Market Landscape Comparison
Published 7/23/2026, 3:07:06 PM
As of July 2026, Figure and Securitize are positioned as institutional infrastructure leaders rather than direct retail competitors to Ondo Finance and xStocks. While Ondo and xStocks dominate the "tokenized stock" market with a combined market share estimated between 75% and 94%, Figure and Securitize are building the regulated backend (NYSE partnerships and direct registration) that could redefine the sector if regulatory mandates shift toward issuer-sponsored models.
Market Landscape Comparison
| Platform | Market Role | Tokenized Equity AUM | Key Differentiator |
|---|---|---|---|
| Ondo Finance | Market Leader | ~$955M [Note: not independently confirmed] | Proxy Voting: First to offer on-chain voting via Broadridge [Source: https://app.ondo.finance/]. |
| xStocks | Volume Leader | ~$507M | CEX Distribution: Integrated into Kraken's global retail base [Source: https://kraken.com/xstocks]. |
| Securitize | Infrastructure | ~$225M [Note: not independently confirmed] | NYSE Partner: Official digital transfer agent for NYSE [Source: https://securitize.io/]. |
| Figure | Full-Stack TA | ~$201M | Direct Registration: Uses blockchain as the authoritative record [Source: https://www.figure.com/]. |
1. The Incumbents: Ondo and xStocks
Ondo Finance maintains a dominant position, controlling approximately 59-70% of the tokenized equity issuer market [Source: https://ondo.finance/]. Its growth is driven by a "custodial wrapper" model and a strategic partnership with Broadridge (April 2026) that enables on-chain proxy voting for over 250 tokens, addressing a major criticism of synthetic assets [Source: https://app.ondo.finance/].
xStocks, acquired by Kraken, leverages Backed Finance’s Swiss-regulated certificates to offer 24/7 trading of blue-chip stocks like TSLAx and AAPLx. While it claims high transaction volumes, independent data suggests its total volume passed $3 billion by July 2026, significantly lower than some promotional figures [Source: https://xstocks.fi/].
2. The Challengers: Securitize and Figure
Securitize and Figure are not currently challenging for retail volume but are establishing regulatory moats:
- Securitize: Focuses on "issuer-sponsored" tokenization where the token represents the actual share. In March 2026, it signed an MOU to become the NYSE's designated digital transfer agent [Source: https://securitize.io/]. It reportedly listed on the NYSE via SPAC in July 2026 at a $1.25B valuation [Note: not independently confirmed].
- Figure: Operates the OPEN (On-Chain Public Equity Network) on the Provenance Blockchain. Its "full-stack" approach aims to replace traditional intermediaries like the DTCC by using the blockchain as the primary ledger [Source: https://www.figure.com/].
3. Strategic Outlook and Risks
The ability of Figure and Securitize to "challenge" the leaders depends on a shift in market structure:
- Regulatory Pivot: If the SEC mandates that tokenized equities must be "issuer-sponsored" rather than "custodial wrappers," Securitize’s NYSE-integrated stack would likely displace Ondo’s current model.
- Operational Resilience: The market faced a major stress test in June 2026 during a SpaceX IPO event. While xStocks reportedly struggled to secure allocations, leading to significant refunds, Ondo successfully delivered the asset, reinforcing the reliability of its custodial model [Source: https://xstocks.fi/].
Conclusion
Figure and Securitize currently lack the retail liquidity and product breadth to displace Ondo and xStocks in the short term. However, they hold a superior position in institutional legitimacy. They are not competing for the same "synthetic" retail market but are instead preparing for a future where major stock exchanges migrate their primary settlement layers to blockchain infrastructure.
Data Gaps: Specific TVL figures for Ondo's equities-only segment ($955M) and Securitize's equity AUM ($225M) lack independent third-party verification. The $35B volume claim for xStocks is contested by more conservative reports of $3B to $25B.