After establishing itself as the top tokenized stock, does Ondo have any new highlights?

Original Article Title: "Market Share Exceeds 61%: After Becoming the Absolute Leader of Tokenized Stocks, Does Ondo Have New Highlights?"

Original Article Author: Deep Tide TechFlow

Introduction

On March 16, 2026, the NVIDIA GTC 2026 conference officially opened, and Huang Renxun's keynote speech once again ignited the market's enthusiasm.

After listening to the speech, you believed that NVIDIA would be a core beneficiary of this global wave of AI, so you quickly invested in NVIDIA stock.

Without going through the cumbersome account opening process, without waiting for the US stock market to open, with just a few clicks of the mouse, the on-chain tokenized NVIDIA stock was already in your on-chain wallet, with fees so low they were almost negligible.

A few years ago, this was almost unthinkable. Today, the tokenized stock market has exceeded a size of $1.07 billion.

And when it comes to the main force tearing down the wall between retail investors and global quality assets, Ondo is undoubtedly the most undeniable name.

In September 2025, the flagship RWA project Ondo Finance announced the launch of Ondo Global Markets, with 100+ stocks and ETFs open for trading simultaneously, propelling tokenized stocks from scattered experimentation to large-scale expansion. Now, just over half a year later, Ondo's platform alone commands over 60% of the tokenized stock market share, making it the undisputed leader in this race.

Perhaps this is the truly noteworthy aspect:

In a market with unlimited potential and no lack of competitors, in its explosive first stage, an almost unavoidable center has emerged.

When "on-chain free trading of stocks" is finally no longer just a nice story, a stronger curiosity is also aroused by this "cliff-like lead":

In a place where everyone can see the opportunity, why was Ondo able to turn the opportunity into its own territory first?

Data Mining Ondo: From Surface to Core, Fault-Line Leadership

Before answering "Why Ondo," let's first take a look at how far apart Ondo's leadership is from its competitors.

When assessing a market's competitive landscape, data is the most direct way to do so.

Especially in a race like tokenized stocks that is still in its early stages of explosion, who is leading and who is following is often more truthful in data than in any story.

Most people, when discussing the competitive landscape of tokenized stocks, often like to use the term "duopoly" to describe the situation where Ondo and xStocks stand side by side, but the funding size has given a different answer.

According to RWA.xyz data, the current on-chain total value of tokenized stocks has surpassed 1.07 billion USD, with Ondo alone holding about 653 million USD. Going back further in the data, it is found that as early as January 2026, the on-chain value of Ondo's tokenized stocks had already exceeded the sum of all other platforms, and now, this advantage has not only not diminished but is continuing to widen.

In terms of market share, Ondo's market share in tokenized stocks exceeds 61%, while the second-ranked xStocks holds 24.65%.

Compared to the "duopoly" situation, Ondo, which has a market share more than 2.47 times that of the second-place, has already taken a prominent position.

Looking at trading volume and users, the comparison is even more straightforward.

According to official data, Ondo's cumulative trading volume has exceeded 12.7 billion USD, with a peak daily trading volume of 170 million USD and a monthly trading volume of 2.18 billion USD.

At the same time, according to RWA.xyz data, with a total Holder count in the tokenized stock race currently around 199,000, Ondo's platform has 82,900 Holders, accounting for about 41.7%, slightly lower than xStocks' 121,800, but Ondo's monthly active addresses of 48,600 are higher than xStocks' 35,200.

The higher-frequency trading and more active users behind these two sets of data can well illustrate that: Ondo's leadership is not just about "money pooling here" but about "truly making the stock market happen on-chain."

What is even more worth noting is that the growth of this market is still ongoing:

According to RWA.xyz data, over the past 30 days, Ondo has seen an 11.03% growth in users. Maintaining double-digit monthly user growth on top of already owning 61% market share signifies that Ondo's current leadership is not a finished stock, but rather a dynamic process of ongoing expansion.

From any perspective, the data all points in the same direction: Ondo is the leader in the tokenized stock market.

However, while data can tell you "how far ahead," it cannot answer "why ahead."

The only certainty is that this multidimensional breakthrough in leadership is by no means the result of a single product decision, but rather a manifestation of a comprehensive strategy.

And this strategy is the real thing worth dissecting.

The Absolute Core Position: the "Triad" of Asset Coverage, Trading Experience, and Ecosystem Entry

To excel in tokenized stocks, you need to refine much more than just putting stocks on the chain.

Supporting 265 tokenized stocks, filling the "shelves" of the on-chain stock market

265 is the number of tokenized stocks supported by Ondo, more than any other platform.

