Tokenized Stocks Reach $2.3B as Ondo, Backed, and Robinhood Post Simultaneous Records

The onchain tokenized equity sector hit $2.3 billion in market capitalization by mid-July 2026, according to The Defiant's reporting, nearly doubling since March when the sector first cleared $1 billion. On July 21, three of the sector's largest platforms all posted all-time highs in the same day, a moment that reflects both rapid growth and intensifying competition across issuers.

Ondo Finance led the gains, recording 514.5 million tokenized shares outstanding and 93,880 holders on July 21, both all-time highs. The company operates the largest issuer position with $955 million in onchain equities across more than 430 tokenized stocks and ETFs spread across Ethereum, Solana, and BNB Chain. Ondo switched on 24/7 minting and redemption for tokenized US stocks and ETFs, added voting rights to its tokenized stock tokens, and enabled those tokens as collateral on OndoPerps, its perpetual futures venue, which recorded $39.8 million in open interest.

Backed Finance's xStocks, distributed on Kraken, Bybit, and Solana DeFi platforms, reached $579.4 million in tokenized market cap on July 21. Kraken reported xStocks surpassed $25 billion in cumulative transaction volume within eight months of launch, with onchain holdings at $507 million. Robinhood's Stock Tokens, issued on the company's Layer 2 that launched July 1, hit $19.3 million in tokenized market cap with all-time highs across holder counts and outstanding shares. The tokens are available in more than 120 countries and are being used as collateral on Lighter, a derivatives protocol on Robinhood Chain.

DYdX Labs' Arcus, launched July 1 with backing from Robinhood Crypto, posted record daily perpetuals volume of $11.9 million and record open interest of $6.8 million on July 21. The exchange offers 24/7 spot trading on 95 stock tokens with zero fees and is rolling out perpetual futures on equities, commodities, and indices with up to 50x leverage. Arcus is not available in the US, UK, or Canada.

Ethereum leads the tokenized stock market by platform share with 34 percent, followed by BNB Chain at 30 percent and Solana at 23 percent. Ondo Finance, Backed Finance's xStocks, and Binance's bStocks (at $334 million) form the top three issuers by onchain holdings. Tokenized stocks represent roughly 5 percent of the broader tokenized real-world asset market by Token Terminal's count, while DefiLlama tracks about $27.3 billion in active RWA market cap.

On July 16, Ondo Finance partnered with Japan's SBI Group to tokenize Japanese stocks and explore settlement in JPYSC, SBI's trust-backed yen stablecoin. The announcement preceded a roughly 15 percent jump in ONDO token price within 24 hours. On July 22, ONDO traded around $0.41 with a market capitalization of $1.99 billion, near the top of its seven-day range of $0.32 to $0.41. Ondo's distribution now runs through MetaMask and Felix on Hyperliquid.

In May 2026, an Ondo executive said the company expects the tokenized equity market to reach between $2.5 billion and $3 billion by year-end. At the current pace of nearly doubling in four months, that guidance implies a material slowdown over the second half of the year. The sector's largest open question remains holder adoption: Ondo's 93,880 tokenized-equity holders and Robinhood Chain's 36,170 are small compared to any retail brokerage user base, and whether 24/7 settlement, DeFi collateral use, and international expansion translate into sustained growth will be tested over the next two quarters.