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Ondo Finance said assets deposited in its tokenized securities platform surpassed $1 billion as cumulative trading volume topped $26 billion, underscoring growing demand for blockchain-based versions of stocks, bonds and other traditional investments.
Data compiled by CoinGecko as of 9:30 a.m. Korea time on Sept. 27 showed tokenized private credit was the largest segment of the real-world asset, or RWA, market at $24.61 billion, up 3.1% over 24 hours. Tokenized government bonds totaled $9.54 billion.
Ondo Stocks Expands Through NEAR
Ondo Stocks offers blockchain tokens linked to U.S. stocks, exchange-traded funds and commodities. The platform began offering 20 products through near.com and NEAR Intents, including tokens tied to Tesla, Nvidia, Apple, Microsoft and Amazon, as well as the QQQ, SLV and IAU exchange-traded funds.
Distribution through NEAR Intents extends across more than 30 blockchain networks. Ondo announced Sept. 22 that the platform had exceeded $1 billion in deposited assets and $26 billion in cumulative trading volume.
Portfolios Use BlackRock Models
On Sept. 24, Ondo introduced three on-chain portfolio tokens based on model portfolio strategies developed by BlackRock: Ondo High Income Powered by BlackRock, Ondo Diversified Growth Powered by BlackRock and Ondo High Growth Powered by BlackRock. The products are available only to eligible investors outside the United States.
BlackRock's involvement is limited to supplying the model strategies and does not include making or executing investment decisions. The asset manager also does not oversee the portfolios or handle their tokenization, issuance, distribution, custody or operations.
Private Credit and Treasurys Dominate
Beyond private credit and government bonds, CoinGecko valued tokenized commodities at $5.34 billion, including $5.06 billion in tokenized gold. Tokenized money market funds stood at $3.35 billion.
Tokenized stocks were valued at $2.36 billion after falling 1.2% over 24 hours, while tokenized real estate declined 0.3% to $113.1 million. Tokens associated with RWA blockchain protocols had a combined market capitalization of $14.43 billion, down 0.1% over the same period.
Among those protocol tokens, Centrifuge gained 35.2% over seven days, Plume rose 28.4%, Ondo climbed 27.9% and Chainlink advanced 14.1%. Maple Finance declined 0.7%.
The market categories overlap because one asset can be classified in more than one segment, meaning their values should not be added together.
Tokenized U.S. Treasurys Gain Institutional Uses
RWA.xyz separately estimated the total distributed value of tokenized U.S. Treasury funds at $14.94 billion as of Sept. 26, down 6.95% from 30 days earlier. Its data covered 108 funds and 25 assets held by 84,841 investors, with the holder count rising 4.2% in one week.
Ondo was the largest issuer in that tally, with 11 assets valued at $2.9 billion. Franklin Templeton's Benji Investments followed with four assets worth $2.5 billion.
Among individual products, Circle's USYC was valued at about $2.4 billion, Ondo's USDY at roughly $2.28 billion and BlackRock's BUIDL at about $2.24 billion. Franklin Templeton's iBENJI stood at $1.72 billion, while WisdomTree's WTGXX totaled $1.23 billion.
Galaxy Digital also moved tokenized assets into its corporate finances. The company said Sept. 23 that it had allocated $100 million of balance-sheet funds to Sky's yield-bearing sUSDS stablecoin and approved the token as collateral for its institutional trading business. Galaxy also acquired an undisclosed amount of SKY tokens.
Galaxy's institutional trading operation had an average loan book of $1.4 billion, while the company held about $2.5 billion in cash and stablecoins as of June 30, 2026.
The figures reflect market conditions at the stated collection times and are not investment recommendations. Tokenized products differ in structure, eligibility rules and regulatory treatment, and investors can lose principal.
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