BUNT (@BUNT10) “Tokenized Stocks Are Being Won by Distribution As per @tokenterminal , Tokenized” — TopicDigg

Tokenized Stocks Are Being Won by Distribution As per @tokenterminal , Tokenized stocks stood at $3.56B in the week of Sep 21, up 65% from $2.16B in the week of Jun 29. That is roughly $1.4B added in 12 weeks, going into Q4. @Ondo Finance leads with 25.9% and $928.7M. xStocks follows at 23.8%, @binance bStocks at 20.6% and Securitize at 12.4%. The top four issuers hold 82.7% of the market Ondo's lead is 2.1% over xStocks and 5.3% over bStocks. That makes it the leader in a three-way race rather than a dominant player. @BNBCHAIN holds 29.5% of the market at $1.1B. Ethereum is at 21.5%, Solana at 20.2% and Avalanche at 11.9%. Arbitrum (5.6%), X Layer (5.0%) and Robinhood Chain (4.1%) make up the next tier, and Base is at 1.0%. Binance bStocks at 20.6% of $3.56B is about $734M. If bStocks sits on BNB Chain, roughly 70% of the chain's value is the exchange's own product. It reflects where an exchange with a large existing user base chose to issue, Ethereum and Solana are split across Ondo, xStocks, Securitize and others, and none of those issuers has a single distribution channel of Binance's size. Robinhood Chain at 4.1% and Robinhood as an issuer at 4.9% follow the same pattern at a smaller scale, with a broker issuing on its own rails. Bunt's POV Ondo's 25.9% is the most exposed number in this dataset. Exchange-native issuers grow with their own user base, and Ondo has to win through partners it does not control. I believe the Q4 test is whether Ondo holds its share while the total keeps expanding. If exchange-native issuance takes the share instead, the chain leaderboard will keep reflecting distribution rather than infrastructure.