Tokenized Equities

bStocks reached second place in four months by wiring Binance order flow straight into BNB Chain — NVDAB sees 29 times Ondo transfer count over 30 days. But the highest turnover in the category is not proof of liquidity quality: SPCXB turns over 90% a day and SNDKB fell 20% in a week. The tightest spread in the set sits on the most lopsided book.

Coinbase holds about $7.5M of tokenized stocks, among the smallest in the top ten. It is also the only issuer whose tokens trade on Uniswap and Aerodrome, work as Aave collateral and can be borrowed against on Morpho — and "can sit in a pool, can serve as collateral" is the only differentiation tokenized equities have over a brokerage account. On that axis $7.5M says more than Ondo $984M. It also deployed 13 contracts with supply in four, the cleanest example of deployments not equalling live instruments.

Dinari runs the opposite route to the offshore wrappers: US jurisdiction, a qualified custodian, direct securities, 724 instruments covering the entire S&P 500, and the only issuer open to US persons — accredited investors only. The cost is that it is small enough to appear on no size table at all. After the SEC Innovation Exemption that ceiling may lift. This is a structural piece, and it marks the data I do not have.

Backpack holds $31M and PreStocks $20M — together under 1.5% of the market, with almost nothing verifiable about either. But placing Backpack beside bStocks, Robinhood and Coinbase shows the same experiment run four times, and the ranking inverts the intuition: Coinbase has the largest user base and the smallest book. What decides the outcome is not users but reachable users.

Ondo still leads on on-chain value, but its share fell from 58% to roughly a third — the market doubled while it stood still. The sharper signal is turnover: on the same Circle exposure, CRCLON turns over under 1% a day while the bStocks and xStocks versions run 27–29%. Its balance is custody, not circulation.

Securitize is a US transfer agent, so holders keep full dividends and voting — a capability that comes from its legal identity, not from product design. The cost is three instruments, $278.3M, permissionless set to no and DeFi out of reach. The most common misreading is comparing its $3.88B TVL to Ondo on "stock TVL": almost all of that figure is funds like BUIDL, not equities.

Superstate holds $52.9M and ranks sixth, yet it is the only issuer in the category with full public fee disclosure: $95.9k of daily fees, $6.5k a day to the protocol, roughly $2.4M annualised. Extrapolating from that to the whole category produces an uncomfortable conclusion — issuing may not sustain anyone valuation. The exchanges are the ones making money.

xStocks wraps US equities as bearer debt certificates issued by a Jersey SPV: holders get economic exposure, not voting rights. Its real advantage is distribution rather than size — Kraken owns both issuance and trading, and its Solana DEX depth runs hundreds of times deeper than its nearest rival. Third by assets, healthiest by turnover.