According to Woofun AI, the competitive focus in the tokenized US stock sector has completely shifted from simply putting assets on-chain to the ability to build settlement layers and distribution networks. Ondo, with its deep accumulation on a compliance foundation, is establishing a leading position in this structural transformation.

Explosive growth in macro market data reveals both the crowded nature and enormous potential of this sector. As of August this year, the total scale of the tokenized asset market is about to touch the $340 billion mark, with all major categories showing year-over-year growth over the past three years. Among them, fund-type assets reached $34.6 billion, up 56.7%; commodity-type assets stood at $7.4 billion, surging 304%; stablecoins reached as high as $294.8 billion, growing 8.7%; while stock-type assets, though starting from a small base of only $2.8 billion, saw a year-over-year increase of 6,292%, demonstrating extremely strong explosive momentum.

This epic rally driven by the AI market, represented by Micron Technology (MU.US), which has recorded a 10% stock price gain from August 2025 to now, has created countless tech upstarts while also allowing investors lacking traditional channels to find a new path to participate in the market through tokenized US stocks.

Looking back over the past year, sector participants entered intensively: Robinhood (HOOD.US), Kraken, and Bybit were the first to make moves in 2025, followed by Coinbase (COIN.US), Binance, OKX, Bitget, and Backpack in the first half of 2026. NYSE parent company ICE (ICE.US) strategically invested in OKX, Deutsche Börse invested $200 million in Kraken, and Backpack launched a compliant brokerage called "Backpack Securities." Meanwhile, on-chain native players such as Ondo, xStocks, and bStock are also expanding aggressively, with core targets like Apple (AAPL.US), Nvidia (NVDA.US), and the S&P ETF (SPY.US) rapidly transforming from concepts into infrastructure.

The extended timeline reveals the intensive pace of major players entering the market. In June 2025, Robinhood (HOOD.US) launched over 200 US stock and ETF tokens in the EU, issued on Arbitrum, pushing "stock tokens" into mainstream financial visibility for the first time. In September of the same year, Ondo Global Markets officially launched with over 100 assets initially. In December 2025, Kraken acquired issuer Backed Finance, bringing xStocks under its wing. In June this year, Coinbase (COIN.US) launched CFTC-regulated stock index perpetual contracts, entering from the derivatives side; in the same week, Binance launched bStocks, and Bitget launched Stocks 2.0. In early August, Dinari completed a symbolic move by selling tokenized stocks back to Americans. Beyond the supply side, demand and regulation are loosening simultaneously. Citi predicts that the scale of tokenized securities could reach $5.5 trillion by 2030, and the SEC Chairman mentioned an "innovation exemption framework," providing policy imagination space for industry development.

Ondo's core barrier lies in its deep cooperation with DTCC and compliance implementation. DTCC and Ondo jointly announced the arrival of the first batch of tokenized stocks based on DTC tokenized entitlements and generated through DTCC's tokenization service, retaining the same CUSIP codes and tickers as the underlying securities. Participating institutions include BlackRock (BLK.US), JPMorgan (JPM.US), Goldman Sachs (GS.US), Nasdaq (NDAQ.US), and NYSE (ICE.US). On September 16, Oasis Pro Markets, a subsidiary of Ondo Finance, officially joined DTCC's Fund/SERV network, becoming the first tokenization company to access the system. Fund/SERV handles over 85% of US mutual fund trading activity, and Ondo's access means its tokenized assets can directly interconnect with traditional fund companies' clearing, reconciliation, and distribution systems, no longer merely a "shadow on-chain." Currently, Ondo's total protocol TVL is approximately $3.6 billion, of which the tokenized US Treasury product USDY accounts for about $2.16 billion, Ondo Stocks about $1.03 billion, and OUSG about $409 million.

