Ondo Becomes the World’s Largest Tokenization Platform as Active Management Goes Onchain
Today’s Focus
Ondo took the top spot among the world’s largest tokenization platforms with $4.07 billion in distributed assets, ranking first in both 484 assets and 568,129 holders across 203 tracked venues, while the non-stablecoin RWA market grew roughly 10x in a year to $39.98 billion. Demand is spreading from tokenized Treasuries to equities and active management: Schroders put a $1.1 trillion emerging-market bond strategy on Solana for the first time, and Ondo Intelligent Portfolios crossed $50 million in six days. On the regulatory side, objections to OKXICE’s tokenized-stock venue climbed to 62 issuers, putting the SEC innovation exemption through its first large-scale 30-day objection window.
Industry Wire
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Ondo tops the global tokenization ranking — RWA.xyz shows $4.07 billion in distributed assets and 568,129 holders, both first among 203 platforms; USDY leads tokenized Treasuries at $2.4 billion, overtaking Securitize ($3.97 billion).
Objections to OKXICE climb to 62 issuers — Covering about 90% of the 62-name initial list, the 56 dissenters hold a combined market cap above $31 trillion or roughly 42% of US equity value, leaving OKXICE with only about 13 unobjected names.
Schroders puts a $1.1 trillion EM bond strategy on Solana — The SISF feeder-fund shares track the underlying fund NAV with a $100,000 minimum subscription, marking the first deployment on the network by a trillion-dollar active manager.
Tokenized stocks above $1 million jump from 3 to 348 in a year — Total market cap reached $4.67 billion across 12 issuers and 18 chains; bStocks holds 34%, Ondo 28% and Backed 24%, with BNB Chain at 41% network share.
Multiliquid Treasury launches 24/7 corporate cash management — Idle balances earn a formulaic rate indexed to the 3-month T-Bill (up to 3.5% indicative APY) with instant redemptions, backed by WTGXX and JTRSY on Ethereum and Solana.
Hong Kong’s EnsembleTX moves to 24/7 real-value settlement — Twelve banks and 20 industry pioneers are live; secondary trial trades in tokenized Exchange Fund Bills are complete, with trials next extending to regulated stablecoins.
Ondo Intelligent Portfolios cross $50 million in six days — All seven products are live on Solana with TVL up 67% in six days; MAG7Xon supports 24/7 minting and redemption as the largest onchain portfolio product.
Hong Kong passes crypto-asset CRS reporting rules — The 2026 tax amendment requires reporting service providers to identify users’ tax residency and exchange transaction data, closing the tax-transparency gap for crypto assets.
Fed official: AI agents could reshape dollar demand — Cleveland Fed President says smart contracts and agentic workflows could materially lift stablecoin demand; the GENIUS framework takes effect January 18, 2027 regardless of the midterms.
bStocks holds 38% of tokenized equities with heavy concentration — Of the $1.4 billion, 88% sits in five Binance proof-of-reserves wallets; Ondo leads external holdings at $848 million, making concentration the key liquidity variable.
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