Ondo (ONDO)

$ONDO went from being “just another RWA token” to controlling almost half of the tokenized stock market.

Stocks, ETFs, 24/7 trading, real liquidity, shareholder rights, and SEC-aligned infrastructure are already live onchain.

This is probably one of the fastest growing areas in crypto right now.

#Tokenized stocks have reached a record $1.8 billion market cap.

@OndoFinance holds about 58% of on-chain value, while #xStocks leads in holders and trading volume with roughly 37% market share. @Binance’s bStocks has already captured 6% of the market just eight days after launch.

📖 Over the weekend I studied the company called Securitize.

Recently, it carried out a so‑called SPAC listing by acquiring an existing Nasdaq‑listed company.

Personally, I paid attention to this company because I thought it would be the most name‑valuable and accessible investment (as a stock) for people investing under the “RWA and tokenization” keyword.

The summary is as follows.

1️⃣ Misunderstanding

Currently, several securities apps such as Toss display Securitize's market cap at around $400M, and I tried to invest based on that, but the information was incorrect.

After reviewing multiple sources, the current market cap of this stock is $2B.

= Not low

2️⃣ Comparison

Nevertheless, compared with existing Web3 stocks such as Coinbase ($43B), Robinhood ($103.2B) and Circle ($17.2B), Securitize has the lowest market cap. As expected, its revenue and net profit are correspondingly smaller than those of its peers.

= Relatively small

2️⃣ Comparison 2

Compared with competitors, it sits in the mid‑range market cap. When compared with tokenized assets such as 온도, xStocks, and 센트리퓨지, 온도 ranks first in market cap, followed by Securitize.

The difference is that most are launched as crypto, whereas Securitize is a stock and holds the highest market share in its industry.

= Relatively larger

3️⃣ Customers and Products

Companies that use Securitize for tokenization include BlackRock, Apollo, Hampton Lane, VanEck, among other notable firms. They mainly tokenize bonds or money‑market funds, and it appears that individual stock tokenization done by competitors has not yet been implemented. I find this aspect a bit disappointing.

Also, companies such as Franklin Templeton that conduct tokenization directly rather than relying on distributors do not seem to hold an overwhelming monopoly.

4️⃣ Regulatory Friendliness

Continuing from the previous discussion, this model may actually make it the least regulatory‑focused among competitors. Since issuing individual stock tokens carries uncertain risks, Securitize appears to adopt a stance of not proceeding until certainty is achieved.

= Relatively conservative

5️⃣ SPAC Listing

There were concerns that it skipped an IPO and went straight to a SPAC. However, many well‑performing companies have successfully completed SPAC listings. The issues to consider are dilution from price appreciation and the typically high volatility in the early stages of SPAC listings.

= Relatively cautious

6️⃣ Tokenization, RWA

Personally, I see stablecoins and tokenization as the almost certain growth sectors driven by Web3 and blockchain. From this viewpoint, Securitize currently holds the highest market share in tokenization and provides a platform for lawful issuance, management, and distribution. Despite its low revenue and arguably inflated market cap, I view it positively.

✅ No further comments, concluding here

First, the reference price at the SPAC listing was $10, so the current price is not high compared to that.

However, considering that reaching $15 or $20 would dilute the shares, the position seems quite ambiguous; I'm still contemplating. Nevertheless, I intend to keep an eye on and study Securitize as a leading player in the keywords constantly shouted by industry giants, and because it trades at a lower market cap compared to other Web3 stocks.

*This is not an investment or buy‑sell recommendation; it is shared as personal research. It is not promotional content, but a personal opinion.