RWA & DeFi
BlockInsider Take on RWA This Week: Strategy Outperforms Itself
Tokenized stocks are reshuffling the RWA leaderboard, with bStocks taking the lead and one small token delivering a striking rally.
BLOCKINSIDERLoadingTokenized stocks are reshuffling the RWA leaderboard, with bStocks taking the lead and one small token delivering a striking rally.
Tokenized stocks held their ground this week even as broader crypto markets stalled, reshuffling rankings across platforms and underlying assets. RWA data shows that as of October 14, bStocks are overtaking Ondo as the largest tokenized stock platform.
Circle and Strategy also climbed the leaderboard of underlying stocks. Meanwhile, BNB Chain widened its lead in RWA holders, and one small token surged 237%.
Together, these moves show where real-world asset demand is flowing.
Despite a lukewarm market this past week, RWAs continued to grow in value. That growth triggered a major reshuffle in platform rankings. bStocks climbed to first place with $982.8 million in tokenized value, a rise of roughly $200 million.
That lifted it past Ondo, which slipped to second.
Ondo ended up in second place after a decline of just $1 million. It now stands at $914.1 million. This goes to show that demand is not dying, it is simply shifting.
Both platforms issue tokenized versions of US-listed equities. Investors can hold these assets onchain around the clock, without a traditional brokerage account. Changes at the top therefore signal where onchain demand is now heading.
xStocks follows in third at $594.6 million, ahead of Securitize at $357.2 million. Reality, Robinhood and Figure trail further behind. The top two platforms alone hold nearly $1.9 billion, close to 60% of the total.
Underlying stocks witnessed a similar shake-up. Circle took the top spot this week at $330.1 million, outperforming Securitize at $290.6 million. The difference between the two is roughly $40 million.
Strategy was an interesting standout. Its Class A shares outperformed the Strategy PP Variable product, becoming the third most valuable underlying stock at $220.3 million. The variable product sits just behind at $210.9 million. Strategy's two listings show sustained investor appetite for bitcoin-linked equity exposure onchain.
The gap between the two Strategy listings is only about $9 million. Combined, they hold $431.2 million in tokenized value, which is above Circle's $330.1 million.
Space Exploration Technologies follows at $165.7 million, then the SPDR S&P 500 ETF Trust at $139.5 million. NVIDIA and Micron round out the leaders at $122.4 million and $100.9 million. Crypto-linked names hold the top four spots.
While Ethereum leads by market cap, BNB Chain continues to overshadow it in asset holders. BNB Chain counts 2.1 million holders against Ethereum's 344,300.
Robinhood Chain and Solana each count 1.5 million holders, while Base has 358,700. All three outperformed Ethereum. Total RWA holders reached 6.2 million, up 20.4% since mid-September.
Holder counts measure unique addresses with a non-zero balance. They track adoption breadth rather than total value. Retail-friendly ecosystems likely drive this growth, as lower fees and easy onboarding favor chains with large user bases.
However, despite weak broader market conditions, Share managed to post a 237% rally over the last seven days. The token reached $2.43 at the time of writing, up from $0.72 a week ago. Such a sharp move also raises volatility risk for late entrants. Share's gains also outpaced every other asset covered here this week.
The rally peaked at $2.7834 on October 11 before sellers stepped in. Daily candles now show a 3.32% pullback toward $2.44. A loss of that zone could expose $1.87 as the next support.
For now, RWA demand is rotating rather than retreating. Platforms, underlying stocks and chains are all competing for that flow. Weak sentiment has not stopped capital from rotating into tokenized assets.
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