Ondo's business growth trajectory and product feature iteration speed are remarkable. At launch in September 2025, it had only 100 assets and was only on Ethereum; on January 8, 2026, it added 98 stocks; on May 11, TVL broke through $1 billion, becoming the first tokenized stock platform to cross that threshold, with cumulative trading volume reaching $18 billion; when renamed Ondo Stocks in July, cumulative trading volume exceeded $26.9 billion, with over 190,000 on-chain holders. On the product side, in July Ondo Perps launched Pre-Alpha, supporting up to 20x leverage and tokenized stocks as margin; that month, 25+ popular targets including SPCXon, NVDAon, MUon, QQQon, and SPYon achieved round-the-clock real minting and redemption, with 430+ targets across the platform supporting 24/5 minting and redemption and 24/7 permissionless transfers. Additionally, Ondo enabled proxy voting rights for approximately $700 million in stock holdings and integrated Chainlink price feeds, allowing stock tokens to enter DeFi lending markets as collateral. On the compliance front, Ondo acquired Oasis Pro, which holds SEC-registered broker-dealer, ATS, and transfer agent licenses. In November, the SEC concluded its two-year investigation into the company without bringing charges, and in July this year Oasis Pro Markets received FINRA authorization to provide services to US institutional and retail investors.

Data compiled by Woofun AI shows that the top three issuance platforms together hold over 80% market share, with Ondo leading at 34.6%, bStocks at 24.6%, and xStocks at 22.4%.

Ondo's differentiated strategy is reflected in distribution, compliance, and the construction of a full-stack foundation. Its 440+ assets are expanded vertically by industry theme, covering AI, semiconductors, biotech, defense, energy, and robotics. Since July, it has launched 24/7 trading for the AI semiconductor supply chain sector, covering AMD (AMD.US), Intel (INTC.US), TSMC (TSM.US), and others. In terms of regional coverage, Ondo has opened up multi-chain distribution across 30 EU countries, ADGM, and Asia, while xStocks relies on Kraken's global user base, Robinhood (HOOD.US) is confined to the EU, and Dinari is entering the US from the opposite direction. On distribution channels, Ondo has partnered with Binance (Wallet, Alpha, ADGM MTF), Bitget, MetaMask, and others. Bitget's CEO disclosed in a January open letter that nearly 200 stock tokens on the platform come from cooperation with Ondo and xStocks, and the stock contracts underlying trade.xyz in the Hyperliquid ecosystem are also largely anchored to Ondo tokens. This strategy of decoupling issuance from channels enables Ondo to convert competitors' distribution networks into its own shelves. On compliance advantages, Ondo's SEC investigation closure, Oasis Pro acquisition, FINRA authorization, and DTCC listing form a complete regulatory narrative, raising the entry cost for latecomers. In comparison, Robinhood (HOOD.US) suffered setbacks due to the OpenAI and SpaceX token controversies, xStocks' Liechtenstein framework struggles to enter the US, and Coinbase (COIN.US) deliberately bypasses the tokenized stock itself. Through US Treasury backing, stock-focused attack, contract extension, and chain absorption, Ondo is building a full-stack on-chain capital market. As of August 14, Ondo Perps cumulative trading volume has exceeded $8 billion.

Major competitors xStocks and Binance have different strategic emphases. xStocks launched on Solana in May 2025 with approximately 60 stock tokens initially, adopting a Liechtenstein prospectus framework, 1:1 anchored to real stocks, supporting 24/7 trading, self-custody, and DeFi composability. In December 2025, Kraken acquired Backed Finance, vertically integrating issuance and trading; in April 2026, Kraken received a $200 million strategic investment from Deutsche Börse; in February 2026, Kraken launched regulated tokenized stock perpetual futures, covering over 110 countries and regions. However, xStocks' on-chain TVL is only about $400 million, less than half of Ondo's. The official claim of cumulative trading volume exceeding $25 billion includes Kraken's centralized exchange portal, with most trades occurring within CEX internal ledgers, and the number of assets stuck at just over 100, concentrated in large-cap blue chips. Binance adopts a dual-track approach, launching bStocks on June 11, 2026, issued by BTECH Holdings, approved by Abu Dhabi's ADGM FSRA, minted as BEP-20 on BNB Chain, 1:1 anchored, with a minimum investment of $5. The first batch of 5 (NVDAB, TSLAB, CRCLB, MUB, SNDKB) expanded to over 30 by mid-July, with AUM breaking through $100 million, integrated with margin collateral and the Venus lending protocol. Currently, on-chain AUM has risen to $460 million. On August 13, Binance announced support for users to convert third-party tokenized stocks into bStocks, aggressively attracting traffic. Notably, Binance is also one of Ondo's largest distributors. In November 2025, Binance Wallet integrated Ondo tokenized stocks, developing in-house while also selling goods, betting on both sides.

