Tokenized Equities Hit $3.8B This Year, DWF Labs Says

The headline number matters less than the composition shift underneath it. Ondo's issuer share dropping from 56% to 26% while overall tokenized equity value grew suggests the market is broadening rather than consolidating around a single issuer, which is the more durable signal for the sector. The 55x rise in weekly DEX spot volume is the piece worth watching: if that activity reflects genuine secondary demand rather than incentive-driven churn, tokenized equities are transitioning from a distribution product into an actual trading market. Whether issuer concentration keeps falling is the open question.