Tokenized stocks have crossed the $1 billion market cap marking a major turning point for RWAs on-chain. Public equities drove the surge, with platforms like Ondo Global Markets and xStocks leading the charge, while tokenized private equities on Solana continue to gain early traction and expand rapidly.

 

The rise of tokenized stocks brings several benefits to investors as they enable 24/7 global trading without the traditional T+2 settlement delays, allowing markets to operate continuously rather than shutting down after regular hours. Fractional ownership lowers the barrier for smaller investors to gain exposure to stocks and private investments. Assets can be used directly as collateral in DeFi protocols, creating new opportunities for yield generation and liquidity with instant settlement that reduces counterparty risk and improves capital efficiency. 

 

Ondo Finance and xStocks together account for over 90% of the tokenized stock market cap. Ondo leads at $741.1M (heavily on Ethereum at $440.1M and BNB Chain at $283.2M), followed by xStocks at $315.2M (dominant on Solana with $258.4M and reach through CEXs like Kraken and Bybit). The rest includes Superstate, Robinhood on Arbitrum, Dinari, and PreStocks’ $17.8M in tokenized private equities. Launched in June 2025, xStocks has already facilitated over $3.5 billion in on-chain transaction volume and $25 billion in total trading volume, tokenizing major assets like SPYx, QQQx, NVDAx, and TSLAx. 

 

Another interesting segment is tokenized pre-IPO stocks that bring exposure to private companies like Anthropic directly onto Solana via platforms such as PreStocks. These tokens are created through Special Purpose Vehicles (SPVs) that hold shares or exposure acquired on secondary markets. PreStocks then issues 1:1 backed SPL tokens on Solana that track the company's implied valuation which lets holders get price exposure with 24/7 trading on DEXes like Jupiter. The tokenized pre-IPO sector has grown roughly 200% year-to-date, with Anthropic leading the surge. 

However, Ethereum is still the clear leader when it comes to bringing stocks on-chain, as it’s become the primary home for major financial moves as the value of funds moving onto Ethereum has grown 20x since the start of 2024, thanks to massive names like BlackRock and Fidelity launching their own products there. This dominance extends across other major real-world asset categories as well, with the network maintaining a strong position in tokenized commodities, funds, and stablecoins.

 

 

Nasdaq has secured SEC approval to trade tokenized Russell 1000 stocks and major index ETFs on the same order book as their traditional counterparts, while the NYSE is building a 24/7 on-chain venue with instant settlement and stablecoin funding in partnership with Securitize and the DTCC’s tokenization infrastructure. Firms like Franklin Templeton, JPMorgan, and Apollo are rolling out tokenized money market funds, credit strategies, and other securities across networks that reache beyond Ethereum and Solana to include chains like Polygon, Avalanche, Base, Aptos, and Stellar, reflecting a multi-chain strategy to plug directly into different DeFi ecosystems. 

 

Ondo Global Markets, now one of the main issuers of tokenized U.S. stocks and ETFs, blocks U.S. users and anyone trading from inside the country, and pushes those restrictions through partners like MetaMask, Binance Wallet, and centralized exchanges that list its products. Kraken’s xStocks do the same, limiting access to non U.S. clients in a set list of jurisdictions and explicitly excluding residents of the United States, Canada, the U.K., and Australia. On Solana, the pre-IPO names led by PreStocks let people trade tokens linked to companies like Anthropic, but they sit in a gray zone because they’re SPV based claims with no audited, public proof of backing, wide gaps between implied token prices and private round valuations, thin liquidity, and no clear path for U.S. retail to participate. So while Binance, OKX, Kraken, and others rush to put tokenized stocks in front of millions of users, most of the real volume is still offshore, and U.S. investors are mostly stuck watching from the sidelines until policy catches up.

 

 

Wrapped XRP (wXRP) is now live on Solana, issued by regulated custodian Hex Trust and bridged securely via LayerZero, backed 1:1 of XRP that lets users trade, provide liquidity, lend, and earn yield across Solana’s DeFi apps. 

 

 

This is the latest piece of a multi-chain rollout that Hex Trust detailed back in December 2025, as the same wXRP infrastructure is already operating on Ethereum, Optimism, and HyperEVM, giving XRP holders regulated on-ramps into deeper liquidity pools wherever DeFi happens. RippleX SVP Markus Infanger, noted the move addresses growing demand to use XRP across the wider crypto ecosystem and it aligns with Ripple’s own RLUSD stablecoin work. LayerZero handles the bridging that has captured the majority of reliable cross-chain volume after earlier bridge exploits elsewhere.

 

Major Solana based players such as Ondo Finance which has expanded tokenized treasury and equity products onto the network, and Superstate whose leadership has publicly endorsed Solana as one of only two viable chains for RWAs work alongside Ethereum now operate in a way where they can integrate wXRP straight into liquidity pools lending markets and atomic settlement flows. 

 

At the same time, big institutions like BlackRock and Franklin Templeton are building on Solana with their own tokenized market funds. BlackRock brought its BUIDL fund  which holds cash and Treasuries to deliver dollar yields to Solana, giving qualified investors fast, low-cost access to on-chain returns. Franklin Templeton did the same with its on-chain US Government Money Market Fund. WisdomTree brought its tokenized funds covering money markets, stocks, bonds, alternatives, and balanced portfolios, VanEck launched its low-fee Treasury bill fund VBILL, Hamilton Lane added tokenized access to private infrastructure and secondary funds, and Apollo made its ACRED private credit product available as collateral in protocols like Morpho. This lets firms keep their traditional compliance and custody setups intact while plugging these assets straight into Solana, so institutions can easily use wXRP for liquidity, collateral, or quick settlements.

 

Solana has been scaling RWA activity with tokenized ecosystems on-chain surpassing two billion dollars in value and protocols like Kamino handling over one billion dollars in real world asset deposits across isolated lending markets, where institutions borrow against assets and earn yield from cash flows. Ripple has targeted these kinds of entities through its custody solutions and partnerships with banks, including BBVA, DBS Bank, DZ Bank, Intesa Sanpaolo, and more recently Kyobo Life Insurance, for on-chain settlement and staking capabilities that now extend naturally to Solana networks.

 

There’s support across Phantom wallet, Jupiter Exchange, Meteora, and Titan Exchange, ensures that the infrastructure is ready for immediate use, which removes one of the frictions that has kept payment assets like XRP siloed from builders who prefer Solana for its sub-cent fees and near instant finality.