Competitive Landscape of the Top 6 Tokenized US Stocks: $3 Billion Market Cap, 5 Public Blockchains, 9 Core Assets

Written by: Birdeye Data

Translated by: Saoirse, Foresight News

Before 2020, it was almost impossible to access equity assets through on-chain markets. To buy US stocks, you needed to open a brokerage account, could only trade during exchange operating hours, and had to meet the broker's regional business eligibility requirements. Between 2020 and 2021, there were several early industry attempts, but all failed. Whether synthetic token schemes like Terra’s Mirror Protocol or custody-backed tokens launched by exchanges like FTX and Binance, none sustained themselves. By late 2022, this track lay virtually dormant.

Four years later, the track is rising again. As of October 2026, the top six active tokenized stock issuers on-chain have surpassed $3.09 billion in circulating asset volume. Assets are distributed across multiple issuers and public chains, with no single platform achieving monopoly. This cross-chain competition is real, and currently, there is no dominant leader. Among the nine targets listed by all six platforms, first place in four different business metrics belongs to four different issuers. This article examines the competitive landscape of these six issuers across five major public chains: Solana, Ethereum, BNB Chain, Robinhood Chain, and Base.

Key Takeaways

Market size grew 8x year-over-year, BNB Chain now leads the track. The statistics cover five tracked public chains. As of the week ending October 18, 2026, the total market cap of tokenized stocks reached $3.09 billion. BNB Chain holds $1.46 billion, accounting for 47.25% market share, having surpassed Ethereum during the week of July 26, 2026.

Trading surge concentrated in 2026. Since July 2025, total DEX spot trading volume hit $74 billion, with 88.24% occurring after June 2026; monthly average trading volume from June 2026 onward was $14.46 billion, 18.28x the previous period's average. Trading volume leadership fell to bStocks in July and August, shifting to Robinhood in September ($11.96 billion for the month). The October volume decline mainly affected these two platforms, while Coinbase’s daily average trading volume actually increased 30.35% compared to September.

Holding data interpretation heavily depends on statistical methodology. Tokens from the six issuers are distributed across 5.03 million holder accounts, but only 1.22 million accounts hold a value of at least $1 USD. If each wallet is counted only once per issuer, only 791,715 unique wallets remain. Based on raw accounts, Robinhood leads with 1.55 million; however, using the unique wallet metric, bStocks leads with 217,216 wallets, dropping Robinhood to third place.

Three issuers dominate the majority of asset market cap. bStocks, Ondo, and xStocks each approach a $1 billion market cap; Robinhood sits at $156 million; Backpack and Coinbase are both under $40 million. bStocks reached an $1.11 billion market cap in just over four months.

2026 newcomers expanded rapidly by capturing existing market share, not merely riding overall trend upside. On day 90 since launch, bStocks’ cumulative trading volume was 83.39x that of xStocks in the same period. Using the six platforms' combined weekly trading volume as a baseline, on day 60, bStocks held an 84% market share, and Robinhood held 41%.

For the nine shared stock targets listed across all six platforms, first place in six core metrics belongs to four different platforms: bStocks takes first in market cap ($307 million) and number of holders; Coinbase takes first in 30-day trading volume ($794 million) and 30-day turnover rate (86x); Robinhood takes first in cumulative total trading volume ($3.1 billion); Backpack takes first in lifecycle turnover rate (182.43x).

A single target dominates the co-listed pool. SPCX accounts for 54.32% of all trading volume across the nine core tokenized US stocks and 55.06% of holder accounts. Within bStocks’ nine core tokenized US stock accounts, SPCX accounts for 66%; excluding SPCX, Robinhood’s core tokenized US stock account count would be 1.36x that of bStocks.

Turnover rates help identify primary trading venues. Over the past 30 days, the nine core tokenized US stocks showed Coinbase with an 86x turnover, Backpack 51x, and Robinhood 27x; xStocks, bStocks, and Ondo all scored below 3x. High-turnover platforms primarily trade on DEXs; much of xStocks' and bStocks' trading occurs off-chain on exchange order books and is not captured by on-chain data.

Public Chain Overview

Across the five tracked public chains, the total market cap of tokenized stocks reached $3.09 billion as of the week ending October 18, 2026, up 8x year-over-year, 2.81x in half a year, and 58.47% quarter-over-quarter. BNB Chain holds the highest share at 47.25% ($1.46 billion), 1.8x the scale of Ethereum ($810 million, 26.24%); Solana ranks third at $623.47 million (20.20%); Robinhood Chain, launched July 1, 2026, holds $150 million; Base stands at $44.66 million. This ranking is relatively recent: Ethereum led from September 2025 until BNB Chain overtook it during the week of July 26, 2026.

