Author: Deep Tide TechFlow

Introduction

On March 16, 2026, the NVIDIA GTC 2026 conference officially opened, and Jensen Huang's keynote speech reignited market enthusiasm.

After listening to the speech, you believe that NVIDIA will be the core beneficiary of this wave of AI globalization and immediately invested in NVIDIA stock.

Without going through tedious account opening processes or waiting for U.S. stock markets to open, after simply clicking a few times, tokenized NVIDIA stock has already been deposited into your on-chain wallet, with transaction fees so low they are almost negligible.

A few years ago, this was almost unimaginable. Now, the market size for tokenized stocks has surpassed $1.07 billion.

When it comes to the main force behind dismantling the barriers between ordinary investors and global quality assets, Ondo is undoubtedly the name that cannot be ignored.

In September 2025, RWA-leading project Ondo Finance announced the launch of Ondo Global Markets, with over 100 stocks and ETFs simultaneously open for trading, marking the transition of tokenized stocks from scattered experiments to large-scale expansion. Just over six months later, Ondo alone holds over 60% of the market share for tokenized stocks, becoming the nearly undisputed leader in this sector.

Perhaps this is where the real focus should be:

A market with unlimited potential and not lacking in competitors has already produced a nearly unavoidable center in its first explosive phase.

When "on-chain free trading of stocks" is no longer just a nice story, a stronger curiosity is evoked by this advantage of "cliff-like leadership":

In places where everyone can see opportunities, how can Ondo be the first to turn opportunities into its own territory?

In-depth data on Ondo: from surface to core, leading without gaps

Before answering "What makes Ondo qualified," let's first examine how much distance Ondo has put between itself and its competitors.

Moreover, the most direct way to assess a market's competitive landscape is through data.

Especially in a field like tokenized stocks, which is still in its early explosive stage, whether someone is in the lead or chasing after, data is often more honest than any story.

Many people describe the competition between Ondo and xStocks as a "dual oligopoly," but the capital volume provides a different answer.

According to RWA.xyz data, the total on-chain value of tokenized stocks has surpassed $1.07 billion, with Ondo alone accounting for approximately $653 million. Looking back at earlier data, it can be found that as early as January 2026, Ondo's on-chain value of tokenized stocks already exceeded the total of all other platforms combined, and now, this advantage has not only not diminished but has continued to widen.

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

In comparison to the "dual oligopoly" structure, Ondo, which surpasses the second place by 2.47 times in market share, has already established a striking lead.

Looking at trading volume and users, the comparison becomes even more direct.

According to official data, Ondo's cumulative trading volume has surpassed $12.7 billion, with a single-day peak trading volume reaching $170 million and monthly trading volume reaching $2.18 billion.

Simultaneously, according to RWA.xyz data, with the total number of holders in the tokenized stock sector currently at about 199,000, the number of holders on the Ondo platform reached 82,900, accounting for approximately 41.7%. Although this is slightly lower than xStocks platform's 121,800, Ondo’s monthly active address count of 48,600 is higher than xStocks' 35,200.

The higher frequency of trading and more active users represented by these two sets of data explain well: Ondo's lead is not just "money gathering here," but "truly making the stock market occur on-chain."

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

According to RWA.xyz data, in the past 30 days, Ondo's user count increased by 11.03%. With a current market share of 61%, it still maintains a double-digit monthly user growth rate, indicating that Ondo's lead is not a completed result but a dynamic process that continues to accelerate.

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

But data can only tell you "how much it leads," rather than "why it leads."

The only thing that can be established is that this multi-dimensional and significant lead is certainly not a random result of a product decision but rather a manifestation of a complete strategy.

And this strategy is what truly deserves to be dissected.

The Absolute C Position: The "Trilogy" of Asset Coverage, Trading Experience, and Ecological Entry

To succeed in tokenized stocks, it's far more than just moving stocks onto the chain.

Supporting 265 Tokenized Stocks, Filling the "Shelf" of On-Chain Stock Markets

265 is the number of tokenized stocks supported by Ondo, and no other platform has more than that.

The 265 tokenized assets cover various asset classes, including U.S. listed companies, Chinese concept stocks, energy and commodity-related assets, bonds, index ETFs, as well as leveraged and inverse ETFs.

