ONDO Finance holds 8% of RWA market share as tokenized assets hit $38B

The tokenized real-world asset market has quietly crossed a threshold that would have sounded ambitious just two years ago. According to analytics platform RWA.xyz, the total distributed value of tokenized RWAs reached $38.14 billion as of August 10, 2026, up nearly 1.7% from the prior month.

That number keeps climbing, and the firms leading the charge are becoming increasingly recognizable: Ondo Finance, Circle, Tether, Franklin Templeton, Paxos, Maple Finance, Justoken, and Tradable each hold between roughly 3.7% and 7.7% of the overall market.

The top of the leaderboard

Ondo Finance sits near the front of the pack with a total platform AUM of approximately $3.43 billion. Its USDY product alone accounts for $2.1 billion of that figure, making it one of the single largest tokenized yield products on the market.

Where Ondo really stands out is in tokenized equities. The firm commands somewhere between 58% and 70% of that specific segment.

Circle is not far behind. Its USYC tokenized Treasury product has accumulated nearly $3 billion in AUM, putting it among the largest single funds in the entire tokenized asset space.

Franklin Templeton’s BENJI tokenized money market fund has recorded more than $211 million in cumulative peer-to-peer transfer volume across multiple blockchain networks.

Why the market is bigger than it looks

The $38.14 billion figure covers distributed tokenized RWAs, a category that includes Treasuries, credit instruments, commodities, and stocks. It does not include stablecoins, which add another roughly $296 billion to the broader tokenized asset picture if you count them as a form of tokenized cash.

Tokenized stocks have crossed $1 billion in distributed value, a milestone that matters because equities were considered one of the harder asset classes to bring on-chain. The regulatory and custodial complexity around stocks is considerably higher than for money market funds or Treasury bills.

What this means for the competitive landscape

The market share figures tell an interesting story about who is winning and why. Ondo and Circle are crypto-native or crypto-adjacent firms that built products specifically for on-chain distribution. Franklin Templeton and Paxos represent traditional finance and regulated infrastructure, respectively.

Ondo’s dominance in tokenized equities, for instance, means that investors in that segment are significantly dependent on a single platform’s operational and regulatory resilience.