Ondo Finance says the market capitalization of its tokenized real-world asset products has surpassed $4 billion across 484 assets, putting the issuer at the top of 203 tokenization platforms tracked by RWA.xyz. The company also reported more than 565,000 onchain holders, giving it one of the largest recorded user bases in the sector.
The milestone places Ondo at roughly 10% of the $39 billion-plus tokenized real-world asset market tracked by RWA.xyz, excluding stablecoins. That market stood near $4 billion at the start of 2025, according to the platform's data, showing how quickly tokenized Treasury products, funds, stocks and other traditional financial instruments have moved onto public blockchains.
Ondo's growth is concentrated in products tied to familiar financial assets rather than experimental onchain instruments. Its largest products are tokenized Treasury offerings, while its newer stock and ETF issuance platform has added another high-growth segment to the company's business.
Treasury products account for most of Ondo's tokenized value
Ondo said three of its products rank among the 11 largest tokenized Treasury products, with a combined market capitalization above $3 billion. RWA.xyz puts the overall tokenized Treasury market at about $14.2 billion, meaning Ondo's Treasury-related products account for roughly one-fifth of the value in that category.
Tokenized Treasuries generally give holders blockchain-based exposure to short-dated U.S. government debt or money-market-style portfolios. Their growth has been driven by demand for dollar-denominated yield that can be transferred and used across blockchain applications, rather than remaining inside conventional brokerage or banking systems.
The size of Ondo's Treasury footprint also shows the degree to which tokenized asset markets are becoming concentrated around a relatively small number of large issuers and products. A platform with more than $3 billion in Treasury-linked assets has a materially different role from an issuer running limited pilot programs: it becomes a source of onchain collateral, liquidity and yield-bearing assets that other financial applications may seek to integrate.
Ondo did not provide a breakdown of the individual products in its latest figures, but the company's largest Treasury-linked offerings include tokenized funds designed to provide exposure to U.S. government securities and cash-management instruments.
Tokenized stocks add a second major business line
Ondo's expansion beyond Treasury products has accelerated through Ondo Global Markets, its platform for tokenized U.S. stocks and exchange-traded funds. The company said the platform launched in September 2025 and became the largest tokenized stock issuer within 48 hours.
It now reports more than 430 tokenized U.S. stocks and ETFs issued across Ethereum, Solana and BSC, with more than $900 million in tokenized value. The products are intended to give eligible users blockchain-based access to equity and ETF exposure through tokens that track the underlying securities or related structures.
The nearly $1 billion stock and ETF figure is significant within a smaller but rapidly expanding corner of the tokenization market. The wider market for tokenized company shares had reached roughly $3.74 billion by late October, based on the figures provided. Ondo's reported issuance would therefore represent a substantial share of available tokenized equity value, although the sector includes differing legal structures, settlement arrangements and investor eligibility rules across issuers.
Tokenized stock products remain more complicated than tokenized Treasury funds. Treasury products typically package short-duration government debt and cash equivalents, while tokenized shares must address corporate actions, market-hours trading, custody of underlying securities and the rights attached to the token. The number of products available does not necessarily mean every asset has deep liquidity or identical access conditions across jurisdictions.
Solana, Stellar and BSC hold a growing share of assets
Ondo said its products are available across 10 blockchains, a distribution strategy that reduces reliance on Ethereum alone and places its assets where users and decentralized finance applications are active.
More than $500 million of Ondo tokenized assets are held across Solana and Stellar, according to the company. It also reported nearly $500 million on BSC. Solana hosts 485 Ondo tokenized assets, the company said, the broadest product selection among the networks it listed.
That multichain approach reflects a practical challenge for tokenized asset issuers. The underlying securities may be familiar, but their usefulness onchain depends on where they can be transferred, pledged as collateral, exchanged or incorporated into other applications. Issuing across several networks gives Ondo access to different user bases and fee environments, though it can also fragment liquidity between chains.
The company separately said its Ondo Intelligent Portfolios product crossed $50 million in onchain value this week. Ondo describes it as the largest onchain portfolio product in the market. The product's growth is modest beside the company's Treasury business, but it points toward a more packaged model in which users gain exposure to managed allocations rather than purchasing each tokenized asset separately.
Ondo's reported $4 billion total illustrates how tokenization's recent growth has moved beyond early demonstrations toward a market dominated by Treasury-linked products and increasingly shaped by equity issuance. The next test for large issuers will be whether their assets develop durable liquidity and practical use across the blockchains where they are being distributed.
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