- Ondo now accounts for most RWA issuer holders, reflecting growing interest in tokenized assets.
- ONDO holders surged from under 20,000 to nearly 200,000 as RWA adoption accelerated.
- Institutional demand and blockchain competition are driving the next phase of tokenization.
Ondo Finance has emerged as one of the largest issuers of tokenized real-world assets, according to recent industry data, as investor interest in bringing traditional financial products onto blockchain networks continues to grow.
Data shared by STABL Agency co-founder Niels on X showed Ondo accounted for 70.9% of the RWA issuer market by share. The platform also reported nearly 200,000 token holders, $3.6 billion in total value locked and more than $10 billion in asset swap volume.
These numbers show the significance of Ondo among the users who are trying to tokenize traditional financial instruments like bonds. According to data from Token Terminal, there are currently around 195,800 holders of Ondo, representing part of 276,100 total holders in the entire ecosystem of RWA issuers.
Source: X
Ondo Captures a Growing Share of RWA Adoption
Ondo’s user base remained relatively small through 2022 and most of 2023 before beginning to expand rapidly in 2024 as interest in tokenized real-world assets increased. Data shows the number of ONDO holders grew from fewer than 20,000 to nearly 200,000 over that period.
The growth coincided with wider momentum across the real-world asset sector, where blockchain-based versions of traditional financial products such as bonds and investment funds have attracted more attention from both crypto participants and institutional investors.
As a result, Ondo now accounts for a meaningful share of users within the RWA issuer market, highlighting its growing role in a sector that continues to draw capital and participation.
Related: DBS Bank Launches Tokenized Physical Gold For Retail Customers
Institutions Drive the Next Phase of Tokenization
The interest in tokenized assets extends to other protocols. According to Web3 Princess, the number of RWA asset holders was recently at 896,784, showing an increase of 15.5% within 30 days. She further mentioned Ondo Perps, where eligible non-US users could engage in tokenized stocks and ETF trading on-chain.
Apart from Ondo, there have been other popular RWA-focused projects. Crypto analyst 2xnmore listed ONDO, LINK, OM, MKR, and CFG among the most talked about projects in crypto communities for tokenization projects.
On the other hand, Emperor Osmo mentioned increased competition among blockchain networks. As per him, Stellar has added $810M in tokenized assets, followed by Base, Avalanche and Aptos. He further said that institutional tokenization infrastructure leads to long-term commitment due to high switching costs.
Source: X
The broader market trend supports those observations. Binance Research reported that the total value of tokenized assets had increased by around 589%, reaching almost $31.8 billion since early 2025. The most increase came from bonds and money market instruments, but public equity showed the highest growth rate.
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