Bitcoin falls back as tokenized stocks race towards $1 billion - Heres why

Bitcoin is volatile, going above $120,000 at its peak before falling back to roughly $68,000-$70,000 at the time of writing.

Tokenized stocks, meanwhile, are moving the other way.

Their market cap stayed below $100 million for much of 2024 and early 2025, then sped up quickly through late 2025. The category went on to reach about $1 billion this year.

Source: Token Terminal

This is important, with tokenized stocks simply not rising in line with the first cryptos prices.

AMBCrypto previously reported that U.S. crypto policy is going through an innovation-first phase. In a March interview, former CFTC Chair Chris Giancarlo said the focus has moved away from enforcement to strategic digital asset development.

He also noted that SEC and CFTC leadership now meet every two weeks! This could support growth for utility-led sectors such as tokenized stocks.

From near-zero to nearly $1B…

…the growth curve here is pretty clear.

Source: rwa.xyz

Through most of 2023 and 2024, tokenized stocks were still a minimal category, with total value staying close to the floor and moving up at a slow pace.

The real breakout came in 2025, when the market started stepping up in hugely visible jumps.

At the time of writing, the leading platforms together were already at roughly $993.6 million, which puts the category right on the edge of the $1 billion mark.

Source: rwa.xyz

But who is actually leading that growth today？ Ondo is the largest platform at $590.4 million, with 59.27% market share. xStocks is next at $255.2 million and a 25.62% share. Together, they account for about $845.6 million, or 84.89% of the market.

Behind them is Securitize at $57.5 million, followed by Superstate Opening Bell at $25.1 million and WisdomTree at $23.2 million.