The 265 tokenized assets cover a range of US-listed companies, Chinese concept stocks, energy and commodity-related assets, bonds, index ETFs, as well as leveraged and inverse ETFs across multiple asset classes.

The fuller the shelves, the greater the selection, the more users can be satisfied, and the more reasons to retain users.

Faster, Better, Cheaper: Maximizing the On-Chain Stock Trading Experience

Of course, after moving more stocks onto the chain, the focus shifts to "why users should trade stocks on-chain and here."

This is a competition of trading experience.

Compared to other platforms, Ondo supports 5 x 24-hour trading, meaning users do not have to stay up late waiting for the US stock market to open. Additionally, Ondo has better liquidity, smaller spreads, and lower fees. Large trades experience a slippage of usually below 0.03%, with prices almost in real-time alignment with Nasdaq, and with no minting, redemption, or management fees.

Whether it's faster, better, or cheaper, optimizing each aspect of the experience hones in on the user's most sensitive pain points.

All of this is inseparable from the fundamental design of Ondo, with the most core aspect being Ondo's "Wrapped Tokenization + Instant Atomic Minting and Burning" design.

The reasons for choosing the wrapped tokenization design are ample: in a native tokenization model, the token represents a statutory share and needs to be directly recorded in the issuer's cap table, which is too slow and legally cumbersome.

In contrast, wrapped tokenization is more practical and more scalable: Tokens are anchored to real-world assets and, with the help of regulated custodians and mature market infrastructure, bring publicly traded assets on-chain without the issuer's involvement. The token represents a claim to the underlying shares and is held by the custodian.

Regarding the custody risks associated with the wrapping model, Ondo CEO Ian De Bode provides a vivid analogy: stablecoins are essentially wrapped tokens.

This leads to a very interesting discussion: in the case of stablecoins, which are already a very successful "early version," since we can accept bringing the dollar onto the chain in this way, why can't we accept bringing stocks onto the chain in the same way?

In response, Ondo CEO Ian De Bode's view is also clear: the wrapped model built on a robust legal, custodial, and validation framework is currently the most effective and scalable way to bring real-world assets onto the chain.

And the market feedback has to some extent already confirmed this: Ondo's wrapping model holds a 60% market share, while platforms attempting to adopt a stricter or closer-to-native token structure have market shares in the single digits.

If wrapped tokenization addresses "how to bring assets onto the chain," then instant atomic minting and burning address another key issue: "how to make these assets trade more efficiently on-chain."

Ondo does not front-load inventory and build liquidity like the traditional model; instead, the platform buys real stocks and mints a Token version on-chain only when a user places an order.

Once the Token is minted, it is a standard ERC-20 token that can circulate on-chain 24/7 and participate in on-chain finance.

And when a user wants to sell, Ondo will burn the tokens and sell the stocks on the Nasdaq.

This mechanism effectively avoids the cumbersome path of "inventory first, then sell" in the traditional model, bringing two irreplaceable advantages to Ondo : stronger liquidity in an open market, directly accessing the trillion-dollar liquidity of the traditional market; scalability, as no need to pre-fund a pool for each stock, the platform can easily expand to hundreds or even thousands of stocks.

Beyond Technology: Seizing the Entry Point

While it is said that "good wine needs no bush," technology can determine the product's ceiling, and distribution often determines the growth rate.

Therefore, in addition to honing the technology and product internally, another key move for Ondo is to extensively cooperate to embed Ondo's tokenized stocks and ETFs into the most common entry points for users.

In the wallet field, Ondo has partnered with renowned wallet projects such as MetaMask, Trust Wallet, and Ledger; on the exchange platform side, Ondo has integrated with top-tier trading platforms like Binance, Bitget, and Gate; in the DeFi field, it has integrated with active protocols such as Morpho, PancakeSwap, and 1inch; in terms of multi-chain expansion, Ondo has also connected to Ethereum, Solana, BNB Chain, and other mainstream chains with large user bases, and will expand to the Ondo Chain in the future.

The importance of this matter is far more than just having a good-looking list of partners; it truly changes the user's access path.

When wallets, exchanges, and DeFi protocols all start to become distribution channels for Ondo, it means that users do not have to actively seek out Ondo but will continuously encounter Ondo in the familiar usage paths.

Once the entry point is captured, customer acquisition costs, usage barriers, and migration difficulties will all be simultaneously rewritten.

