Reviewed by Reviewed by Saman Waris Updated 10:00 EDT October 4, 2026 Share Share Share Back to Top Ondo’s tokenized asset growth is shifting from a single-network model toward a broader distribution of liquidity
Although Ethereum [ETH] remains at the core of the platform with a value of $2.1 billion, this represents only 52.37% of the total and therefore implies that concentration is easing
The most notable example is Solana [SOL]. Tokenized assets have now surpassed $456.7 million on Solana, an increase of 60.32%, or approximately $147 million, over the past 30 days. Meanwhile, BNB Chain has increased to $429.7 million, representing an increase of 19.15%
This increase in tokenized assets increases the number of ways that Ondo can distribute its tokenized product offerings to other users. Also, there are currently 521,028 token holders transferring $2.38 billion per month
This indicates that these assets are being transferred into circulation as opposed to simply being created
As adoption grows, the current $3.89 billion asset base of Ondo will be distributed among many networks and no longer rely solely on Ethereum
Tokenized equities are moving beyond simple ownership as users begin putting them to work in on-chain credit markets. Solana is at the forefront of this evolution, as over $20.7 million worth of tokenized stock is being utilized as collateral via Kamino
As such, it appears many of these users are seeking to utilize liquidity locked up by their equity holdings but avoid liquidating their equity exposure. On the other hand, Ethereum has $5.8 million in tokenized stocks serving as lending collateral through Euler and Morpho
Meanwhile, Robin Hood Chain has produced just under $2 million in additional supply also via Morpho
The large disparity illustrates that lending is still in its infancy and unevenly distributed among various networks. However, the fact that this functionality exists represents a significant expansion of tokenization
Additionally, if adoption of lending grows, then tokenized equities will likely be given greater utility, which will drive even greater demand for on-chain collateral
Tokenized equities now face a test of whether lending protocols can manage their risks without limiting adoption. On Aave [AAVE] V4’s Equities Hub, collateral factors range from 65% to 79%, forcing borrowers to maintain buffers before liquidation
However, these constraints create a measurable path for growth. Rising collateral deposits and USD Coin [USDC] borrowing would show stronger credit demand
Meanwhile, limited liquidations would indicate that risk controls remain effective as activity expands across tokenized stocks
Muriuki Lazaro is a on-chain data analyst with a B.Sc. in Data Science. Muriuki specializes in dissecting complex on-chain data into clear and accurate insights for readers in the crypto ecosystem, with a particular focus on Bitcoin