Steady growth in tokenized stock market cap across Base, Robinhood, Solana, Ethereum, and BNB Chain

Trading volume growth even outpaces market cap. From July 2025 to present, total DEX spot volume reached $74 billion, with 88.24% originating after June 2026. Monthly averages post-June 2026 hit $14.46 billion, an 18.28x increase compared to the July 2025–May 2026 average of $790.91 million. September 2026 alone saw $25.8 billion in volume, equivalent to 2.97x the entire preceding period. Chain-by-chain, cumulative volume is largely driven by bStocks on BNB Chain, which recorded $36.5 billion cumulatively (49.32% of all), followed by Robinhood Chain ($17 billion, 22.97%) and Solana ($15.2 billion, 20.54%).

Over the past quarter, trading leaders rotated across public chains. As of August 23, BNB Chain consistently accounted for 72%–89% of weekly volume, peaking at $5.79 billion the week of August 2. Subsequently, Robinhood Chain captured 69% of share the week of September 6, setting a single-week record of $7.7 billion. Starting late September, three chains alternated at the top: the week of September 27 saw Robinhood Chain and Solana tie at 33%; the following week, BNB Chain led with 34%; the week after, Solana led with 30%. Base’s market share rose from 2% in early September to 14%, largely due to overall downward volume pressure boosting its relative proportion. Although Ethereum ranks second in market cap, its on-chain DEX trading share never exceeded 3%, indicating that users primarily hold tokenized stocks long-term rather than trading them on-chain DEXs.

DEX Weekly Trading Volume by Public Chain

Holder data statistics heavily depend on definition methodology. As of October 21, the six issuers collectively reported 5.03 million holder accounts; this method counts each token held per wallet separately and includes sub-$1 dust accounts. Only 1.22 million accounts hold a value ≥$1; if each wallet is counted once per issuer, only 791,715 effective wallets remain. Raw totals overestimate actual holders (≥$1) by 6.35x.

Chain by chain, using strict criteria, Solana has the most holders: 446,161 accounts ≥$1 and 282,785 unique wallets; BNB Chain follows with 421,636 and 269,494; Robinhood Chain has 357,260 and 188,121. Robinhood Chain sees the sharpest drop after wallet deduplication, meaning wallets on this chain hold more tokens on average: 1.9 tokens ≥$1 per wallet vs. 1.56 for BNB Chain and 1.53 for Ethereum.

Comparison of holder accounts and unique wallets across chains, showing over 70% of wallets hold only a single stock token, indicating rare diversification across targets.

The vast majority of holders possess only one stock token type. Each chain sees over 70% of wallets holding just 1 token. Average single-token holdings: Robinhood Chain $303, Ethereum a staggering $23,534; however, the median position across all chains is only $3–$14. This shows Ethereum’s high average is skewed by a few whales, while retail positions are modest. Cross-issuer holdings within the same chain are low: Solana 11.6%, BNB Chain 7.9%, Ethereum just 1.7%.

Issuer Breakdown

By launch date, the six issuers split into two groups. Established players from 2025: xStocks and Ondo. Both natively support multi-chain DEX trading; xStocks spans over ten chains including Solana, Ethereum, and BNB Chain; Ondo Stocks is deployed on Solana, Ethereum, and BNB Chain.

The remaining four launched within a three-month window in 2026: Backpack on Solana and bStocks on BNB Chain both launched June 12; Robinhood on Robinhood Chain launched July 1; Coinbase on Base launched in August. These newcomers entered precisely as the June 2026 trading boom ignited.

Ondo boasts the largest product suite: expanding from 104 products in October 2025 to 458, 2.36x Robinhood’s 194. Ondo and Robinhood are the only two issuers not limited to single equities. Ondo’s offerings include 117 ETFs (bonds, commodities, crypto funds) plus 8 portfolios; Robinhood includes 12 ETFs, 5 commodities, and Treasuries. The other four focus almost exclusively on individual stocks.

Source: Birdeye Peak; Note: Snapshot as of October 21, 2026

At the market cap level, three platforms dominate. Cross-chain market caps for bStocks, Ondo, and xStocks all approach $1 billion, with bStocks slightly higher at $1.11 billion; Robinhood sits at $156 million; Backpack at $37 million, Coinbase at $34 million. bStocks launched June 12 and reached this scale in just over four months.

