Securitize said yesterday (Monday) that the assets it has tokenized averaged a record $5.0 billion in the third quarter. The figure was up 39% year over year.
In its first results as a listed company, it also reported a net loss of $66.3 million, compared with a profit of $4.1 million in the third quarter of 2025.
The numbers came days after Ondo Finance claimed the title of largest tokenization platform. Data from tracker RWA.xyz put Ondo at $4.04 billion and Securitize at $3.81 billion by Monday, a gap that opened as Securitize's figure contracted.
The two counts measure different things. Securitize's own metric covers every fund and equity it has tokenized, and stood at $4.8 billion on September 30, up 9% year over year and below the quarterly average.
Both firms lean on a single Treasury-linked product, so a few large redemptions can reorder the table. BlackRock's BUIDL fund, tokenized by Securitize, made up about 47% of its value in the RWA.xyz count.
Its supply fell from about $2 billion on November 3 to $1.8 billion five days later. In April, when OKX accepted BUIDL as margin collateral, the fund held about $2.5 billion.
Tokenized stocks give a closer contest. Ondo issued about $302.9 million of them and Securitize $249.6 million in October 2025, FM Intelligence data show, a market pitched at the retail traders whose CFD activity FM Intelligence tracks across 186 brokers.
Ondo added shareholder voting to its tokenized US securities in July, and Securitize launched Securitize Stocks on October 8 with dividends and voting rights passed through.
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