The sector nearly doubled in three months. Tokenized equity market cap hit $2.3 billion in mid-July, up from just over $1 billion in March, and the surge is not concentrated in one corner: Ondo Finance, Backed Finance, Robinhood Chain, and the newly launched Arcus exchange all posted all-time highs on July 21 alone.

What the records actually look like

Ondo Finance now holds $955 million in onchain equities, making it the sector's largest issuer by a wide margin. Its tokenized shares outstanding hit 514.5 million that day, roughly double the figure from six months ago, while its holder count more than tripled to 93,880. Backed Finance, the Swiss issuer whose xStocks product trades on Kraken, Bybit, and across Solana DeFi, reached $579.4 million in tokenized market cap. Kraken separately said xStocks crossed $25 billion in cumulative transaction volume. Robinhood Chain logged 126,720 tokenized shares and 36,170 equity holders, both records.

Arcus, the tokenized-stock perps exchange built by the dYdX team and launched this month, posted $11.9 million in daily volume and $6.8 million in open interest on the same date.

Chain-by-chain, Ethereum leads with 34% of tokenized stock market share, followed by BNB Chain at 30% and Solana at 23%, per Token Terminal. Tokenized stocks still account for only about 5% of the broader RWA market, which DefiLlama tracks at roughly $27.3 billion in active market cap. But they have been the fastest-growing asset class on Ethereum so far this year.

What is driving Ondo's acceleration

July was unusually active for Ondo. On July 16 the firm announced a partnership with Japan's SBI Group to tokenize Japanese stocks and explore settlement in JPYSC, SBI's trust-backed yen stablecoin. The ONDO token jumped about 15% in the 24 hours after that news, reaching roughly $0.41 by July 22 with a market cap near $1.99 billion.

Beyond the SBI deal, Ondo switched on 24/7 minting and redemption for tokenized US stocks and ETFs, added voting rights to its tokenized shares, and enabled them as collateral on OndoPerps, its perpetual futures venue. That product now carries $39.8 million in open interest, per Artemis. The firm's catalog has passed 430 tokenized stocks and ETFs across Ethereum, Solana, and BNB Chain, distributed through MetaMask and Felix on Hyperliquid.

The picture that emerges is a sector that spent 2024 building infrastructure quietly and is now converting that groundwork into user counts and volume fast enough to double its market cap in a single quarter.

This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.