Growth trajectory of tokenized stock market caps across issuers like xStocks, Ondo, and bStocks; Ondo maintained the largest share long-term, driving steady overall growth.

Volume leadership rotates monthly. June 2026: xStocks led with $2.34 billion; July: bStocks hit $9.72 billion, August $10.51 billion; September: Robinhood set a single-issuer monthly record at $11.96 billion. October cooling primarily impacted these two; as of Oct 21, Robinhood’s daily average dropped 70.36% from September, bStocks down 43.53%; Backpack and Ondo remained flat vs September; Coinbase rose 30.35%.

Monthly trading volume share changes by issuer; early dominance by xStocks and Ondo gradually diversified as bStocks, Robinhood, Backpack, and Coinbase entered.

2026 newcomers saw rapid account growth. Under raw account stats, Robinhood (1.55M) and bStocks (1.48M) lead; bStocks had just 49k accounts three months prior. Next: xStocks (903k), Backpack (513k), Ondo (506k), Coinbase (74k).This raw stat includes sub-$1 balances and double-counts wallets holding multiple tokens.

Switching metrics: counting only ≥$1 positions and unique wallets per issuer reshuffles rankings. As of Oct 21, unique wallets: bStocks #1 at 217,216, xStocks #2 at 194,951, Robinhood #3 at 188,121. Robinhood still leads in "accounts ≥$1" but drops after deduplication due to higher avg tokens per wallet (1.9) vs bStocks (1.46). xStocks gains most after correction, rising to #2. Coinbase averages 1.85 tokens/wallet; Backpack lowest at 1.3.

Comparing total holder accounts (red) vs unique wallets (blue) across issuers; Robinhood has the highest raw account count, and cross-token holdings per wallet are common across all.

Launch Race Comparison

Aligning issuers by launch date reveals growth curves over equal operational periods. Day 30: Backpack ($1.52B) and Coinbase ($1.21B) led in cumulative on-chain volume; subsequently, bStocks and Robinhood pulled ahead, reaching $23.6B and $14.9B by Day 90, while Backpack slowed. By Day 90, bStocks' cumulative volume was 83.39x xStocks'. Coinbase, live for 58 days, already surpassed all non-bStocks peers.

Cumulative on-chain volume within 90 days post-launch; bStocks dominates, with Robinhood closely following.

Absolute volume is distorted by launch timing — these 2026 newcomers hit the June boom window. Adjusting for time: divide each issuer’s 7-day volume by the combined weekly volume of all six issuers at that point. xStocks held 100% pre-launch simply because no other metrics existed then. By Day 60, bStocks held 84% market share, Robinhood 41%. Based on current week’s total market size, this indicates they captured rivals' existing market share rather than just riding trend upside. Backpack shrank to 3% by Day 90; Coinbase grew from 7% (Day 30) to 14% (Day 58).

Share of 7-day trading volume within the total of six issuers at Day 30, 60, and 90 post-launch, reflecting dynamic market share shifts.

The race in account numbers primarily pits Robinhood against bStocks. Robinhood topped accounts by Day 9 and held first under raw stats thereafter. bStocks started slow (52,820 accounts by Day 45, behind xStocks/Coinbase), then accelerated: 4.66x growth between Days 60–90 vs Robinhood’s 1.9x. By Day 120, bStocks raw accounts hit 1.43M, 19.04x xStocks (75,302). Backpack grew 3.87x to 436,290 after 90 days, likely benefiting from product expansion. Note: these figures include dust accounts; Oct 21 data shows 76.89% of Robinhood’s and 78.53% of bStocks’ accounts hold <$1, meaning much growth comes from micro/negative balance addresses.</p>

Cumulative holder account growth since launch; Robinhood grew fastest and peaked highest, followed closely by bStocks.

Nine Core Tokenized US Stocks

Previous sections compared full product lists, but target pools vary wildly. For fair horizontal comparison, we unify the target set. Nine stocks are listed by all six issuers: AMD, LLY, MRNA, MRVL, MSTR, NFLX, SNDK, SPCX, TSLA. This chapter analyzes only these nine core targets, focusing on differences in issuance/trading models rather than list size.

