Key Takeaways
- Backed Finance’s xStocks and Ondo’s Global Markets compete in the emerging tokenized stocks sector.
- With more exchange listings, xStocks has greater potential for retail adoption.
- However, Ondo’s offering is designed for deeper liquidity.
Among a crop of new tokenized stock platforms, Backed Finance’s xStocks and Ondo’s Global Markets have emerged as frontrunners.
With both products competing for users in a rapidly expanding market, crypto exchange listings are critical drivers of adoption.
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Comparing xStocks and Ondo Global Markets
Both launched in 2025, xStocks and Ondo Global Markets have much in 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, secure custodians.
However, there are some subtle but important differences.
Ondo Global Markets currently only runs on Ethereum, but the firm plans to introduce support for other chains going forward. Meanwhile, xStocks, which has a headstart of several months, is already live on Ethereum, BNB Chain, Solana, and TRON.
In terms of investments on offer, Ondo debuted over 100 stocks and ETFs at launch, and is targeting more than 1,000 assets by the end of 2025. Backed Finance offers a smaller array of around 60 tokenized equities.
The two issuers also use different legal structures. While xStocks relies on EU custodians under a Swiss regulatory framework, Ondo entrusts the underlying assets to U.S.-registered entities.
Ondo Leads in Exchange Partnerships
Issued using common token standards, tokenized stocks from xStocks and Ondo Global Markets have been listed on major crypto exchanges.
So far however, xStocks has taken the lead, with more exchange listings exposing the platform to a larger potential investor base.
Since the platform launched in June, seven crypto exchanges have listed xStocks tokenized equities. Ondo’s rival product is only supported by four exchanges.
Ondo Global Markets vs. xStock: Crypto Exchange Listings
| Exchange | Ondo Global Markets | xStocks |
|---|---|---|
| Bitget Onchain | ? | ? |
| Bybit | ? | ? |
| Gate.io | ? | ? |
| Kraken | ? | ? |
| KuCoin | ? | ? |
| LBank | ? | ? |
| MEXC | ? | ? |
Total Value Locked on Tokenized Stock Platforms
Despite having a three-month head start and more exchange exposure, xStocks has fallen behind Ondo Global Markets’ Total Value Locked (TVL).
Less than a month since its launch, Ondo’s tokenized stock platform has amassed a TVL of nearly $260 million, while xStocks’ TVL remains around $60 million.
The discrepancy reflects the different types of users each company caters to.
Backed Finance has mostly targeted the retail market, aggressively pursuing exchange listings to get its product in front of crypto investors.
In contrast, Ondo is able to tap into an existing user base of institutional investors, which it cultivated over years as one of the world’s leading tokenized treasury firms.
Speaking to CCN, Ondo Finance CSO, Ian De Bode, explained that the firm’s efficient minting and redemption mechanism was designed to ensure deep liquidity and low slippage on the secondary market.
By making the process as frictionless as possible, he said, Ondo ensures arbitrageurs can easily step in to keep exchange prices in-line.
In contrast, xStocks initial rollout was plagued by liquidity challenges. In some cases, tokens were observed trading on exchanges at a double digit premium compared to the underlying assets.
If anything, xStocks’ numerous exchange listings exacerbate the problem, spreading liquidity across multiple venues, leading to wide spreads and reduced arbitrage efficiency.
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