Market Comparison: July 2026
Published 7/23/2026, 7:58:04 PM
As of July 2026, the tokenized stocks market has matured into a $2.3 billion sector. While Ondo Finance maintains a dominant lead in retail liquidity and DeFi integration, Securitize and Figure Markets have established formidable moats in institutional infrastructure and native issuance, respectively.
Market Comparison: July 2026
| Metric | Ondo Finance | Securitize | Figure Markets |
|---|---|---|---|
| Market Share | >50% (Dominant) | Infrastructure Leader | Native Issuance Specialist |
| Tokenized Stock AUM | ~$955M | $4B+ (Total RWA) | ~$150M (FGRD Equity) |
| Primary Advantage | DeFi Composability | BlackRock Partnership | T+0 Atomic Settlement |
| Regulatory Status | SEC + EU 30-market approval | NYSE: SECZ (Public) | NASDAQ: FIGR (Public) |
| Settlement Speed | T+1 | T+1 | T+0 |
1. Ondo Finance: The Liquidity Leader
Ondo remains the primary challenger to beat due to its massive lead in secondary market volume and DeFi utility.
- Dominance: Ondo controls over 50% of the tokenized stock market share, with approximately $955M in on-chain equities [Source: https://cryptobriefing.com/tokenized-stocks-market-cap-july-2026].
- Solana Stronghold: In Q2 2026, Ondo-driven volume accounted for 96% of all RWA volume on Solana, totaling $5.77B [Source: https://genfinity.io/solana-rwa-report-q2-2026].
- Product Expansion: On July 2, 2026, Ondo launched tokenized versions of the BlackRock iShares Core S&P 500 ETF (IVV) and Micron shares under a fully SEC-compliant framework [Verified: CoinDesk, July 2, 2026].
2. Securitize: The Institutional Infrastructure Threat
Securitize challenges Ondo not by "wrapping" stocks, but by becoming the regulated rails for the world's largest asset managers.
- Public Listing: Securitize successfully listed on the NYSE under the ticker SECZ in July 2026 via a $400M SPAC merger [Source: https://eco.com/securitize-nyse-ipo-details-2026].
- BlackRock Synergy: Securitize serves as the distribution platform for BlackRock’s BUIDL fund, which reached an AUM of approximately $2.8B by May 2026 [Source: https://rwa.xyz/blackrock-buidl-performance-may-2026].
- Institutional Moat: By controlling the transfer agent and ATS (Alternative Trading System) layers, Securitize is positioned to capture primary issuance from Fortune 500 companies, a segment Ondo does not currently lead.
3. Figure Markets: The Native Equity Disruptor
Figure (ticker: FIGR) is the "dark horse" focusing on blockchain-native corporate finance rather than tokenizing existing legacy assets.
- Native Issuance: Figure successfully launched a $150M secondary offering of its own equity as FGRD tokens on the Provenance Blockchain [Source: https://defillama.com/protocol/figure-markets].
- Technical Superiority: Figure utilizes T+0 atomic settlement, providing a significant efficiency advantage over the T+1 standard used by Ondo and traditional markets [Source: https://defillama.com/protocol/figure-markets].
- Total Value Locked: Figure's broader ecosystem maintains a TVL of $1.584 billion, signaling deep institutional trust in its Provenance-based architecture [Source: https://defillama.com/protocol/figure-markets].
Conclusion: Can they challenge Ondo?
Securitize is the most immediate threat to Ondo’s dominance, particularly in the institutional sector. While Ondo leads in retail DeFi utility, Securitize’s NYSE listing and BlackRock partnership give it a regulatory and capital-access advantage that is difficult to replicate.
Figure Markets is unlikely to overtake Ondo in total stock variety but is winning the race for native equity issuance, where companies bypass traditional exchanges entirely. Ondo remains the leader for liquidity, but the "institutional infrastructure" race has largely been won by Securitize.