xStocks vs. Ondo: Tokenized Asset Listings by Exchange

Core Insights - Backed Finance's xStocks and Ondo's Global Markets are leading platforms in the emerging tokenized stock sector, competing for user adoption in a rapidly growing market [1][7] - Crypto exchange listings are crucial for driving adoption of these tokenized stock platforms [1] Comparison of xStocks and Ondo Global Markets - Both platforms launched in 2025 and offer tokenized U.S. stocks and ETFs backed one-for-one by underlying equities held by secure custodians [2] - Ondo Global Markets currently operates only on Ethereum but plans to support additional chains, while xStocks is already available on Ethereum, BNB Chain, Solana, and TRON [3] - Ondo launched with over 100 stocks and ETFs, aiming for more than 1,000 by the end of 2025, whereas Backed Finance offers around 60 tokenized equities [3] Legal Structures - xStocks utilizes EU custodians under a Swiss regulatory framework, while Ondo relies on U.S.-registered entities for asset custody [4] Exchange Partnerships - xStocks has a lead in exchange listings, with seven exchanges supporting its tokenized equities since launch, compared to Ondo's four exchanges [5] - The exchange listings are critical for retail adoption, with xStocks having greater exposure to potential investors [7] Total Value Locked (TVL) - Despite xStocks having a three-month head start and more exchange listings, it has fallen behind Ondo Global Markets in terms of Total Value Locked [9]