Core9 total market cap: $721.1 million. bStocks #1 at $307M, xStocks #2 at $270M, Ondo #3 at $93.5M. Market cap concentrates heavily in three targets: SPCX, MSTR, TSLA, comprising 77.98% of Core9 total. Leaders differ by target: bStocks holds most SPCX; xStocks holds most MSTR/TSLA. bStocks' overall advantage relies heavily on SPCX and SNDK, which make up 63.98% of its Core9 cap.

Market cap of Core9 tokenized stocks by issuer (left) and single target (right); bStocks/xStocks lead overall, while SPCX/MSTR/TSLA dominate individually.

Volume rankings depend on time windows. Past 30 days Core9 volume: Coinbase $794M slightly edges Robinhood $743M; Lifecycle cumulative volume: Robinhood ~$3.1B leads, bStocks & Backpack ~$2.4B each. These three reached this scale in ~4 months; xStocks took 16 months for $1.97B. Most Core9 volume clusters in SPCX: 54.32% of total Core9 volume, 83.82% of bStocks', 77.69% of Backpack's. By individual stock, leadership splits: five of six issuers rank first in at least one target; xStocks leads TSLA and narrowly leads MSTR; Ondo leads MRVL, AMD, NFLX.

Cumulative trading volume of Core9; left by issuer (Robinhood highest), right by target (SPCX/TSLA far ahead).

Turnover rates indicate trading venues, consistent across short/long windows. Past 30 days Core9 turnover: Coinbase 86x, Backpack 51x, Robinhood 27x; xStocks, bStocks, Ondo all <3x. Lifecycle turnover: these three still lead, but Backpack rises to #1: Backpack 182.43x, Robinhood 110.93x, Coinbase 106.97x. The other three max out at 15.14x, despite xStocks running 16 months vs ~4 months for top three. High-turnover issuers trade mainly on-chain DEXs; xStocks/bStocks execute heavily off-chain on exchange orderbooks, excluded from DEX stats. Ondo is an outlier; not exchange-driven, yet 30-day turnover <1x. Thus, turnover indicates venue, not necessarily holder willingness to trade.</p>

Core9 turnover rates (cumulative vol / market cap); left by issuer (Backpack highest), right by target (LLY/MSTR/MRNA show massive variance across platforms).

Holders concentrate heavily in SPCX. Core9 total 1.13M accounts, 622,022 (55.06%) hold SPCX; SPCX also tops internal holdings across all six issuers. SPCX + TSLA cover 77.51% of Core9 accounts.

Rankings heavily rely on SPCX. bStocks ranks #1 in holders for SPCX, TSLA, MRNA; but SPCX alone makes up 66% of its Core9 accounts. Excluding SPCX, Robinhood’s Core9 account total is 1.36x bStocks’. Backpack relies more on SPCX (78.30%); xStocks holders cluster in SPCX+TSLA (84.42%). These stats include <$1 dust accounts. Switching to ≥$1 unique wallets: bStocks #1 at 71,866, Robinhood #2 at 60,606, xStocks #3 at 52,241. Coinbase shrinks most dramatically from raw 20,571 to 3,214 unique wallets.</p>

Core9 holder account distribution; SPCX significantly leads, followed by TSLA, AMD, others trailing.

Conclusion

Four months into 2026's launch wave, the tokenized stock track still lacks an absolute winner, primarily because the six issuers follow distinct competitive rules. Five can be grouped into two models:

Exchange-led model: xStocks, bStocks: Large asset pools, but most execution happens off-chain on exchange orderbooks;

On-chain-first model: Robinhood, Coinbase, Backpack: Smaller underlying custodial assets, but high turnover frequency on DEXs;

Ondo operates independently: Asset scales comparable to exchange-led players, but minimal on-chain execution; business focuses on bridging underlying real-world markets, handling minting and redemption.

This explains why the same Core9 stocks yield four different leaders across six metrics; who leads depends on whether you measure market cap, holder count, or volume.

Key data limitations: On-chain DEX data underestimates exchange-led issuers (heavy off-chain activity); raw account stats overestimate user bases before excluding dust accounts and deduplicating multi-token wallets.

An unresolved question: Will these two business models converge? If on-chain-first issuers can grow actual circulating supply instead of churning small token pools; and exchange-led issuers migrate more flow to DEXs, rankings will align. Otherwise, the tokenized stock market risks becoming "one ticker name governing two fragmented markets."

Newcomers will continue reshaping the landscape. Securitize has launched tokenized stocks on Solana, four of which belong to Core9, though user base remains small; Backpack’s recent addition of TSLA suggests the shared target pool may expand further.