The marketplace for tokenized shares reached a file $2.3 billion in market capitalization in mid-July, in keeping with Token Terminal information, practically doubling since March, when the sector first cleared $1 billion, and the expansion is displaying up throughout each main issuer directly.
On July 21 alone, Artemis information recorded all-time highs for Ondo Finance’s tokenized shares excellent (514.5 million) and holder rely (93,880), Backed Finance’s tokenized market cap ($579.4 million), and Robinhood Chain’s tokenized shares (126,720) and fairness holder rely (36,170).
Arcus, the tokenized-stock change launched this month by the staff behind dYdX, posted file day by day perps quantity of $11.9 million and file open curiosity of $6.8 million the identical day.
Ethereum leads the sector with 34% of tokenized inventory market share, adopted by $BNB Chain at 30% and Solana at 23%, per Token Terminal. Tokenized shares stay a small nook of the broader tokenized real-world asset market — roughly 5% by Token Terminal’s rely, whereas DefiLlama tracks about $27.3 billion in lively RWA market cap — however they’ve been the fastest-growing asset class on Ethereum this 12 months.
Ondo Extends Its Lead
Ondo Finance is the biggest issuer with $955 million in onchain equities, per Token Terminal, and its July has been dense with catalysts. The agency partnered with Japan’s SBI Group on July 16 to tokenize Japanese shares and discover settlement in JPYSC, SBI’s trust-backed yen stablecoin. It additionally switched on 24/7 minting and redemption for tokenized US shares and ETFs, added voting rights to its tokenized shares, and enabled tokenized inventory collateral on OndoPerps, its perpetual futures venue — the product behind its file $39.8 million in open curiosity, per Artemis.
The agency’s catalog has handed 430 tokenized shares and ETFs throughout Ethereum, Solana, and $BNB Chain, and its distribution now runs via MetaMask and Felix on Hyperliquid.
ONDO traded round $0.41 on July 22 with a market capitalization of $1.99 billion, close to the highest of its seven-day vary of $0.32 to $0.41, per CoinGecko. The token jumped roughly 15% within the 24 hours after the SBI announcement.
Backed and the Trade-Issued Wave
Backed Finance, the Swiss issuer behind the xStocks product distributed on Kraken, Bybit, and Solana DeFi, reached a file $579.4 million in tokenized market cap on July 21, per Artemis. Kraken mentioned xStocks surpassed $25 billion in cumulative transaction quantity inside eight months of launch. Token Terminal places xStocks’ onchain holdings at $507 million, with Binance’s bStocks third amongst issuers at $334 million — an indication exchange-issued merchandise have gotten a definite development channel alongside DeFi-native issuers.
New Entrants: Robinhood Chain and Arcus
Robinhood’s Inventory Tokens, issued on the corporate’s personal Layer 2 that launched July 1, stay the smallest of the cohort at $19.3 million in tokenized market cap, however all three of the product’s Artemis metrics — market cap, shares tokenized, and holder rely — hit data on July 21. The tokens can be found in additional than 120 international locations and are already getting used as collateral on Lighter, a derivatives protocol on the chain.
The speculative layer is arriving too. Arcus, launched July 1 by dYdX Labs with funding from Robinhood Crypto, gives 24/7 spot buying and selling on 95 inventory tokens with zero charges and is rolling out perpetual futures on equities, commodities, and indices with as much as 50x leverage. The change just isn’t out there within the US, UK, or Canada. Its file $11.9 million in day by day perps quantity, whereas small in opposition to crypto-native perps venues, is an early information level for leveraged buying and selling constructed on tokenized equities.
The Highway to $3B
An Ondo govt mentioned in Could the corporate expects the tokenized fairness market to achieve between $2.5 billion and $3 billion by year-end, per TheStreet. On the present tempo — the sector has practically doubled in 4 months — that concentrate on implies slower development than the market is delivering.
Holder counts stay the metric to look at. Ondo’s 93,880 and Robinhood Chain’s 36,170 tokenized-equity holders are data, per Artemis, however are small subsequent to any retail brokerage’s person base. Whether or not 24/7 settlement, DeFi collateral use, and yen-settled Japanese shares translate into sustained holder development is what the subsequent two quarters will present.
