Ondo hits $1B TVL as Binance grabs tokenized stock trading

Ondo Finance's tokenized-stock platform crossed $1 billion in total value locked as Binance captured a growing share of off-hours trading.

Ondo Finance's tokenized-stock platform reached $1.01 billion in total value locked, with cumulative trading volume hitting $27 billion since its September 2025 launch.

The figures, drawn from RWA.xyz and Ondo's own disclosures, show participation growing faster than capital held. Holder count doubled to 1.33 million in 30 days, while monthly transfer volume jumped 194 percent to $23.49 billion, RWA.xyz data shows.

Active addresses rose 41.6 percent to roughly 601,000, yet distributed value climbed only 4 percent to $2.33 billion — a gap pointing to rising turnover rather than equivalent growth in underlying holdings. Ondo Stocks accounts for the $1.01 billion TVL milestone, with $18 billion of cumulative volume traded on centralized exchanges including Binance, Gate, Bitget and MEXC.

The divergence separates asset-based leadership from trading-volume dominance. Binance traded 69 percent of combined tokenized-stock volume during U.S. exchange hours but 82 percent overnight, and 94.4 percent on weekends, per DeFiLlama research — a structural shift that pressures traditional exchanges as 24/7 trading gains ground.

Turnover signals deeper liquidity

Cumulative volume of $27 billion works out to roughly 26 times TVL, meaning each dollar of assets on the platform supports substantial secondary activity. Monthly transfers within the ecosystem rose 25.37 percent to $2.82 billion, while holder numbers surpassed 200,000, up 20 percent month over month, according to Ondo's Aug. 15 release.

Ondo Perps, the perpetual futures venue launched in July, cleared $8 billion in cumulative volume with more than $5 billion in the trailing 30 days and open interest peaking at $87 million. Daily volume climbed steadily rather than decaying after launch, with the strongest sessions — above $350 million — occurring in the most recent week.

Binance's off-hours edge

Over six weeks, 51 percent of tokenized-stock trading occurred outside regular U.S. market hours, DeFiLlama found. Binance's share of combined volume rose from 69 percent during exchange hours to 82 percent overnight and averaged 92.8 percent across roughly 350 weekend hours.

That concentration coincided with bStocks surpassing $500 million in assets under management and recording over $2 billion in a single weekend. Ondo still leads in absolute asset value, but Binance now holds the larger share of off-hours trading — a dynamic that could reshape how tokenized equities are priced and distributed as the market matures.

This article is for informational purposes only and does not constitute investment advice.