Tokenized Stocks Lead in Holders as Treasuries Hold More Value

Tokenized stocks had more reported holders than tokenized Treasury products on Oct. 27, while Treasury tokens carried higher distributed value, showing how the two market categories differ in scale and use.

The Treasury category showed $14.63 billion in distributed value across 119 assets and 84,225 holders. Tokenized stocks showed $3.61 billion in distributed value, 4.50 million holders and $10.02 billion in monthly transfer volume. The figures reflect the Oct. 27 snapshot.

Distributed value measures assets in the distributed category: tokens able to move outside the issuing platform and between wallets, subject to eligibility or whitelist controls. Assets classified as represented are restricted to their issuing platforms and cannot move between wallets. Those transfer conditions do not determine whether every token gives holders the same rights.

The stock holder count does not establish how many distinct people hold the tokens. A single Oct. 27 snapshot also cannot show whether the reported counts grew or fell over time. A higher holder tally alone does not establish broader ownership by individuals.

Treasuries ranked higher in distributed value in the snapshot, while stocks had the larger reported holder count and a monthly transfer measure. Distributed value gives a dollar measure for a category, holder figures count reported holders, and monthly transfer volume measures activity across a month. These measures describe different things and should be considered separately. The transfer figure applies to tokenized stocks; the Treasury figures cover distributed value, asset count and holders.

The totals do not mean holders directly own the assets referenced by each token. BlackRock’s BUIDL is a fund share available to qualified investors. The fund invests in cash, U.S. Treasury bills and repurchase agreements, and transfers are limited to other pre-approved investors.

Ondo’s tokenized stock and exchange-traded fund products provide economic exposure to referenced shares or funds but do not give holders rights to those underlying assets. Product terms determine access, transfer limits and what rights a holder receives.

The comparison extends earlier coverage of RWA holder growth with a side-by-side view of stock and Treasury categories.