Tokenized Stocks:
The Venue Landscape

1.1Growth trajectory

1.2Timeline of venue entries

• Jun 2025 — xStocks launches (Kraken & Bybit × Backed), ~55+ listings, Solana + Ethereum.
• Jun–Jul 2025 — Robinhood EU stock tokens; early depeg episodes across venues (§4.4).
• Sep–Oct 2025 — Ondo GM launches; Bitget × Ondo integration; $240M Ondo TVL in 2 weeks.
• Nov 2025 — xStocks crosses $10B cumulative (135 days); Ondo GM on BNB Chain via PancakeSwap; Ondo EU/EEA 30-country approval.
• Dec 2025 — Kraken acquires Backed Finance; xStocks × 360X (Deutsche Börse) announced.
• Jan 2026 — Alpaca $150M Series D ($1.15B val; led by Drive Capital; Citadel Securities & Kraken among investors); Bitget passes $1B cumulative tokenized-stock spot volume.
• Feb 2026 — xStocks crosses $25B cumulative; 360X goes live; Ondo TVL run-up begins.
• Mar 2026 — xStocks hits 100 listings (target 500+); Flow Traders launches 24/7 OTC liquidity for tokenized equities; Ondo × Hyperliquid HyperEVM bridge.
• May 2026 — Ondo GM first to $1B TVL.
• 1 Jun 2026 — Binance launches US stock brokerage: 7,000+ instruments, Nest Trading + Alpaca.
• 2 Jun 2026 — Bitget Stocks 2.0 launches (36 assets via Reality, 2 Jun; Reality unveiled 26 May).
• 11–12 Jun 2026 — Binance bStocks admitted to trading (24/7, BNB Chain; 0% maker fees from 11 Jun).
• 12 Jun 2026 — SpaceX Nasdaq listing at $135 — tokenized IPO access via xStocks (Kraken/Bybit/Bitget Wallet) and Ondo SPCXon (§4.8).

2.1Taxonomy: one axis, two models

The cleaner cut than "asset-backed vs broker-embedded" (which conflates legal wrapper with acquisition plumbing) is rights + accessibility: tokenized instruments (no shareholder rights — tracker certificates, loan/debt notes, OTC-derivative tokens, self-minted certificates) vs. real-brokerage equity (full rights, broker-custodied, tokenization downstream and optional). The boundary case that stress-tests it is bStocks (real-brokerage acquisition, tokenized-instrument holding, with a contractual right to convert 1:1 to the underlying). The accessibility axis is also not binary: the niche Dinari product (§2.2) reaches US-accredited investors under Rule 506(c), so render accessibility as none / accredited-only / retail rather than a simple yes/no.

2.2Product-by-product comparison

2.3Structural deep-dives

2.4Corporate actions & rights matrix

3.1TVL by issuer

3.2Holders, traders & trade size

The two on-chain issuers serve different behaviour: xStocks is broad and retail-grained (more holders, ~6× the trade count, sub-$250 tickets), while Ondo is deeper-pocketed on average ($2,820 mean vs $92 median — a small number of large trades doing most of the dollar volume).

3.3Top tickers — traded vs held

3.4Velocity: volume-to-TVL turnover

Methodology: on-chain DEX volume only — not comparable to CEX-reported figures (xStocks's $25B is mostly Kraken/Bybit order-book matching, off-chain; bStocks' primary trading is the Binance book, also off-chain). On a like-for-like on-chain basis Ondo both holds more and turns it over faster (§4.1). bStocks volume is a single recent day (18 Jun) since it has <30 days of history.

3.5On-chain composability — where volume routes

Qualitatively: Ondo assets bridge to Hyperliquid HyperEVM (35 assets, basis/delta-neutral against perps, themselves out of scope) and distribute via Binance Alpha, Bitget, MetaMask, Blockchain.com; xStocks circulate across Kraken/Bybit/Gate, Solana DeFi (Jupiter, Raydium, Phantom) and a TON wallet in Telegram; Bitget rTokens serve as margin collateral; bStocks supports self-custody withdrawal from launch.

4.1Volume share

Precedent for how fast share moves: Kraken's venue share fell from ~97% to ~55% within months of Bitget's Sep 2025 entry. Distribution, not wrapper engineering, moves share, which cuts in Binance's favour (§5).

Why bStocks is the dark horse:

• Fastest ramp in the market. bStocks on-chain market cap went $4M → $63M in 8 days (≈15×), and daily on-chain volume rose +67% day-over-day into 18 Jun — both still accelerating (§4.8 chart).
• Already 10–15% of incumbents' on-chain value ($63M vs xStocks $408M / Ondo $638M TVL) — from a standing start, against issuers with 8–12 months' head start and 64–327 live tickers to bStocks' 6.
• SpaceX is the engine. SPCXB is ~68% of all bStocks on-chain value (~$42M) and the #1 bStock by volume; the top three are SPCXB, MUB, CRCLB (§4.8).
• The low on-chain velocity is the tell. bStocks holders are tokenizing-and-holding (self-custody), not round-tripping on DEXs, which is consistent with the zero-fee conversion peg (§4.4): you convert to hold/withdraw, and trade on the Binance book.

