Tokenizing $340 billion in US stocks: Ondo breaks through with a compliance base

According to Woofun AI, the competitive focus of the tokenized US stock circuit has completely shifted from simply putting assets on the chain to the ability to build a settlement layer and distribution network. With its deep accumulation on a compliance base, Ondo is establishing a leading position in this structural transformation.

The explosive growth of macro market data reveals the current state of congestion and huge potential of this racetrack. As of August of this year, the total size of the tokenized asset market is about to reach the $340 billion mark, and all major categories have shown a year-on-year growth trend over the past three years. Among them, the value of fund assets reached US$34.6 billion, an increase of 56.7%; the value of commodity assets was US$7.4 billion, a surge of 304%; the value of stablecoins reached US$294.8 billion, an increase of 8.7%; while equity assets had a small base of only US$2.8 billion, a year-on-year increase of 6292%, showing strong explosive power.

This wave of epic increases driven by AI, represented by Micron Technology (MU.US), has recorded a 10% increase in stock prices since August 2025, creating countless tech upstarts, while also allowing investors lacking traditional channels to find new ways to participate in the market through tokenizing US stocks. Looking back over the past year, track participants entered intensively: Robinhood (HOOD.US), Kraken, and Bybit took the lead in 2025, followed by Coinbase (COIN.US), Binance, OKX, Bitget, and Backpack in the first half of 2026. NYSE parent company ICE (ICE.US) strategically invested in OKX, Deutsche Börse invested $200 million in Kraken, and Backpack launched the compliant brokerage firm “Backpack Securities”.

At the same time, on-chain native players such as Ondo, xStocks, and bStock are also expanding wildly, and core targets such as Apple (AAPL.US), Nvidia (NVDA.US), and S&P ETF (SPY.US) are rapidly transforming from concept to infrastructure.

The lengthening of the timeline shows the intense movement rhythm of the main players entering the field. In June 2025, Robinhood (HOOD.US) launched more than 200 US stocks and ETF tokens in the European Union. Based on Arbitrum issuance, it first pushed “stock tokens” into mainstream financial horizons; in September of the same year, Ondo Global Markets officially launched, launching more than 100 assets. In December 2025, Kraken acquired the issuer Backed Finance and took over xStocks.

In June of this year, Coinbase (COIN.US) launched a stock index perpetual contract regulated by the CFTC, switching from the derivatives side; in the same week, Binance launched bStocks and Bitget launched Stocks 2.0. In early August, Dinari completed a symbolic move to sell tokenized shares back to Americans. Outside of the supply side, demand and regulation are loosening at the same time. Citi predicts that the size of tokenized securities may reach 5.5 trillion US dollars by 2030. The SEC Chairman mentioned the “Innovation Exemption Framework”, which provides room for policy imagination for the development of the industry.

Ondo's core barrier lies in its deep cooperation with DTCC and implementation of compliance. DTCC and Ondo jointly announced the launch of the first batch of tokenized stocks based on DTC tokenized equity and generated through DTCC tokenization services, retaining the same CUSIP code and abbreviation as the underlying securities. Participating institutions include BlackRock (BLK.US), JPMorgan (JPM.US), Goldman Sachs (GS.US), NASDAQ (NDAQ.US), and the New York Stock Exchange (ICE.US). On September 16, Oasis Pro Markets, a subsidiary of Ondo Finance, officially joined DTCC's Fund/Serv network, becoming the first tokenized company to connect to the system. Fund/Serv handles more than 85% of mutual fund trading activity in the US, and Ondo's access means that its tokenized assets can be directly interconnected with traditional fund companies' clearing, reconciliation, and distribution systems, and are no longer just a “shadow on the chain.”

Currently, the total TVL of the Ondo agreement is about 3.6 billion US dollars, of which the tokenized US bond product USDY is about 2.16 billion US dollars, Ondo Stocks is about 1.03 billion US dollars, and OUSG is about 409 million US dollars.

