The market for tokenized exchange-traded funds crossed half a billion dollars for the first time, with Ondo Finance capturing the largest share of a sector that has grown nearly sixfold since the start of 2025.
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Tokenized ETFs top $500M as Ondo Finance leads sector milestone
Tokenized ETFs surpassed $500 million in total market capitalization on July 16, led by Ondo Finance as the sector's dominant platform, data from RWA.xyz shows.
"The tokenized ETF milestone reflects growing demand for on-chain exposure to traditional assets, with Ondo's DTC-backed structure providing institutional-grade settlement rails," Jason Wu, on-chain analyst at Edgen, said.
Ondo Finance's tokenized stock products — CRCLon, representing Circle shares, and SPYon, tracking the SPDR S&P 500 ETF — are backed by DTC Tokenized Entitlements to securities held at the Depository Trust Company. The tokens are issued through the DTCC Tokenization Service, placing Ondo alongside BlackRock, JPMorgan Chase and Goldman Sachs in the industry's largest tokenization initiative. Alpaca Markets, which raised $135 million in June to expand tokenized stock infrastructure, clears or custodies roughly 94 percent of tokenized US equities, including Ondo's products, holding more than $1.5 billion in underlying stocks.
The milestone validates the real-world asset tokenization thesis at a time when the broader RWA market has swelled to $34 billion, though tokenized stocks remain a small fraction at about 5.5 percent of that total. The DTCC plans to launch its full tokenization service in October 2026, seven months after the SEC granted DTC a No-Action Letter to tokenize custodied assets.
Ondo's Tokenized Stock Expansion
Ondo Finance's native token ONDO climbed 17 percent to $0.37 on July 15, reaching a one-month high as the protocol's DTC-backed tokenized stock launch drove buying interest, CoinGecko data shows. The token reclaimed its 20-day, 50-day and 100-day exponential moving averages and was testing the 200-day EMA near $0.377, with $0.40 emerging as the next resistance level.
The platform expanded its tokenized US stocks and ETFs across multiple layer-1 blockchains and introduced round-the-clock minting and redemption for assets including SPYon, NVDAon and TSLAon. Ondo Perps, the derivatives platform, allows eligible users outside the US to trade perpetual futures tied to tokenized equities with leverage of up to 20x and has processed billions of dollars in cumulative trading volume.
Tokenized RWA Market Diversifies
The broader tokenized real-world asset market surged 589 percent from early 2025 to June 2026, led by government bonds and money market funds, according to a Binance Research report. Tokenized US Treasury debt represents the largest segment at $15 billion, or 44 percent of the RWA market, followed by $4.5 billion in tokenized commodities at 13 percent, RWA.xyz data shows. Tokenized precious metals attracted about $1.5 billion in value, rising 39 percent during the period.
Kraken's xStocks platform, which launched access to 11,000 US-listed stocks and ETFs in April 2025, saw cumulative trading volume exceed $25 billion within about eight months. Coinbase and other crypto firms have also moved further into onchain assets, intensifying competition in the tokenized equities space.
This article is for informational purposes only and does not constitute investment advice.
[1] Tokenized ETFs surpass $500M in market cap, led by Ondo Finance[2] Ondo Hits 1-Month High: Here Is What’s Driving The 17% Surge[3] ONDO price jumps 17%: can tokenized stocks push it above $0.40?[4] Tokenized stocks market cap gains to record $2.3B[5] Crypto brokerage firm Alpaca raises $135 million for tokenized stock infrastructure
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