MARKET MAP / RWA.XYZ SNAPSHOT
Who leads
tokenization?
There is no single leaderboard. The answer changes depending on whether the question is about the issuing platform, blockchain network, asset manager, product category or individual asset.
THE SCOREBOARD
Different layers, different leaders
Securitize
$4.95B25 assets · 1,864 holders
Ethereum
$17.45BLargest onchain asset base
Circle
$3.01BDistributed AUM
Ondo
$851.9MAcross its stock products
SECZ
$179.1MLargest listed stock asset
Spiko
+$206MMomentum, not installed base
Values are point-in-time dashboard observations. RWA.xyz separates distributed assets, which can move between wallets, from represented assets, which use blockchain as a recordkeeping layer but remain inside an issuing platform.
PLATFORMS
Securitize has the largest distributed base
| # | Platform | Asset value | Assets | Holders |
|---|---|---|---|---|
| 1 | Securitize | $4.95B | 25 | 1,864 |
| 2 | Ondo | $3.59B | 441 | 205,404 |
| 3 | Circle | $3.01B | 1 | — |
| 4 | Tether | $2.66B | — | — |
| 5 | Franklin Templeton Benji Investments | $2.53B | — | — |
Scale and breadth are separate advantages.
Securitize leads this table by distributed asset value, while Ondo has far more listed assets and holders. One looks like institutional issuance infrastructure; the other looks like broad product distribution.
The 30-day flow table tells another story: Spiko led net inflows at +$206M, while Securitize showed −$123M. Installed base and current momentum are not the same measure.
NETWORKS + MANAGERS
Ethereum leads, but recent flows are multichain
| # | Network | Value | 30d net flow |
|---|---|---|---|
| 1 | Ethereum | $17.45B | −$1.2B |
| 2 | BNB Chain | $5.90B | +$1.1B |
| 3 | Solana | $3.89B | +$133M |
| 4 | Stellar | $3.17B | +$146M |
| 5 | Avalanche | $1.93B | −$222M |
| # | Asset manager | AUM |
|---|---|---|
| 1 | Circle | $3.01B |
| 2 | BlackRock | $2.73B |
| 3 | Tether | $2.67B |
| 4 | Ondo | $2.59B |
| 5 | Franklin Templeton | $2.53B |
Ethereum’s $17.45B lead remains substantial, even as BNB Chain, Stellar and Solana posted positive 30-day flows in this observation. A single month of flows does not erase the installed-base gap, but it does argue against treating tokenization as a one-chain market.
TOKENIZED STOCKS
Ondo leads the platform race; SECZ leads the asset table
| # | Platform | Value |
|---|---|---|
| 1 | Ondo | $851.9M |
| 2 | xStocks | $667.9M |
| 3 | bStocks | $619.6M |
| 4 | Securitize | $240.7M |
| # | Asset | Value |
|---|---|---|
| 1 | SECZ | $179.1M |
| 2 | STRCx | $138.4M |
| 3 | SNDKB | $106.2M |
| 4 | CRCLon | $95.1M |
Those growth rates are bullish for the category, but they are not automatically revenue or token-value capture for any one company. Platform adoption, asset value, transfer volume and shareholder economics are different things.
SECZ CASE STUDY
The bullish evidence—and the limits
Largest individual tokenized stock in the observed table.
25,729,399 on Avalanche + 149,000 on Solana.
Up 36.84% over 30 days; account counts are not verified beneficial owners.
Direct finalized-chain observation; 89 token accounts in total.
The product is real, multichain and category-leading.
- SECZ ranked first among individual tokenized stocks by observed asset value.
- The tokenized supply reconciles across Avalanche and Solana.
- Holder growth was positive, and Solana provides an additional distribution rail.
- Securitize’s broader platform ranked first by distributed asset value.
Market leadership is not yet the same as deep liquidity.
- Monthly SECZ transfer volume was only $246K and down 86.76%.
- RWA.xyz reported six active addresses over 30 days.
- Most Solana supply remained in an operational pool, not dispersed among end holders.
- Tokenized asset value is not Securitize revenue, profit or stock-price upside.
The clean conclusion: SECZ has credible first-mover evidence in regulated, natively tokenized public equity. The next test is utilization—more independent holders, recurring transfers, usable liquidity and evidence that platform activity creates durable economics.
DISTRIBUTED VS. REPRESENTED
Broadridge leads a different race
Securitize
$4.95BAssets can move outside the issuing platform and between eligible wallets.
Broadridge DLR
$334.80BBlockchain serves as the recordkeeping layer; assets stay within the platform’s controlled environment.
The roughly 68× difference does not make Broadridge a direct apples-to-apples winner over Securitize. The systems represent different forms of tokenization, transferability and market structure.
CONCLUSIONS
What the leaderboard actually teaches
- Tokenization is already a stack, not a winner-take-all product.Issuers, platforms, chains, asset managers, distributors and settlement systems can each lead their own layer.
- Securitize’s strongest evidence is platform scale.Its lead is meaningful, but the investment case still depends on fees, retention, liquidity and operating leverage.
- Ethereum has the deepest installed base, while growth is dispersing.Positive flows on BNB Chain, Stellar and Solana reinforce a multichain base case.
- Ondo demonstrates the power of product breadth and distribution.Its platform lead in stocks should not be confused with a direct claim that ONDO token holders own platform equity or revenue.
- SECZ is an important live experiment.It shows that a registered public equity can exist natively across public chains; liquidity and active ownership remain the harder proof points.
METHODOLOGY + SOURCES
A dated snapshot, not a live oracle
Figures were transcribed from RWA.xyz on Aug. 11, 2026 and rounded for readability. Rankings may change after publication. Dashboard values can update on different schedules, and “holder” or token-account counts must not be treated as verified unique beneficial owners.