Ondo's business growth trajectory and the speed at which product features are being iterated is impressive. When it was launched in September 2025, there were only 100 assets and only Ethereum; 98 new stocks were added on January 8, 2026; TVL exceeded 1 billion US dollars on May 11, becoming the first tokenized stock platform to cross this threshold, with a cumulative trading volume of 18 billion US dollars; when the name was changed to Ondo Stocks in July, the cumulative trading volume exceeded 26.9 billion US dollars, and the number of on-chain holders exceeded 190,000. On the product side, Ondo Perps launched Pre-Alpha in July, which supports up to 20 times leverage and tokenized stocks as margin; in the same month, 25+ popular targets such as SPCxON, NVDAon, MuON, QqQon, and SpyOn achieved real minting and redemption around the clock. All platforms only supported 24/5 minting and redemption and 24/7 license-free transfers.

Additionally, Ondo opened proxy voting rights for approximately $700 million in stock holdings and received Chainlink pricing, enabling stock tokens to enter the DeFi lending market as collateral. At the compliance level, Ondo acquired Oasis Pro, which has an SEC registered broker, ATS, and transfer agency license. In November, the SEC ended its two-year investigation without charges. In July of this year, Oasis Pro Markets was authorized by FINRA to provide services to US institutional and retail investors.

According to data compiled by Woofun AI, the top three distribution platforms together account for more than 80%, with Ondo leading with 34.6%, bStocks accounting for 24.6%, and xStocks accounting for 22.4%.

Ondo's differentiation strategy is reflected in distribution, compliance, and building a full stack platform. More than 440 assets have been expanded in depth according to industry themes, covering AI, semiconductors, biotechnology, defense, energy, and robotics. Since July, it has launched 24/7 trading in the AI semiconductor supply chain segment, covering AMD (AMD.US), Intel (INTC.US), TSM.US, etc. In terms of regional coverage, Ondo opens up multi-chain distribution in the 30 European Union countries, ADGM, and Asia, while xStocks relies on Kraken global users, Robinhood (HOOD.US) is stuck in the EU, and Dinari enters the US in reverse. In terms of distribution channels, Ondo cooperated with Binance (wallet, Alpha, ADGM MTF), Bitget, MetaMask, etc. In January, the CEO of Bitget revealed in an open letter that nearly 200 stock tokens on the platform came from cooperation with Ondo and xStocks, and that the bottom layer of trade.xyz's stock contract in the Hyperliquid ecosystem is also heavily anchored in Ondo tokens.

This strategy of decoupling distribution and channels enabled Ondo to transform competitors' distribution networks into its own shelves. In terms of compliance, Ondo's SEC investigation settlement, Oasis Pro acquisition, FINRA authorization, and DTCC list are linked into a complete regulatory narrative, raising entry costs for latecomers. In contrast, Robinhood (HOOD.US) suffered a setback due to the OpenAI and SpaceX token turmoil, making it difficult for xStocks' Liechtenstein framework to enter the US, and Coinbase (COIN.US) deliberately circumvented tokenized stocks. Ondo has built a full stack of on-chain capital markets through US debt bottoming, stock attacks, contract extensions, and chain consolidation. As of August 14, the cumulative trading volume of Ondo Perps has exceeded 8 billion US dollars.

The main competitors xStocks and Binance have different layouts. xStocks was launched on Solana in May 2025 and launched around 60 stock tokens. It uses the Liechtenstein prospectus framework, anchors real stocks 1:1, and supports 24/7 trading, self-escrow, and DeFi combinability. In December 2025, Kraken acquired Backed Finance to vertically integrate issuance and trading; in April 2026, Kraken received a strategic investment of US$200 million from Deutsche Börse; in February 2026, Kraken launched regulated tokenized stock perpetual futures, covering more than 110 countries and regions.

