Ondo Says It Is Now the Largest Tokenization Platform as Securitize’s Assets Slip

Ondo Finance said on November 5 that it has become the largest tokenization platform by tracked real-world asset value, ranking first among 203 platforms on RWA.xyz. In a press release, the company put its tokenized assets at more than $4 billion, about 10% of non-stablecoin tokenized value, spread across 484 assets and more than 565,000 holders. “Becoming the largest tokenization platform in the world is a milestone for Ondo,” said Acting CEO and President Ian De Bode. This is a self-reported, competitive claim, and the release does not date its RWA.xyz snapshot.

Finance Magnates, which analysed RWA.xyz and Onchain Benchmark data, argued that the change in rankings owed more to Securitize shrinking than to Ondo growing. Its figures show Securitize at roughly $4.15 billion on November 3, against about $4.07 billion for Ondo. By November 9 Securitize had fallen to about $3.81 billion while Ondo stood near $4.04 billion, a gap of roughly $226 million.

The article attributed much of the decline to BlackRock’s BUIDL fund, whose supply fell from about $2 billion to $1.8 billion in five days. It reported that Grove, which held 26.5% of BUIDL in August, had fully exited by November 8, and that the data does not show who redeemed the final roughly $200 million.

Rankings of this kind depend on how each data provider counts assets and when it takes a snapshot, so the lead could change quickly. Neither company’s figures were independently verified.

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Sources:

• Ondo Finance press release (via FinanzWire): Ondo Finance Becomes World’s Largest Tokenization Platform

• Finance Magnates: Ondo Claims the Tokenisation Leadership on the Back of Securitize’s Shrinking Assets