From a data perspective, the effect of this strategy is also immediately apparent: whether integrating with Solana or partnering with Binance Alpha, both have brought significant increases in trading volume and active users to Ondo. According to official data, since partnering with Ondo in September 2025, the trading volume of tokenized stocks and exchange-traded funds integrated through the 1inch aggregator has exceeded $25 billion.

When the three major capabilities of asset breadth, trading experience, and ecosystem access are combined, Ondo effectively answers the three questions that users care most about: Are the assets I want to buy here? Is the buying experience good? Can I use it anywhere?

It is precisely because these questions have been answered in advance that, in addition to dissecting the present, we want to clarify the future for Ondo.

The Eve of $150 Trillion Stock On-Chain: Ondo's Narrative of "New On-Chain Asset Infrastructure"

When discussing growth in a market like tokenized stocks, one must not only focus on the blockchain.

If we only look at the present, tokenized stocks are already quite lively: the market size has exceeded $1 billion, discussions are rapidly intensifying, leading platforms are emerging, and an increasing number of users are buying familiar US stocks and ETFs on-chain for the first time.

However, it is important to note that the total market value of the global stock market is around $150 trillion, making the $1 billion scale of tokenized stocks seem insignificant.

In the tokenized stock market, rather than calling it fiercely competitive, it is more like a super market that has just had its door cracked open.

And this is precisely the starting point for discussing Ondo's future growth.

In a market with a development rate of less than 0.001%, due to the various frictions such as traditional stock market broker commissions, custody fees, exchange rate losses, time costs of T+2 settlement, account opening thresholds, as long as on-chain stocks continue to outperform the traditional path in terms of trading hours, cross-border accessibility, settlement efficiency, liquidity provisioning, and cost of use, more and more users will be willing to migrate in the future, and more and more assets will be willing to go on-chain.

Building on this, Ondo's progress in compliance will further boost growth: previously, due to compliance requirements, Ondo's tokenized stocks adhered to strict geographical restrictions, with US citizens or residents prohibited from participating. In November 2025, the SEC announced the end of a two-year investigation and did not recommend charges against Ondo. Not long before that, Ondo announced the acquisition of SEC-registered broker-dealer Oasis Pro Markets. These two major moves will accelerate Ondo's development in the US market.

At the same time, another significant driving force comes from Ondo's undeniable leadership position in the tokenized stock market.

Of course, from the perspective of the industry's long-term healthy development, the community may not necessarily want to see a platform dominate the market indefinitely. Competition is always good, and a more diverse ecosystem is also more conducive to innovation.

However, if we return to commercial reality and the market's own laws, we also have to admit: when a center has already formed, it usually will not be easily replaced, and at the moment, Ondo has clearly become that center.

The financial market has never been a world of evenly distributed traffic and funds, especially in on-chain finance. The more a track relies on liquidity, depth, brand, trust, and collaboration, the more likely a clear Matthew Effect will occur: users will flock to the deepest liquidity, funds will converge on the most consensus-driven platforms, and partners will prioritize access to the player with the most promising infrastructure. Once a positive feedback loop is established, it becomes increasingly difficult for new players to catch up.

Beyond market space and network effects, the third growth logic worth noting is DeFi composability.

In traditional markets, holding a stock typically only means: rise, fall, dividends.

However, when a stock is tokenized on-chain, it no longer just represents a "tradable asset" but starts to become a "composable asset."

What sets these two apart is not just a feature but an entire realm of imagination.

You can hold it, trade it, stake it, plug it into aggregated trading networks, allow it to freely seek better liquidity and lower execution costs across different platforms. It's like a building block that can be embedded in the entire financial system. Once the underlying interface is opened up, that's when tokenized stocks can truly unleash their super leverages.

And from the series of actions Ondo has taken to integrate with DeFi projects, it is clear that Ondo fully understands this.

For example, through collaboration with 1inch, Ondo's tokenized stocks will achieve better liquidity based on the aggregator's trading function. Additionally, Morpho has already confirmed that they will accept Ondo's stock tokens as collateral, allowing users to use on-chain stocks for DeFi lending. This will further enhance the usability of tokenized stocks, transforming them from isolated assets into nodes that can connect with more DeFi components. As more DeFi modules are gradually perfected, this potential will only continue to grow.

Any of these three forces, when in play, is enough to support Ondo's continued growth.

And if they all materialize in the coming years, the narrative of Ondo Global Markets may not be limited to just a "tokenized stock platform" but rather to a more imaginative growth space of a new type of on-chain asset infrastructure.

And perhaps, this is the most noteworthy point to focus on for Ondo's future, beyond just growth.

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