Everyone assumes @Ondo owns tokenized stocks. But today, it's a lot more competitive than you think. Total value of tokenized stocks grew from $290M to $1.9B during the 2025/26 period, but the bigger change is how much more competitive the market became. Here's how it fragmented ↓ 1. Platforms In January 2025, @Securitize made up 94.6% of the market. Today, its share is down to 13%. Current leaders: • @Ondo: 45.5% • @xStocksFi: 25.9% 2. Networks At the start of 2025, nearly all tokenized stock value sat on @Algorand. Right now: • Ethereum: 35.9% • Solana: 18.7% • BNB Chain: 16.3% Tokenized stocks are no longer tied to one network. 3. Holders From 2025 to 2026, wallets holding tokenized stocks grew from 57K to 752K. Robinhood now accounts for 44% of holders but only 2.3% of total value, while Ondo has fewer holders and much more capital per wallet. The leaders are different depending on what you measure: @RobinhoodApp wins distribution. @Ondo wins capital. @xStocksFi wins activity. Tbh, I find this much healthier than one platform and one chain owning almost the entire category. It signals a maturing market.