RWA.xyz’s Nov. 5 table placed Ondo Finance first among 203 platforms, listing $4.066 billion in RWA value excluding stablecoins and making the company the largest entry by that measure.
Securitize followed at $3.969 billion, about $97.1 million less based on the two displayed figures. Ondo’s entry included 484 assets and 568,129 holders; Securitize’s showed 50 assets and 1,493 holders. RWA.xyz separately displayed $39.73 billion in distributed asset value across tokenization platforms, a different metric from its leaderboard column.
In a corrected Nov. 5 release, Ondo said its platform represented roughly 10% of non-stablecoin tokenized value. The company also said sector market capitalization had grown from about $4 billion at the start of 2025 to more than $39 billion. RWA.xyz labels its platform field “RWA Total Value (Excl. Stablecoins),” while Ondo describes its market measure as market capitalization.
RWA.xyz’s category covers issuers that use blockchain systems to give investors ways to access and manage assets, either through personal wallets or custodians. Ondo attributed its growth to demand for products tied to Treasuries, equities and funds. The company said the value of its three Treasury offerings exceeded $3 billion combined, its tokenized U.S. stocks and ETFs passed $900 million, and its products were available on 10 blockchains.
The leaderboard compares platform values; ownership rights depend on each product’s terms. Ondo says its stock and ETF tokens provide economic exposure to referenced shares, funds and American depositary receipts, but give holders no claim to own or receive those securities. The company describes USDY as linked to short-term U.S. government debt, while saying the product is not a Treasury instrument and holders cannot claim delivery of Treasuries.
Ian De Bode, Ondo Finance’s acting CEO and president, called the ranking “a milestone for Ondo.” The company’s release says sales of its tokens to U.S. persons require registration or an applicable exemption, and that additional restrictions apply in other jurisdictions.
