A clear winner is starting to emerge in tokenized equities.

Ondo now controls 60% of the market.
That’s $596M in onchain equities,
more than 2× the next competitor.
• xStocksFi and Securitize lag far behind
• Growth is concentrated, not distributed
• Access is increasingly institutional and gated
This isn’t just growth.
It’s category capture.
Tokenized equities aren’t fragmenting across protocols.
They’re consolidating into a single dominant venue.
That’s usually how new financial primitives mature:
Not through competition,
but through liquidity gravity.