However, the TVL on the xStocks chain is only about 400 million US dollars, less than half of Ondo. Officially, the cumulative trading volume exceeds 25 billion US dollars, but including the Kraken centralized exchange port, most of the transactions occurred in CEX's internal ledger, and the number of assets stopped at more than 100, concentrated in the blue chip market. Binance adopted a two-track system and launched bStocks on June 11, 2026, issued by BTECH Holdings, approved by FSRA by ADGM of Abu Dhabi, minted with BEP-20 on BNB Chain, anchored 1:1 with a minimum investment of $5. The first 5 units (NVDAB, TSLAB, CRCLB, MUB, SNDKB) were expanded to more than 30 units in mid-July, and AUM surpassed $100 million to access margin collateral and Venus loan agreements. On-chain AUM has now risen to $4.6 billion. On August 13, Binance announced that it will support users to convert third-party tokenized stocks into bStocks, which is a strong source of traction.

Notably, Binance is also one of Ondo's largest distributors. In November 2025, the Binance wallet integrated Ondo tokenized stocks to sell and bet on both sides while developing its own products.

Other key players, Robinhood (HOOD.US), Securitize (SECZ.US), Dinari, and Bitget, had mixed performances. Robinhood (HOOD.US) launched in the European Union on June 30, 2025, and later caused a stir due to OpenAI and SpaceX publicly denying its private equity tokens. By Consensus 2026, the number of EU tokenized stocks and ETFs expanded to around 2,000, commission-free, 24/5 trading. However, as of August 2026, the total value on the chain was only about $25 million. Since tokens cannot be transferred out of the platform, they are essentially internal ledger derivatives, and there is no self-escrow or DeFi combinability.

It was followed by Robinhood Chain, a public beta network in February 2026. Securitize (SECZ.US)'s total tokenized assets exceed $4 billion, tied for first place with Sky, followed by Ondo, Circle (CRCL.US), and Franklin (BEN.US), but the majority are fund products such as BLK.US (BLK.US) BUIDL (BLK.US), which account for only 12.40% of the stock market. In July 2026, Securitize (SECZ.US) merged with Cantor Equity Partners II to land on the New York Stock Exchange (ICE.US) under the SECZ code and issue “issuer-native” tokenized SECZ shares (which circulate on Solana and Avalanche).

However, the Q2 earnings report showed revenue of $14.4 million, down 5% year over year; net loss of $21.7 million, and adjusted EBITDA loss of $5.5 million. Dinari is the only issuer that has both an SEC registered transfer agent and a FINRA brokerage license to lawfully serve US investors. In August, in partnership with Circle (CRCL.US), US users used USDC self-escrow to purchase 724 DShares, covering all S&P 500 constituent stocks.

The business covers more than 80 jurisdictions and has issued more than 6000 tokenized assets; on July 8, a one-stop brokerage platform was established with tZERO, and Flow Traders provides 24/7 quotes. Bitget Stocks 2.0 is distributed by RWA platform Reality, is 1:1-anchored, USDT-denominated, and has an on-chain AUM of only $145 million, which is still small.

A summary of the competitive landscape shows that players such as Ondo, Kraken, Robinhood (HOOD.US), Dinari, and Binance each have an advantage. Ondo is temporarily leading the way with a compliance base and distribution network. Kraken holds channels and capital, Robinhood (HOOD.US) holds the brand, Dinari holds the US mainland ferry ticket, and Binance has a user base and dual track strategy that cannot be ignored. In the second half of 2026, how wide the doors of the US domestic market will open will be a real test for each company's strength. With the gradual clarification of the regulatory framework and the improvement of infrastructure, tokenized US stocks will move from edge experiments to mainstream allocation. Whoever can solve the triangular problems of settlement efficiency, compliance risk, and user experience can dominate the second half.

Industry end-of-life thinking points to the “market-building” model that Ondo represents. In the second half of tokenizing US stocks, simply issuing assets is no longer enough to build a moat; the real winner and loser is whether it can become a settlement and distribution layer connecting traditional finance and the crypto world. Through DTCC collaboration, FINRA licensing, and full-stack product layout, Ondo is reshaping the underlying logic of the on-chain capital market.

Despite many competitors, Ondo's leading edge in depth of compliance, breadth of distribution, and ecological integrity set it apart from the fierce competition. In the future, as more traditional financial institutions step in and regulatory policies become clear, tokenized US stocks are expected to become an important bridge connecting global capital, and Ondo is expected to play a key role in this process.