Ondo Becomes World’s Top Tokenization Platform as Active Strategies Go Onchain
Ondo Tokenized Assets
$4.07B
#1 platform on RWA.xyz
Distributed RWA (ex-stablecoins)
$39.98B
~10x vs start of 2025
OKXICE Issuer Objections
62firms
~90% of initial list
bStocks Tokenized Value
$1.4B
38% of tokenized equities
Ondo Finance Crosses $4B in Tokenized Assets, Becoming the World’s Largest RWA Platform
On November 5, Ondo Finance announced it had become the world’s largest asset tokenization platform. RWA.xyz data shows $4.07 billion in distributed asset value across 484 real-world assets and 568,129 onchain holders, ranking first among 203 tracked platforms and representing roughly 10% of the $39.98 billion non-stablecoin tokenized market.
- USDY is now the world’s largest tokenized Treasury product at $2.4B; Ondo holds three products in the top 11, totaling over $3B — about a fifth of the $14.2B tokenized Treasuries market
- Ondo Global Markets offers 430+ tokenized US stocks and ETFs ($900M+); Solana hosts the widest catalog at 485 assets, while Ethereum leads on value at $2.1B
- Products live across 10 blockchains: Solana plus Stellar hold $500M+ outside Ethereum, BSC nearly $500M; Ondo Intelligent Portfolios crossed $50M this week as the largest onchain portfolio product
Platform Race
Ondo overtakes Securitize ($3.97B / 50 assets / 1,493 holders) — the value gap is narrow, the asset and holder gaps are wide
Structural Signal
Demand spreads beyond tokenized Treasuries into stocks, funds and more — the asset class is entering an expansion phase
Growth Space
Non-stablecoin RWA grew from ~$4B to $39.98B in one year — a tenfold pace validating the sector’s momentum
Sources: PR Newswire via Securities.io · Basis Desk · November 5, 2026
Issuer Objections to OKXICE Tokenized Stocks Hit 62, Covering 90% of the Initial List
Opposition to OKXICE’s tokenized-stock venue keeps mounting: 56 issuers had filed by the November 2 notice (Amazon, Tesla, SpaceX, Netflix, SoFi and Lam Research among them), Apple, Home Depot and GE Vernova followed on November 3, and a November 5 Fox Business report put the total at 62 (including Nebius, Boeing and ServiceNow) — roughly 90% of the 62-company initial list. The 56 objecting firms represent over $31 trillion in combined market cap, about 42% of US equities.
- OKXICE, a joint venture between OKX and Intercontinental Exchange, plans 24/7 stablecoin-settled trading of tokenized US stocks in permissioned liquidity pools on X Layer
- Under the SEC innovation exemption’s 30-day objection window, issuer pushback can force delisting — OKXICE may end up listing only about 13 non-objecting tickers
- Objections do not block issuer-owned tokenization or other venues — the issuer-led tracks of Bullish and Canton Strategic Holdings benefit in parallel
- Core issuer concerns: uncontrollable parallel ownership records, disclosure obligations triggered by 24/7 cross-timezone trading, and unclear compliance boundaries
Third-Party Track Under Pressure
The objection mechanism is now the biggest variable for third-party tokenized-equity distribution — the universe keeps shrinking
Model Divergence
Issuer-led (Bullish / CNTN) and third-party (OKXICE) routes are rapidly diverging
Regulatory Field Test
The SEC exemption faces its first large-scale 30-day objection window — the rule’s boundaries are now being tested in practice
Sources: Fox Business via CoinPost · OneBullEx · November 5, 2026
Schroders Brings a $1.1T Emerging-Market Bond Strategy to Solana in Its First Onchain Deployment There
Schroders, managing roughly $1.1 trillion in assets, tokenized its emerging-market bond strategy (Schroder ISF Emerging Market Bond, SISF) via Centrifuge and launched it on Solana on November 4 — the manager’s first deployment on that network. Investors hold onchain shares of a feeder fund whose value tracks the underlying fund’s NAV, with a $100,000 minimum. Solana’s onchain RWA ecosystem holds more than $4 billion in value.
- Active strategies scale onchain: unlike cash and short-duration Treasuries, EM debt introduces a new risk-return dimension spanning sovereign, corporate and local-currency bonds
- Schroders brings 50+ years of EM debt experience and 40+ dedicated specialists; in August it won Central Bank of Ireland approval for a tokenized MMF share class, SOAR, on J.P. Morgan’s Kinexys
- Centrifuge tokenized New York Life Investment Management’s high-yield strategy (HYB) in June and counts Coinbase as a preferred infrastructure partner since May
Asset-Class Expansion
Onchain fixed income moves from cash and short-duration paper toward complex, actively managed strategies — RWA enters a qualitative shift
Solana Ecosystem
A $4B+ RWA ecosystem gains a trillion-dollar active manager’s endorsement — the institutional story moves from issuance to distribution
Distribution Model
The feeder-fund share-class structure avoids putting an entire portfolio onchain, lowering compliance complexity while preserving active-management value
Sources: Centrifuge via Bitnxt · Markets Media · November 4, 2026
Fed Official Says AI Agents and Stablecoins Could Reshape Dollar Demand as GENIUS Takes Effect in January
Cleveland Fed President Beth Hammack said at the SNB and Its Watchers Conference on November 5 that stablecoins’ smart-contract capabilities and “agentic workflows” could significantly boost demand, with payments between AI agents marking a major shift in how money moves. She cautioned that current US rules do not comprehensively address smart contracts or agentic AI in payments, which could slow adoption by US institutions.
- Rising stablecoin demand could translate into US Treasury buying power — issuer reserves are dollar assets — but foreign users may not access full GENIUS redemption benefits
- The GENIUS Act, passed with bipartisan support in 2025, takes effect January 18, 2027 regardless of election results; the OCC final rule (reserve Treasuries capped at 93-day remaining maturity, case-by-case platform rewards) lands the same day
- The dollar’s share of global FX reserves has fallen to about 57%, yet more than half of global trade is dollar-denominated — a near-term displacement remains unlikely
New Demand Engine
Machine-to-machine payments by AI agents open a fresh demand channel for stablecoins — a possible next growth wave
Regulatory Gap
Smart contracts and agentic AI payments fall outside current rules; US institutional adoption may lag other markets
Dollar Implications
Stablecoin reserves flowing into Treasuries support dollar demand, but redemption asymmetries leave the net global effect uncertain
Sources: CoinDesk via CryptoBriefing · CryptoNews · November 5, 2026
发表回复