The fuller the shelf, the richer the choices, and the more users can be satisfied, which increases the reasons to retain users.

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

Of course, after moving more stocks onto the chain, the focus shifts to "Why would users trade stocks here, on-chain?"

This is a competition of trading experience.

Compared to other platforms, Ondo supports 5 x 24 hour trading, which means users do not need to stay up waiting for U.S. stock markets to open, while Ondo’s liquidity is better, spreads are smaller, and transaction fees are lower. Large transactions often have slippage below 0.03%, with prices almost in real-time alignment with NASDAQ, and no fees for minting, redeeming, or management.

Whether it’s faster, better or cheaper, every minor optimization in experience hits the most sensitive points of user attention.

None of this is unrelated to Ondo's foundational design skills, the most core aspect being Ondo’s implementation of "packaged tokenization + instant atomic minting and burning" design.

The rationale behind choosing packaged tokenization is very compelling: under the native tokenization model, tokens are legal shares that need to be recorded directly in the issuer's equity structure, which is too slow and legally complex.

In contrast, packaged tokenization is more pragmatic and scalable: Tokens are anchored to real assets and leverage regulated custodians and mature market infrastructure to bring publicly traded assets on-chain without requiring the issuer's participation; the tokens represent the right to claim the underlying shares and are held by the custodian.

Regarding the custody risks brought by the packaged model, Ondo President Ian De Bode provided a vivid analogy: stablecoins are essentially packaged tokens.

This leads to a very interesting discussion: in the already very successful "predecessor version" of stablecoins, since we can accept bringing dollars onto the chain in this way, why can't we accept bringing stocks onto the chain in this manner?

In this regard, Ondo President Ian De Bode's opinion is also very clear: The packaged model built with a strong legal, custody, and verification framework is currently the most effective and scalable method for bringing real-world assets on-chain.

The market has provided feedback that, to some extent, has confirmed this point: Ondo's packaged model occupies a 60% market share, while those attempting to adopt stricter or closer to native token structures have market shares of only single digits.

If packaged tokenization solves "how to bring assets on-chain," then instant atomic minting and burning address another crucial issue: how to enable these assets to be traded more efficiently on-chain.

Ondo does not stock up in advance and build liquidity like traditional models; instead, when a user places an order, the platform will buy real stocks and mint token versions on-chain.

Once the token is minted, it becomes a standard ERC-20 token, capable of circulating on-chain 7 x 24 hours and participating in on-chain finance.

When users wish to sell, Ondo will burn the tokens and sell the stocks on NASDAQ.

This mechanism successfully avoids the cumbersome path of "stocking before selling" traditional models, providing Ondo with two irreplaceable advantages: first, stronger liquidity in an open market, directly accessing the liquidity of traditional markets worth trillions; second, scalability, as there’s no need to prepare a funding pool in advance for every stock, allowing the platform to easily expand to hundreds or even thousands of stocks.

More Critical than Technology: Capturing the Entry

While it's said that "good wine needs no bush," technology can determine product limits, and distribution often dictates growth speed.

Therefore, aside from honing technology and product skills, another critical action for Ondo is to embed Ondo's tokenized stocks and ETFs widely into the most common user entry points through extensive collaboration.

On the wallet side, Ondo has partnered with well-known wallet projects like MetaMask, Trust Wallet, and Ledger; on the exchange side, Ondo is connected with top platforms like Binance, Bitget, and Gate; on the DeFi side, Ondo has integrated with active protocols like Morpho, PancakeSwap, and 1inch; regarding multi-chain expansion, Ondo has already integrated with several mainstream chains with large user bases like Ethereum, Solana, and BNB Chain, and will expand to Ondo Chain in the future.

The importance of this matter extends far beyond just a good-looking partnership list; it fundamentally changes the user reach path.

When wallets, exchanges, and DeFi protocols all start becoming distribution channels for Ondo, it means that users do not need to specifically seek out Ondo, but will repeatedly encounter Ondo along the paths they are already familiar with.

Once the entry point is occupied, customer acquisition costs, usage thresholds, and migration difficulties will be simultaneously rewritten.

From the data perspective, the effectiveness of this strategy is indeed very immediate: whether integrating with Solana or partnering with Binance Alpha, both have brought significant trading volume and increased active users for 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 $2.5 billion.

