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 le...