Ondo’s tokenized asset business is no longer tied so tightly to one chain. Ethereum still holds the largest share, with about $2.1 billion in Ondo-related assets. But that is only 52.37% of the total. Not long ago, that kind of dominance would have looked normal. Now it signals that liquidity is spreading.
Solana and BNB Chain gain ground
Solana has become the clearest beneficiary of that shift. Tokenized assets on Solana passed $456.7 million, up 60.32% in 30 days. That is roughly $147 million in new value. BNB Chain also grew, reaching $429.7 million, a 19.15% increase. The numbers suggest users and issuers are looking beyond Ethereum for distribution, settlement, or yield.
Ondo’s total asset base sits near $3.89 billion. There are 521,028 token holders, and about $2.38 billion moves each month. That monthly transfer figure matters. It hints that these assets are not just being minted and left idle. They are circulating. They are being used.
Tokenized equities move into lending
The more interesting development may be in tokenized equities. These assets are starting to act as collateral in on-chain credit markets. Solana leads here too. More than $20.7 million in tokenized stock is being used as collateral through Kamino.
That activity points to a specific need. Some holders want liquidity without selling their equity exposure. They are borrowing against tokenized stocks instead. Ethereum has about $5.8 million in tokenized stocks used as lending collateral through Euler and Morpho. Robinhood Chain has added just under $2 million, also through Morpho.
The gap between Solana and other networks is wide. That could mean Solana is simply earlier to this use case. Or it could reflect different user bases and protocol incentives. Either way, lending is still small compared with the broader tokenized asset market. It is uneven. But it exists.
Risk controls will shape the next phase
Tokenized equities now face a practical test. Can lending markets manage risk without making borrowing too expensive or too limited? On Aave V4’s Equities Hub, collateral factors range from 65% to 79%. Borrowers have to keep buffers before liquidation. That may slow some activity, but it also creates a clearer risk model.
If collateral deposits and USDC borrowing rise, credit demand is probably growing. If liquidations stay low while activity expands, risk controls are likely working. That is not guaranteed, of course. Tokenized stocks are still new in credit markets, and conditions can change fast.
For Ondo, the bigger story is distribution. Ethereum remains important. But the platform is becoming less dependent on one network. Solana is leading the recent push. BNB Chain is growing. If that trend continues, Ondo’s liquidity will be judged across chains, not just on Ethereum.