When the combination of breadth of assets, trading experience, and ecological entry is executed, Ondo essentially answers the three most important questions for users: Do you have what I want to buy? Is the buying experience good? Can it be used anywhere?

Because these questions have been answered in advance, regarding Ondo’s lead, we want to clarify not only the present but also the future.

On the Eve of $150 Trillion in Stocks Going On-Chain: Ondo's Narrative of "New On-Chain Asset Infrastructure"

When discussing growth in a market like tokenized stocks, the focus cannot be solely on the on-chain aspect.

If we only look at the present, the tokenized stock market is indeed bustling: the market size exceeds $1 billion, discussions are heating up quickly, leading platforms are emerging, and more and more users are buying familiar U.S. stocks and ETFs on-chain for the first time.

However, it is important to note that the total market capitalization of the global stock market is about $150 trillion, and looking back at the $1 billion scale of tokenized stocks makes it seem like a drop in the bucket.

Rather than being highly competitive, the tokenized stock market is more like a super market that has just opened a crack in the door.

This marks the starting point for discussing Ondo's future growth separately.

In such a market with a development rate of less than 0.001%, due to layers of friction like traditional stock market brokers' commissions, custody fees, currency exchange losses, T+2 settlement time costs, and account opening thresholds, as long as on-chain stocks continuously outperform traditional paths in terms of trading hours, accessibility across regions, settlement efficiency, liquidity management, and usage costs, more and more users will be willing to migrate, and more assets will be eager to go on-chain.

On this basis, Ondo's progress in compliance will further boost growth: previously, due to compliance requirements, Ondo's tokenized stocks followed strict geographic restrictions, prohibiting U.S. citizens or residents from participating. However, in November 2025, the SEC announced the conclusion of a two-year investigation and did not recommend charges against Ondo. Furthermore, not long ago, Ondo announced the acquisition of SEC-registered broker-dealer Oasis Pro Markets, both measures will accelerate Ondo's development in the U.S. market.

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

Of course, from the perspective of the long-term healthy development of the industry, the community may not want to see one platform dominate for an extended period. Competition is always beneficial, and a diverse ecosystem is more conducive to innovation.

But if we return to the realities of business and market laws, we must also acknowledge: when a center has formed, it is usually not easily replaced, and currently, Ondo has clearly become that center.

The financial market has never been a world that equally distributes traffic and funds, especially in on-chain finance, where the reliance on liquidity, depth, brand, trust, and collaboration leads to pronounced Matthew effects: users gather towards the places with the deepest liquidity, funds tend to converge towards the platforms with the most consensus, and partners will prioritize connecting with the players most likely to become infrastructure. Once a positive feedback loop is formed, it becomes increasingly difficult for new players to catch up.

Apart from market space and central effects, there is also a third growth logic worth noting: DeFi composability.

In traditional markets, holding rights to a stock often only means: rising, falling, and dividends.

However, when a stock is tokenized on-chain, it no longer remains simply a "tradable asset" but starts to transform into a "composable asset."

The difference here is not merely a function, but an entire imaginative space.

You can hold it, trade it, pledge it, connect it to aggregated trading networks, and allow it to freely seek better liquidity and lower execution costs across different platforms. It acts like a block that can be embedded into the entire financial system; once the underlying interface is opened, the true leverage that tokenized stocks may leverage is revealed.

From Ondo's series of collaborations and integrations with DeFi projects, it is clear that Ondo understands this well.

For example, through collaboration with 1inch, Ondo's tokenized stocks will achieve better liquidity based on aggregation trading functionalities; similarly, Morpho has confirmed that it will accept Ondo’s stock tokens as collateral, allowing users to borrow in DeFi with their on-chain stocks. This will further enhance the usability of tokenized stocks and prevent them from remaining isolated assets, instead becoming nodes that can connect with more DeFi components. As more DeFi modules gradually improve, this potential will only continue to amplify.

Among these three forces, any one of them functioning is enough to support Ondo's continued growth.

And if they all come to fruition in the next few years, then Ondo Global Markets' narrative might extend beyond "tokenized stock platform" to the more imaginative growth space of a new type of on-chain asset infrastructure.

This, perhaps, is the most noteworthy aspect of Ondo beyond growth in the future.

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