Ondo Finance has become the largest tokenization platform in the world by market capitalization, according to data from RWA.xyz cited in the company’s announcement. The platform now represents more than $4 billion in tokenized real-world assets across 484 assets, with more than 565,000 holders onchain.

Ondo’s Tokenization Lead

RWA.xyz tracks 203 tokenization platforms, and Ondo now ranks first, accounting for roughly 10% of the global non-stablecoin tokenized asset market. The broader sector has expanded sharply, with more than $39 billion in real-world assets held onchain, compared with approximately $4 billion at the beginning of 2025.

Ondo’s growth extends beyond tokenized U.S. Treasuries. Its product lineup includes equities, exchange-traded funds and other financial instruments intended to provide investors with around-the-clock access to traditionally regulated markets.

Key figures from the company’s expansion include:

• USDY is described as the world’s largest tokenized Treasuries product.
• Three Ondo Treasury products rank among the top 11, with more than $3 billion in combined market capitalization.
• Ondo’s Treasury products represent roughly one-fifth of the $14.2 billion tokenized Treasuries market.
• Ondo Global Markets offers more than 430 tokenized U.S. stocks and ETFs.

Solana’s Role in Ondo’s Multichain Strategy

Ondo Global Markets became the largest tokenized stock issuer within 48 hours of launching in September 2025, according to the announcement. The platform now distributes those products across Ethereum, Solana and BNB Smart Chain, while Ondo’s broader tokenized asset portfolio is available across 10 blockchains.

Solana is particularly important to the platform’s reach. The network hosts a greater variety of Ondo tokenized assets than any other chain, with 485 listed offerings. Investors hold more than $500 million in Ondo tokenized assets across Solana and Stellar, while nearly $500 million is held on BNB Smart Chain.

The figures position Solana as a significant distribution and trading venue for tokenized financial products, even as Ethereum remains part of Ondo’s core multichain footprint. The company also operates Ondo Global Markets for investors outside the United States, allowing them to hold tokens representing economic exposure to U.S. stocks and ETFs in their own wallets.

What This Means

Ondo’s milestone signals that tokenization is moving from a narrow Treasury use case toward a broader market for equities, funds and other financial instruments. For Solana, the platform’s asset variety and hundreds of millions of dollars in holdings reinforce the network’s role in institutional real-world asset distribution.

The next test will be whether tokenized products can sustain liquidity, regulatory access and secondary-market demand as more platforms compete for institutional capital. Ondo’s scale gives it an early advantage, while Solana’s low-cost, high-throughput environment could help support the next phase of onchain financial-market growth.