Other key players Robinhood, Securitize, Dinari, and Bitget have shown varied performances. Robinhood (HOOD.US) launched in the EU on June 30, 2025, but later got into controversy when OpenAI and SpaceX publicly denied its private equity tokens. By the Consensus 2026 conference, its EU tokenized stocks and ETFs expanded to approximately 2,000, with zero commission and 24/5 trading. However, as of August 2026, total on-chain value is only about $25 million, because tokens cannot be transferred off the platform, essentially making them internal ledger derivative certificates without self-custody or DeFi composability. Its follow-up is Robinhood Chain, which entered public beta in February 2026. Securitize (SECZ.US) has total tokenized assets exceeding $4 billion, tied for first with Sky, followed by Ondo, Circle (CRCL.US), and Franklin (BEN.US), but the bulk consists of fund products like BlackRock (BLK.US) BUIDL, with its stock business market share at only about 12.40%. In July 2026, Securitize (SECZ.US) merged with Cantor Equity Partners II, listing on the NYSE (ICE.US) under the ticker SECZ, and issued "issuer-native" tokenized SECZ shares (circulating on Solana and Avalanche). However, Q2 financial reports show revenue of $14.4 million, down 5% year-over-year; net loss of $21.7 million, with adjusted EBITDA loss of $5.5 million. Dinari is the only issuer holding both an SEC-registered transfer agent license and a FINRA broker-dealer license, legally able to serve US investors. In August, it partnered with Circle (CRCL.US) to allow US users to purchase 724 dShares using USDC through self-custody, covering all S&P 500 constituent stocks. Its business covers over 80 jurisdictions, with cumulative issuance of over 6,000 tokenized assets; on July 8, it partnered with tZERO to build a one-stop brokerage platform, with Flow Traders providing 24/7 quotes. Bitget Stocks 2.0, issued by RWA platform Reality, is 1:1 anchored, USDT-denominated, with on-chain AUM of only $145 million, still small in scale.

The competitive landscape summary shows that Ondo, Kraken, Robinhood, Dinari, and Binance each hold advantages. Ondo is temporarily ahead with its compliance foundation and distribution network, Kraken holds channels and capital, Robinhood (HOOD.US) holds brand, Dinari holds the ticket to the US domestic market, and Binance holds an undeniable user base and dual-track strategy. In the second half of 2026, how wide the door to the US domestic market opens will become the true testing ground for each player's strength. With the gradual clarification of regulatory frameworks and improvement of infrastructure, tokenized US stocks will move from marginal experiment to mainstream allocation. Whoever can solve the triangle dilemma of settlement efficiency, compliance risk, and user experience will dominate the second half.

Industry endgame thinking points to the "build a market" model represented by Ondo. In the second half of tokenized US stocks, simple asset issuance is no longer sufficient to build a moat. The real key to victory lies in whether one can become the settlement and distribution layer connecting traditional finance and the crypto world. Through DTCC cooperation, FINRA authorization, and full-stack product layout, Ondo is reshaping the underlying logic of on-chain capital markets. Despite numerous competitors, Ondo's leading advantages in compliance depth, distribution breadth, and ecosystem completeness enable it to stand out in fierce competition. In the future, with the intervention of more traditional financial institutions and the clarity of regulatory policies, tokenized US stocks are expected to become an important bridge connecting global capital, and Ondo is poised to play a key role in this process.