xStocks vs. Ondo: Tokenized Asset Listings by Exchange

Key Highlights

• Backed Finance’s xStocks and Ondo’s Global Markets are leading contenders in the tokenized stock arena.

• xStocks has a broader exchange presence, enhancing its potential for retail uptake.

• Ondo is crafted to ensure enhanced liquidity in its offerings.

In the burgeoning landscape of tokenized stock platforms, Backed Finance’s xStocks and Ondo’s Global Markets have emerged at the forefront.

With both platforms vying for a share in this rapidly evolving market, it is evident that listings on crypto exchanges are pivotal in driving user adoption and engagement.

Both xStocks and Ondo Global Markets made their debut in 2025 and share several foundational features. Both services provide tokenized versions of U.S. stocks and exchange-traded funds (ETFs), each fully backed one-for-one by the actual assets, securely held by specialized custodians.

Despite their similarities, critical distinctions exist between the two platforms. Currently, Ondo Global Markets operates solely on the Ethereum blockchain, but plans are in motion to integrate with additional chains in the future. In contrast, xStocks, having launched several months earlier, already supports transactions over Ethereum, BNB Chain, Solana, and TRON.

When it comes to the available investment options, Ondo introduced a more extensive selection with over 100 stocks and ETFs at its initiation, with ambitions to reach more than 1,000 assets by the conclusion of 2025. Backed Finance, however, initially offers a more limited selection of approximately 60 tokenized equities.

The operational frameworks also diverge; xStocks engages with EU custodians under a Swiss regulatory model, while Ondo leverages assets held by U.S.-registered entities.

Both platforms utilize standard token issuance protocols, and their tokenized stocks have been successfully listed across key cryptocurrency exchanges.

Yet, xStocks appears to lead in terms of exposure, with a higher number of exchange listings attracting a more extensive potential investor audience. Since its launch in June, xStocks has made its works available through seven different exchanges; in contrast, Ondo Global Markets is only currently supported by four exchanges.

While xStocks has enjoyed a three-month head start along with broader exchange listings, it surprisingly lags Ondo Global Markets in terms of Total Value Locked (TVL).