Ondo and xStocks Spark a Multichain Race for Tokenized Stocks in DeFi

Key Takeaways

• Tokenized banal providers Ondo and xStocks are expanding crossed aggregate blockchains.

• Each clip banal tokens get connected a caller chain, caller DEX pools emerge.

• Ondo and xStocks are progressively integrated into a multichain DeFi ecosystem.

With tokenized stocks gaining traction, adoption is progressively driven by decentralized platforms, portion centralized exchanges hazard falling behind.

As they vie for users, 2 of the astir salient platforms—Ondo Global Markets and xStocks—are expanding crossed the multichain ecosystem.

Throughout 2025, Ondo and xStocks person rolled retired their respective banal tokens connected a increasing fig of blockchains.

Backed Finance initially launched xStocks connected the Solana blockchain. Deployments connected BNB Chain, Tron, and Ethereum soon followed.

After Kraken reached a woody to get Backed earlier successful December, xStocks’ multi-chain has continued.

On Thursday, Dec. 18, the institution launched tokenized equities connected TON, bringing the merchandise to millions of Telegram users who tin entree xStocks via the messaging app’s wallet feature.

Ondo Global Markets isn’t acold behind. The level debuted connected Ethereum successful September, expanding to the BNB concatenation a period later.

Looking ahead, Ondo plans to bring implicit 100 tokenized equities spanning U.S. stocks and ETFs to Solana and its ain proprietary blockchain.

When they database tokenized equities, centralized exchanges thin to prime 1 concatenation and instrumentality with it.

For instance, xStocks tokens traded connected Kraken are each issued connected the Solana blockchain.

However, determination are a increasing fig of decentralized exchanges (DEXs) among platforms that list banal tokens from Ondo and xStocks.

Each clip they motorboat connected a caller chain, it doesn’t instrumentality agelong for banal tokens to onshore connected the respective ecosystem’s large DEXs—PancakeSwap for BNB, Jupiter for Solana, etc.

But conscionable due to the fact that a excavation exists, that doesn’t warrant trades volition beryllium fulfilled.

While centralized exchanges enactment with organization marketplace makers to guarantee capable liquidity, automated marketplace makers hazard fragmenting tokenized banal liquidity.

That’s wherever DEX aggregators participate the picture.

For instance, connected Dec. 11, Bitget Wallet integrated Ondo Global Markets connected BNB Chain, providing a azygous venue for users to entree tokenized stocks that plug into PancakeSwap, Uniswap, oregon immoderate different root of DEX liquidity.

In comments to CCN, Bitget Wallet CMO Jamie Elkaleh observed that decentralized, non-custodial platforms “are gaining ground” arsenic involvement successful tokenized stocks rises.