distribution shows that these two platforms control about 60% of the total market capitalization of tokenized stocks. Meanwhile, Robinhood, despite its big name and media hype, ranks only tenth. The gap between the leaders and the rest of the participants is enormous.
How Capitalization is Distributed
The market landscape is almost entirely defined by two platforms. Securitize and Ondo together hold about 60% of the total capitalization of tokenized stocks. This is direct evidence of the institutional nature of the market: the leaders are platforms focused on real assets, not retail applications, which many had predicted would take this role.
On-chain capitalization is distributed 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
The biggest surprise on the list is Robinhood. Despite all the media buzz, the application ranks only tenth with $31 million. The gap between the leaders and the rest of the participants is significant: the top two platforms far outpace their competitors.
What is Traded Most Actively
Daily trading volume data is also revealing. The leader in daily transaction volume is tokenized SpaceX stock. This clearly demonstrates the key advantage of tokenization: access to securities that are difficult or impossible to buy on the traditional market.
The top tokenized stocks by daily trading volume are as follows:
- 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
Technology and semiconductor companies dominate the top of the list. Demand is shifting towards securities related to artificial intelligence and chip manufacturing.
My Analysis
The market for tokenized stocks is no longer theoretical. In 2026, it is already a functioning market with real capital, actual volumes, and a clear signal about what investors truly want to own. The dominance of Securitize and Ondo is not a coincidence, but a natural result of their focus on institutional clients and real assets. Robinhood, despite its retail popularity, is currently losing decisively in this segment.