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, reaching $4.04 billion as Securitize's assets declined to $3.81 billion.
Ondo Finance has overtaken Securitize to become the largest asset tokeniser by market value, reaching $4.04 billion as Securitize's assets declined to $3.81 billion. The shift came primarily from the contraction on Securitize's side, particularly BlackRock's BUIDL token, which saw its outstanding supply fall by approximately $200 million.
According to data from RWA.xyz, Ondo reported more than $4 billion across 484 assets in its November 5 announcement. The company celebrated this milestone, with Ian De Bode, its acting CEO and president, stating: "Becoming the largest tokenisation platform in the world is a milestone for Ondo."
However, on-chain data reveals that Ondo's platform assets barely changed during this period, hovering flat at around $4.04 billion. The ranking shift was driven almost entirely by Securitize's decline, which fell from approximately $4.15 billion on November 3 to $3.97 billion two days later.
BlackRock's Impact
A major contributor to the ranking shift was BlackRock's BUIDL token, which uses Securitize's tokenisation infrastructure. Its outstanding supply fell from approximately $2 billion on November 3 to $1.8 billion by November 8, a decline larger than Securitize's initial lead over Ondo.
BUIDL - BlackRock USD Institutional Digital Liquidity Fund - is managed by BlackRock Financial Management but uses Securitize's technology platform. This means that investor redemptions from the BlackRock fund reduce the assets attributed to Securitize, even though the technology provider doesn't manage the underlying portfolio.
Product Concentration
Despite having nearly 10 times more assets than Securitize (486 compared to 50), both platforms face 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 value.
The leaderboard measures flows into a handful of Treasury-linked products more than demand across the hundreds of assets the platforms tokenise.
Similarly, BUIDL represents about 47% of Securitize's total value. This concentration extends to the investors behind these products, with Grove, a capital allocator in the Sky ecosystem, having held 26.5% of BUIDL in August before exiting entirely by November 8.
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