4.2Product range: listed vs actually-trading

Across both on-chain issuers, 353 distinct stocks are tokenized; 327 (Ondo) and 64 (xStocks) saw on-chain activity in the last 30 days. "Effective range" (tickers with >$100k daily volume) is far narrower than listings everywhere — the report's original framing.

4.3Premium / discount to NAV

Documented stress cases (Jul 2025): an AAPL token traded +12% intraday (3 Jul); an AMZN token spiked to ~4× underlying off-hours (5 Jul) — early stablecoin-style depegs in thin books. Structural hypothesis, now rankable ex ante from Andy's window data: peg tightness should track arbitrage friction —

bStocks (free 24/7 conversion)  >  xStocks (24/5 mint/redeem)  >  Ondo (Sun 8pm–Fri 7:59pm ET)

4.4Off-hours volume share

The on-chain data makes the weekend effect visible. Charting daily DEX volume by chain over the trailing 30 days, a sharp pattern emerges: Ondo's BNB-chain volume collapses to near-zero every weekend — its mint/redeem window closes Friday 8pm ET — while xStocks on Solana keeps trading right through, its 24/5–24/7 issuer window and Solana DeFi leaving liquidity open.

Institutional demand for off-hours risk management is documented, where weekend geopolitical flares left desks unable to adjust. SpaceX's first-week trading (§4.8) was disproportionately weekend/off-hours, since the token markets traded around the Friday 12 Jun listing.

4.6Volume concentration (HHI)

Ticker-level Herfindahl–Hirschman Index, computed over each issuer's named tickers from 30d on-chain DEX volume. The two issuers sit at opposite ends of the concentration scale:

On the US-merger-guideline scale (HHI >2,500 = highly concentrated), xStocks's on-chain flow is dominated by a handful of names — Circle, NVIDIA and Tesla alone are ~78% of its DEX volume — while Ondo's is broadly spread across its 327 active tickers. Computed over named tickers only; the long "Others" tail would lower both modestly.

4.7All-in cost to trade

The cost stack = explicit trading fee (published schedules below) + mint/redeem or conversion fee + wrapper/management fee + measured spread. On the explicit-fee layer, the venues cluster tightly, and bStocks' zero conversion fee is the structural standout:

Explicit fees are low and converging across venues (0–0.10% for secondary trades); the real cost differentiator is the spread and, for primary access, the +5% subscription fee. bStocks is the only venue with a structurally zero conversion cost between brokerage and token, reinforcing the §4.3 peg argument. Sources: Kraken xStocks page, Bybit fee schedule / xStocks FAQ, Ondo GM docs (investing & redeeming), Bitget Stocks 2.0 release, Binance bStocks announcement (10 Jun).

4.8Case study: SpaceX (SPCX) across venues — one asset, many wrappers

SpaceX listed on Nasdaq on 12 June 2026 at a $135 fixed IPO price (a ~20% final retail allocation (cut from a 30% target before pricing, on institutional demand)). It is the first genuinely hot single name the tokenized-stock category has had. 

Scope discipline: perpetual futures (OKX, Bitget, Hyperliquid, Binance) and event markets (Polymarket) are out of this report's spot-only scope. They appear here solely as price-discovery context for the cross-venue spread; none are counted in the tokenized-value or volume figures above.

• A. Methodology: represented value vs TVL vs circulating cap; CEX vs on-chain volume non-additivity; on-chain = secondary DEX trades (xStocks = dex_solana.trades + EVM dex.trades; Ondo = result_dex_ondo); holders deduped per protocol, aggregate dedup SOL+EVM (excludes TON); off-hours definition (US/Eastern); Ondo NAV-drift adjustment. On-chain figures as_of 23 Jun 2026 and drift daily.
• B. Live data sources (verified): CMC Dashboard · xStocks official dashboard dune.com/xstocks/xstocks + EVM · Ondo official dashboard dune.com/ondo/ondo-global-markets · Steakhouse Tokenized Securities · app.rwa.xyz/stocks · issuer disclosures (Kraken xStocks blog, Binance bStocks announcements 1 & 10 Jun, Bitget Stocks 2.0 / Reality, Gemini/Dinari KID, Backed prospectus) · SpaceX venue tracker (Cboe/IPO book/OKX/Bitget/Hyperliquid/Polymarket/Hiive/Notice APIs, 12 Jun) · bStocks on-chain performance pack (BSC, T+1, 18 Jun) · fee schedules (Kraken xStocks page, Bybit fee schedule / xStocks FAQ, Ondo GM docs — investing & redeeming, Bitget Stocks 2.0 release, Binance bStocks announcement) for §4.7.
• C. Data provenance: on-chain figures (TVL, DEX volume, holders, traders) are a fresh pull from CMC Dashboard (id 213732), as of 23 June 2026, covering xStocks (Backed) + Ondo Global Markets, DEX-only, stocks-only (ETFs excluded). They are not market-wide: Dinari, bStocks CEX volume, Bitget, Coinbase and all CEX order-book volume are sourced separately from issuer disclosures, exchange announcements, and labelled inline.

Authors: Alice Liu — Head of Research, CoinMarketCap; Andy Yang — Research Analyst, CoinMarketCap.

Publication date: 23 June 2026.

Contact: alice.l@coinmarketcap.com

More from CMC Research: CMC Pre-IPO Report (coinmarketcap.com/events/cmc-pre-ipo-report).