The tokenized-stock market just hit $1.95B (+34% in 30 days). Two issuers run most of it — and they play completely different games.

The two giants (≈78% combined):

— Ondo (Global Markets): 43.6% share · $870M onchain · 405 assets. The deepest, but flat (−1.3% MoM). An open network: distributed across Binance, MetaMask, Bitget, Euler.

— xStocks (Backed, Kraken-owned): 34.6% share · $690M · 172 assets, but +58.7% MoM — the fastest riser. A Kraken vertical: Kraken, Bybit, Gate, Bitget Wallet.

The challengers:

— Robinhood (Stock Tokens): ~2,000 tokens, but EU/EEA only + reduced rights

— Coinbase (Tokenize): launching this summer, promising real dividends + voting

— bStocks (by Binance): its own issuer, ~6% share in just 8 days

— Dinari (dShares): SEC transfer agent, the only one US investors can legally use (accredited)

Bottom line: Ondo is deepest, xStocks fastest, Binance the newest threat — but nearly everyone blocks the US. Only Dinari lets Americans in.