xStocks vs. Ondo: Tokenized Stock Listings by Exchange

Key Takeaways

• Backed Finance’s xStocks and Ondo’s Global Markets vie successful the emerging tokenized stocks sector.

• With much speech listings, xStocks has greater imaginable for retail adoption.

• However, Ondo’s offering is designed for deeper liquidity.

Among a harvest of tokenized banal platforms that connection equity vulnerability with crypto-style access, Backed Finance’s xStocks and Ondo’s offering person emerged arsenic frontrunners.

With some products competing for users successful a rapidly expanding market, crypto speech listings are captious drivers of adoption.

Both launched successful 2025, xStocks and Ondo person overmuch successful common.

Tokenized U.S. stocks and exchange-traded funds (ETFs) are backed one-for-one by the underlying equities, which are held by specially segregated, unafraid custodians.

However, determination are immoderate subtle but important differences.

Ondo presently runs connected Ethereum and BNB, with enactment for Solana, and a caller proprietary blockchain is planned for the future.

Meanwhile, xStocks, which has a headstart of respective months, is unrecorded connected Ethereum and Solana, with BNB Chain and TRON integrations successful the works.

In presumption of investments connected offer, Ondo debuted implicit 100 stocks and ETFs astatine launch, and is targeting much than 1,000 assets by the extremity of 2025.

Backed Finance offers a smaller array of astir 60 tokenized equities.

The 2 issuers besides usage antithetic ineligible structures. While xStocks relies connected EU custodians nether a Swiss regulatory framework, Ondo entrusts the underlying assets to U.S.-registered entities.

Issued utilizing communal token standards, tokenized stocks from xStocks and Ondo person been listed connected large crypto exchanges.

Ondo tokens are listed connected 4 centralized crypto exchanges (CEXs), arsenic good arsenic the company’s proprietary “Global Markets” platform. Meanwhile, seven  CEXs person listed xStocks tokenized equities.

Decentralized exchanges person besides entered the fray.

At the clip of writing, 37 xStocks tokens were unrecorded connected Jupiter. They are besides supported by Raydium and Kamino, though determination is presently zero trading volume. Meanwhile, Ondo has taken the pb connected the BNB Chain, wherever its tokenized stocks were launched connected PancakeSwap successful October. (The DEX besides supports xStocks products successful theory, but not successful practice.)

Finally, tokens from some issuers person been listed connected regulated integer securities exchanges, including Assetera, INX, and BX Digital.

Despite having a three-month caput commencement and much speech exposure, xStocks has fallen down Ondo Global Markets’ Total Value Locked (TVL).