Ondo Claims the Tokenisation Leadership on the Back of Securitize’s Shrinking Assets

Ondo Finance has overtaken Securitize to become the largest asset tokeniser by market value. In its November 5 announcement, Ondo reported more than $4 billion across 484 assets.

“Becoming the largest tokenisation platform in the world is a milestone for Ondo,” said Ian De Bode, its acting CEO and president.

But on-chain chronology tells a more cynical story: over the exact days Ondo claimed victory, its own platform assets barely budged, hovering flat at $4.04 billion.

Ondo Wins by Standing Still

On November 3, Ondo was already above $4 billion, trailing Securitize’s approximately $4.15 billion with $4.07 billion. Two days later, Ondo’s value was still around $4.07 billion, while Securitize had fallen to $3.97 billion.

By November 9, the gap had widened to roughly $226 million: Ondo held $4.04 billion against Securitize’s $3.81 billion in the ranking of tokenized asset value excluding stablecoins. The change came principally from the contraction on Securitize’s side.

A major contributor to the shift appeared to be BlackRock’s BUIDL. Its outstanding supply fell from approximately $2 billion on November 3 to $1.8 billion five days later, a decline larger than Securitize’s initial lead.

BUIDL - BlackRock USD Institutional Digital Liquidity Fund - is managed by BlackRock Financial Management. However it uses Securitise’s tokenisation infrastructure and thus influences the platform’s total value.

Redemptions therefore reduce the assets attributed to Securitize even though it does not manage the underlying portfolio. BUIDL’s service arrangements explain how investor withdrawals from a BlackRock fund affect a technology provider’s ranking.

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Capital Concentrated in One Product

According to RWA.xyz, Ondo’s product catalogue now counts 486 assets, which is nearly 10 times larger than 50 on Securitize. Still, both platforms have their own concentration issues.

Ondo’s yield-bearing token backed by short-term US Treasuries and bank deposits, accounts for approximately $2.39 billion, or 59% of its total. BUIDL represents about 47% of Securitize’s value.

RWA.xyz’s Treasury data therefore places substantial weight on one product at each platform. Concentration also extends to the investors behind those products.

OnChain Benchmark reported that Grove, a capital allocator in the Sky ecosystem, held 26.5% of BUIDL in August and had exited entirely by November 8. Its position accounted for roughly three-quarters of the fund’s net decline over that longer period.

Grove’s longer-term withdrawal illustrates the concentration behind the ranking, even though the available data does not identify who redeemed the final $200 million.

With USDY accounting for almost 60% of Ondo’s value and BUIDL for nearly half of Securitize’s, the leaderboard measures flows into a handful of Treasury-linked products more than demand across the hundreds of assets the platforms tokenise.