Interest in tokenized stocks surged last month, with Robinhood gaining hundreds of thousands of new investors. While Robinhood saw a significant increase in users, Ondo Finance still holds the largest total value in this emerging market.
Summary
- Tokenized equity holders increased 92% in 30 days, reaching 752,000 across five major platforms.
- Robinhood captured 328,000 holders and a 44% share, but held only $44 million in assets.
- Ondo led with $857 million, followed by xStocks at $487 million and Securitize at $245 million.
- US transfer-agent groups want the SEC to prioritize issuer-backed tokenized securities over unaffiliated products.
Tokenized stock holders rise 92% in one month
The number of people holding tokens from equity platforms jumped 92% in just 30 days, reaching a total of 752,000, according to data from DWF Labs.
The number of people holding tokenized equity has surged, increasing by 92% in the last 30 days to over 752,000. Robinhood Crypto is the main driver of this growth, having quickly attracted 328,000 holders – representing 44% of the market – since its launch on July 1st. However, the total value of these holdings is currently $44 million, which is significantly lower than competitors like xStocksFi ($487 million) and Ondo ($857 million).
— DWF Labs (@DWFLabs) July 27, 2026
Since July 1st, Robinhood has been the most popular platform for trading stock tokens, gaining 328,000 new users. This gives them 44% of the market share among the five platforms we tracked.
Although Robinhood offers tokenized stocks, they currently represent a relatively small total value of just $44 million. This, combined with the number of people who hold them, indicates that much of its initial growth has been driven by individual investors making smaller trades.
DWF Labs found that the average Robinhood user holds around $134 worth of assets. This is quite different from Securitize, where just 50 users hold a total of $245 million – averaging about $4.9 million per person.
My analysis of the data revealed a strong presence of institutional investors. I identified 186 different entities holding this asset, representing roughly $191 million collectively. The average investment size among these holders was about $1.03 million.
As a crypto investor, it’s important to remember that when platforms report numbers of ‘holders,’ those aren’t necessarily the same as actual *people*. These figures often represent blockchain addresses – and one person can control multiple addresses. So, don’t automatically assume these numbers tell you how many unique individuals are really invested.
Robinhood attracts retail users but trails in value
I was excited to see Robinhood roll out their new Layer 2 network and tokenized stocks on July 1st! It’s now live within the Robinhood Wallet app, and they’ve made it available in over 120 countries – though depending on where you are, things might be a little different. I’m checking to see if I have access in my location.
Users who qualify can buy, sell, and use these tokens at any time, and integrate them into various DeFi platforms like lending and borrowing services.
Robinhood’s data demonstrates that offering fractional shares and easy-to-use wallets can draw in a large number of everyday investors. However, the average amount of cryptocurrency held by Robinhood users is significantly lower compared to users on four other platforms analyzed by DWF Labs.
Since its release, activity on the Robinhood blockchain has been growing quickly. The value of real-world assets represented as tokens on the network recently hit around $70 million, and the total amount of cryptocurrency locked in the system reached approximately $312 million.
The $70 million number includes more types of assets and was calculated over a different time frame, so it can’t be directly compared to DWF Labs’ $44 million in tokenized stocks.
Ondo and xStocks control more asset value
Ondo was the leader with $857 million in digital equity tokens, averaging around $5,900 per person holding them. Their platform provides access to over 440 tokenized stocks and ETFs on blockchains like Ethereum, BNB Chain, and Solana.
Ondo’s products let you benefit financially from the performance of various investments, like stocks, including any dividends paid (after taxes). However, Ondo clarifies that these tokens aren’t actually stocks or ETFs themselves and don’t give owners direct ownership of those underlying investments.
xStocks is the second-most valuable platform with $487 million traded, averaging $1,900 per trade. It offers access to 626 different stocks and ETFs and has processed over $35 billion in transactions overall.
Payward, the company behind Kraken, has teamed up with GTN, a financial technology provider, to make its xStocks service available for more than just US stocks. They’re starting by adding stocks from Hong Kong, and then plan to expand into markets like the UK, Europe, and South Korea – as long as they get regulatory approval in those areas.
GTN will handle the trading, safekeeping, tracking, and reporting of assets in over 90 countries. Meanwhile, Payward will remain responsible for converting those assets into digital tokens.
US regulators face ownership-rights question
A key concern for American investors is who owns and can access these investments. While Ondo’s digital stock tokens represent shares of U.S. companies, they are currently unavailable to people in the United States – Americans cannot buy, own, or sell them.
The Securities and Exchange Commission (SEC) cautions that digital tokens issued by others might not give you the same rights as traditional stock. These tokens could mean you don’t actually own the underlying asset, can’t vote on company matters, or aren’t protected in the same way as registered shareholders.
Continental Stock Transfer & Trust Company and the Securities Transfer Association have asked the SEC to prioritize the development of digital stocks and ETFs directly supported by the companies that issue them. They also want stricter rules for similar products created by platforms without the company’s permission.
The plan aims to clearly differentiate between digital shares officially issued by a company using blockchain technology, and other tokens that simply represent an agreement or financial interest. The SEC’s decision on how to categorize these different types of tokens will likely impact whether the increasing popularity of tokenized stocks spreads to regulated markets in the United States.
2026-07-27 21:40