Ondo Lists 260 Tokenized Stocks, xStocks Leads On Volume

Key Points

• Ondo now supports more than 260 tokenized US stocks and ETFs on-chain, ahead of xStocks at over 170 after its May 2025 launch on Solana.
• xStocks leads daily trading, with tokenized Tesla turning over $24.45 million in 24 hours against $5.83 million for the Ondo version.
• A non-US wallet can buy these tokens, trade them 24/7, and route them into Solana DeFi, though KYC and securities rules still gate access.

Tokenized US stocks have moved from experiment to a live market, and two issuers now lead it. A May 28 ChainCatcher analysis counts more than 260 tokenized stocks and ETFs from Ondo and over 170 from xStocks, the Kraken-backed product, writing that “tokenization is redefining the issuance, holding, trading, and circulation of stocks.” For a wallet holding $1,000, that means tokenized Tesla or Nvidia is now buyable on-chain, tradable around the clock, and ready to plug into DeFi, if you can clear the securities gate first.

How Ondo And xStocks Tokenize Real Shares

The race to put US equities on-chain now has two clear leaders, and they take opposite routes. Ondo launched its tokenized stock product on Ethereum mainnet in September 2025 and has scaled to more than 260 tokenized stocks and ETFs.

xStocks, built by Backed Finance and acquired by Kraken in December 2025, went live in May 2025 on Solana and now lists over 170.

Both mint tokens backed 1:1 by real shares held with regulated custodians, which makes them closer to on-chain security certificates than to price feeds.

That backing is the DeFi distinction that matters. These are the actual assets a wallet can hold, move, and settle instantly, not the synthetic equity perps that exchanges like Binance and OKX run as derivatives.

For a non-US holder, a token tracking Tesla or Apple can be bought, traded around the clock, and carried straight into on-chain venues.

Where The $24.45M Tesla Volume Actually Trades

On raw selection, Ondo leads with more than 260 tokenized stocks and ETFs against 170 for xStocks. The order book tells the opposite story.

xStocks carries deeper liquidity because Kraken puts it in front of millions of verified users. Tokenized Tesla issued by xStocks traded $24.45 million in 24 hours, against $5.83 million for the Ondo version.

The Nvidia token showed the same split, $16.44 million on xStocks versus $8.30 million on Ondo, a gap of roughly two to four times depending on the name.

Distribution, not ticker count, is deciding this market. Ondo’s assets list on Binance Alpha, Gate, and Bitget, while xStocks sits on Kraken, Bybit, and OKX DEX.

For a DeFi user, this matters less as a count of tickers than as the question of where you can exit a position without moving the price.

Neither token pays yield the way a tokenized Treasury does, so the trade here is access and liquidity, not a rate. You can track how tokenized assets trade across secondary venues as more equities migrate on-chain.

xStocks runs natively in Solana DeFi and has no token yet, so a March points program and airdrop expectations are pulling in extra volume, while Ondo’s token already carries a fully diluted value above $4 billion.

What Ondo’s SEC Licenses Mean For Your Wallet

The deeper contrast is what each issuer is building toward. Ondo acquired Oasis Pro in 2025, one of the few US platforms holding SEC broker-dealer, alternative trading system, and transfer agent licenses.

That stack lets Ondo issue, register, settle, and trade securities inside the US system, which is why managers like BlackRock and Franklin Templeton keep partnering with it. In March, Franklin Templeton tied a tokenized ETF to Ondo rails for around-the-clock wallet trading.

xStocks took the lighter path, issuing each token as a transferable security through a Swiss special purpose vehicle under European rules, which let it plug into exchanges and Solana DeFi fast.

ChainCatcher analyst Hu Tao framed the split cleanly, casting xStocks as the Robinhood of on-chain stocks and Ondo as the Nasdaq, one solving who trades and the other how the market clears.

The transition is happening under pressure. Ondo confirmed this month that founder Nathan Allman had died, with former president Ian De Bode stepping in as chief executive.

What to watch is whether either token clears fully into permissionless DeFi. xStocks already feeds Solana lending and perps through Kraken, and Ondo is adding shareholder voting through a Broadridge deal struck in April.

Whether tokenized stocks stay a non-US, KYC-gated product or open to permissionless wallets is the next fork, and the venue with the deepest order book usually wins it. For now, xStocks owns the volume and Ondo owns the licenses, and the wallet that wants both is still waiting.

See how RWA Insider tracked the first permissionless DEX listing of pre-IPO equity exposure for the other half of the on-chain stock trade.