Tokenized Stocks Hit $2.3B Record High
Tokenized stocks reached a record $2.3 billion in market capitalization on July 16, as a wave of infrastructure deals and exchange product launches accelerated institutional adoption of onchain equities. The milestone arrived on a single day dense with announcements: a $135 million raise by Alpaca, an SBI-Ondo partnership targeting Japanese markets, a Cantor-Securitize collaboration on onchain IPOs, and Bitget’s rollout of a unified margin account spanning 100 tokenized US stocks. This is not a single story; it is a sector reaching critical mass simultaneously across multiple fronts.
Alpaca and Ondo Anchor the Infrastructure Layer
Brokerage infrastructure provider Alpaca closed a $135 million funding round led by Peak XV, supplemented by up to $300 million in debt financing from Kraken parent Payward and BMO. The raise follows a January Series D that valued Alpaca at $1.15 billion, with BNP Paribas venture capital among earlier backers. Alpaca already clears or holds in custody roughly 94% of tokenized US equities and currently holds over $1.5 billion in underlying stocks, giving it a structural position that most competitors cannot replicate quickly. The funds will go toward agent-first brokerage and API-first prime brokerage infrastructure, per the company’s statement.
Ondo Finance’s day was equally consequential. The protocol launched the first tokenized stocks backed by DTC Tokenized Entitlements, connecting onchain tokens directly to shares held inside DTCC’s core custody system. The initial instruments cover Circle stock (CRCLon) and the SPDR S&P 500 ETF (SPYon). Ondo reaches DTC through Alpaca Markets, keeping underlying shares inside DTC custody throughout. The ONDO token climbed 17% on the day to an intraday high of $0.37, its strongest level since June 18, placing it atop CoinGecko’s daily gainers list against a largely flat broader market.
SBI Group then announced a strategic alliance with Ondo to tokenize Japanese equities, with SBI’s yen-backed JPYSC stablecoin handling settlement and collateral functions. Ondo Global Markets will create the instruments; SBI will distribute them through its banking, securities, and asset management channels. “We’re excited to announce a partnership with SBI Group, one of Japan’s leading financial institutions,” Ondo CEO Ian De Bode stated publicly. No deployment timeline or initial asset list has been disclosed, and the regulatory framework governing the products remains unspecified.
Bitcoin BTC$63,921.00▲0.92%
Ethereum ETH$1,843.37▼0.06%
Tether USDT$0.9993▲0.01%
BNB BNB$566.83▼0.68%
USDC USDC$0.9999▼0.01%
XRP XRP$1.09▼0.23%
Solana SOL$75.06▼0.17%
TRON TRX$0.3220▲0.02%
Figure Heloc FIGR_HELOC$1.03▲0.65%
Hyperliquid HYPE$59.27▼1.05%Exchanges Compete for Onchain Equity Distribution
On the distribution side, Bitget launched a Cross-Asset Unified Account merging cryptocurrency holdings with 100 tokenized US equities, including rAAPL, rTSLA, rNVDA, and rMSTR, under a single margin pool covering more than 370 assets. The underlying Reality infrastructure crossed $100 million in managed assets within its first month, with cumulative transaction volume exceeding $671 million, figures that Bitget disclosed without independent verification. Meanwhile, Cantor and Securitize announced a collaboration to bring IPOs and follow-on offerings onchain, extending the tokenization thesis from secondary equities into primary issuance.
Ethereum held the largest share of tokenized stock market cap at 34%, followed by BNB Chain at 30% and Solana at 23%, according to Token Terminal data. Ondo remained the largest single issuer at $955 million, with Kraken’s xStocks at $507 million and Binance’s bStocks at $334 million. The numbers confirm what the infrastructure buildout already implied: this market is no longer a pilot program. The firms competing to capture onchain capital flows understand that the window for establishing durable infrastructure positions is open now, and not indefinitely.
