MV Capital | Ondo Finance Rises to Top Spot Among Global Tokenization Platforms

Platform exceeds $4 billion in tokenized real-world assets, leads 203 tracked platforms with 484 products and over 565,000 holders as overall RWA market expands rapidly

Ondo Finance has claimed the position of the world's largest tokenization platform after its tokenized real-world asset products surpassed $4 billion in market capitalization. The milestone places the company first among 203 platforms monitored by industry data provider RWA.xyz. Ondo now accounts for roughly 10 percent of all non-stablecoin tokenized value and supports more distinct assets than any other platform in the top ten.

The broader market for tokenized real-world assets has expanded sharply. More than $39 billion in such assets, excluding stablecoins, now sit onchain, compared with about $4 billion at the beginning of 2025. Demand has moved well beyond early focus areas such as government debt into equities, funds and additional product types that investors can hold, trade and deploy around the clock.

Scale Across Product Categories

Ondo’s lead rests on growth across its full range of offerings, which includes tokenized U.S. Treasuries, tokenized U.S. stocks and exchange-traded funds, plus broader institutional products. The platform is the only one ranked in the top two for both tokenized Treasuries and tokenized stocks. In the past week its Intelligent Portfolios product also passed $50 million, establishing it as the largest onchain portfolio product currently available.

Ondo tokenized products now cover 484 distinct real-world assets and reach more than 565,000 holders onchain.

Within tokenized Treasuries, USDY has become the single largest product of its type. Ondo maintains three products among the top eleven, representing a combined market capitalization of more than $3 billion. That figure equals roughly one-fifth of the $14.2 billion tokenized Treasuries market.

Tokenized equities have advanced just as quickly. Ondo Global Markets launched in September 2025 and became the largest tokenized stock issuer within 48 hours. It now provides economic exposure to more than 430 U.S. stocks and ETFs across Ethereum, Solana and BNB Smart Chain, with total tokenized value above $900 million. These tokens allow non-U.S. investors to hold exposure directly in their own wallets.

Multichain Distribution

Ondo products are live on ten blockchains. Outside Ethereum, investors hold more than $500 million of Ondo tokenized assets on Solana and Stellar combined, and nearly $500 million on BNB Smart Chain. Solana currently supports the widest variety of Ondo assets among all networks, with 485 distinct tokens available.

“Becoming the largest tokenization platform in the world is a milestone for Ondo, and it’s a clear signal of where the market is headed. We built Ondo to bring the world’s most trusted financial assets onchain in a form that institutions and everyday investors alike can hold directly. Crossing $4 billion with more than half a million holders shows that Ondo tokenized products are at the center of innovation and high-quality tokenized assets are real, global and accelerating.”Ian De Bode, Acting CEO and President of Ondo Finance

The company has focused on building a broad technology stack and extending access to investors outside the United States. Through its Global Markets platform, users can obtain tokens that track the economic performance of selected U.S. equities and funds without needing traditional brokerage accounts in those markets.

Ondo Finance operates as a blockchain technology firm dedicated to bringing institutional-grade financial products onchain. Its stated goal is to improve accessibility, transparency and efficiency in capital markets by connecting traditional assets with decentralized infrastructure.