The landscape of tokenized equities is undergoing a significant transformation, with the market nearing the $1 billion mark. This remarkable growth, nearly 30 times what it was a year ago, is attributed to three key factors: the swift actions of a select group of platforms, the establishment of clearer regulations, and a shift among traditional financial institutions towards embracing blockchain technology as standard infrastructure.
In September 2025, Ondo Global Markets rapidly ascended to become the largest platform for tokenized stocks within just 48 hours of launch. This rapid growth underscores a strong demand among investors seeking access to U.S. equities via blockchain technology, particularly from international markets where 24/7 trading offers a significant edge.
The current tokenized equities market is predominantly controlled by three major platforms: Ondo, which commands approximately half of the total market with over 200 assets, Backed Finance, which was acquired by Kraken in December 2025 and holds about a quarter, and Securitize, which has tokenized a single asset, the Exodus stock, marking it as the first U.S. registered company to do so. Collectively, these platforms represent over 93% of the tokenized equities market.
In comparison, the market for tokenized treasuries, valued at $9.3 billion, remains larger; however, tokenized equities are experiencing a growth rate roughly 30 times faster. This divergence is indicative of differing buyer profiles, with treasury tokenization appealing to institutions seeking stability and yield, while equity tokenization is attracting more speculative and access-driven investments. The active trading environment is evident as monthly transfer volumes for tokenized equities reached $2.4 billion, compared to approximately $860 million in assets under management, resulting in a volume-to-AUM ratio nearing three times.
Ethereum continues to lead as the primary blockchain for tokenized equities, representing 38.5% of total value, but its dominance is being challenged by Solana, which holds 18.5% due to its fast transaction finality and integration with lending protocols. Additionally, Algorand claims 15% of the market with its focus on compliant securities infrastructure.
A pivotal moment for the industry occurred in December 2025 when the SEC authorized a pilot program through the Depository Trust & Clearing Corporation (DTCC) that facilitates the tokenization of Russell 1000 equities and major index ETFs. This initiative is set to launch in the second half of 2026 and aims to create pathways for traditional market infrastructures to integrate blockchain settlement. The SEC also clarified that broker-dealers can hold custody of tokenized equities, provided they control the private keys and enforce appropriate security protocols, which could enhance institutional participation significantly.
Moreover, Nasdaq has proposed the trading of tokenized securities on its exchange while adhering to national market system oversight. Internationally, Ondo has gained approval to offer tokenized U.S. stocks across all 30 European Economic Area countries, potentially reaching over 500 million investors. Following an investigation, the SEC concluded its inquiry into Ondo without any charges, alleviating regulatory concerns.
As the market evolves, the future of tokenized equities hinges on two crucial factors: the continuation of regulatory progress and the genuine migration of traditional market infrastructure onto blockchain systems. Projections for the tokenized asset market vary widely, estimating a potential range from $2 trillion to nearly $19 trillion by the early 2030s. If tokenized equities maintain their current market share, this could imply a market cap between $20 billion and $190 billion by the end of the decade, necessitating sustained growth rates of 50% to over 100% annually, a challenging yet feasible target given recent trends.
A significant growth catalyst could arise from using tokenized stocks as collateral in decentralized finance (DeFi) ecosystems, enabling retail investors to borrow against publicly traded equity in a programmable manner.
Vincent Maliepaard, the Marketing Director at Sentora, brings extensive experience in cryptocurrency and technology to the forefront of this analysis, emphasizing the growing importance of blockchain technology and its applications.
