2026 Onchain RWA MidYear Report: The market v...｜RWA, tokenized stocks

The tokenized stock market experienced significant growth, with distributed value rising from 951 million dollars in March 2026 to 1.89 billion dollars by July 2026. Despite this near-doubling, the market remains highly concentrated, with Ondo, xStocks, and Securitize accounting for 85.1% of the total distributed value. The sector faces a fundamental trade-off between products with strong legal foundations and those with high liquidity or accessibility. Regulated infrastructure, such as Nasdaq’s CUSIP settlement model and DTC integration, prioritizes legal certainty and controlled custody over unrestricted portability. Conversely, offshore products like those from Ondo have expanded across Ethereum, BNB Chain, and Solana to enhance composability and decentralized routing. Total RWA market data, including represented assets, reached 218.27 billion dollars, though these figures require cautious interpretation due to frequent reclassifications and revaluations. Ultimately, the market functions as a fragmented Layer 2.5 system where no single product currently achieves standard ownership, widespread distribution, institutional liquidity, and independent price discovery simultaneously. This analysis highlights that reported growth figures often conflate new issuances with price fluctuations and methodology adjustments.