Ondo Expands Tokenized Stock Offerings to Solana, Challenges xStocks Market Share

Ondo Finance has expanded its tokenized securities platform to Solana, entering a market dominated by xStocks, which holds a 93% share since June 2025.

The expansion includes 200+ tokenized US stocks and ETFs, making Ondo the largest issuer on Solana by asset count.
Users can access these assets via the Jupiter trading platform, with liquidity sourced from exchanges such as NASDAQ and NYSE.
Assets include growth stocks, blue-chip equities, and commodity-linked products like gold and silver.

Ondo claims users can create and redeem tokens instantly during US market hours, supporting larger trades with less price impact.

Competitive Landscape

xStocks, operated by Backed Finance, has processed over $3 billion in transactions with 57,000 unique holders as of January 2026.
xStocks holds approximately $182 million in deposited assets on Solana.

Market Context

Ondo launched its Global Markets platform on Ethereum in September 2025 before expanding to BNB Chain in October 2025.
The company has $2.17 billion in total value locked across all products, making it one of the largest real-world asset platforms in crypto.

Ondo Finance key metrics showing $2.17 billion in total value locked across all chains | Source: DefiLlama

Nick Ducoff from Solana Foundation noted that the launch expands the range of tokenized US stocks and ETFs in the Solana ecosystem, enhancing onchain finance capabilities.

The native token ONDO faces a supply increase, with $1.7 billion in previously locked tokens becoming available for trading.