Ondo Finance Overtakes Securitize as Top Tokeniser
Ondo's tokenized asset value edged past Securitize after redemptions in BlackRock's BUIDL fund reduced Securitize's total.
Updated on Nov. 9, 2026 in Investing
Ondo Finance now ranks as the largest asset tokeniser by market value, with $4.04 billion against Securitize's $3.81 billion as of November 9. The shift came mainly from a drop in Securitize's assets as BUIDL outstanding supply fell from about $2 billion to $1.8 billion in early November.
Why it matters
Securitize does not manage the BUIDL portfolio, so redemptions in that fund lower its reported value without any change in its own operations. The ranking change shows how concentrated tokenized real-world asset markets remain around a few large products.
Ondo's USDY accounts for about 59% of its total value, while BUIDL represents about 47% of Securitize's value. Grove held 26.5% of BUIDL in August and had fully exited by November 8, though the reasons for the exit were not stated.
The players
Ondo Finance
Ondo Finance is a financial technology company that issues tokenized real-world assets, including the USDY yield-bearing product.
Securitize
Securitize is a tokenisation platform that provides the infrastructure for issuing tokenized securities and funds.
BlackRock Financial Management
BlackRock Financial Management is the asset manager behind the BUIDL tokenized money market fund, which uses Securitize's infrastructure.
The details
Ondo reported more than $4 billion across 484 assets in a November 5 announcement, and its platform assets were flat at $4.04 billion over the period. Securitize's tokenized asset value fell to $3.81 billion on November 9 after BUIDL, which is managed by BlackRock Financial Management and tokenized through Securitize's infrastructure, lost outstanding supply.
Timeline
August: Grove held 26.5% of BUIDL.
November 3: Ondo held $4.07 billion and Securitize about $4.15 billion.
November 5: Ondo announced more than $4 billion across 484 assets.
November 8: Grove had exited BUIDL entirely.
November 9: Securitize's value fell to $3.81 billion versus Ondo's $4.04 billion.
Market Dynamics
The shift reflects how much of the tokenized real-world asset market depends on a few flagship products such as BlackRock's BUIDL fund. Changes in a single large fund's supply can reorder rankings among tokenisation platforms within days.
Investors holding tokenized funds such as BUIDL or USDY face exposure to redemption-driven shifts in reported asset values. Changes in platform rankings do not by themselves alter the underlying yield or redemption terms of those products.
The takeaway
Platform rankings in tokenized assets can change quickly when a single large fund sees outflows, so readers following these products should track fund-level supply rather than issuer totals alone. Concentration in a few products means the overall market can move on decisions made by a small number of holders.
Further reading
For background on how tokenized funds are reshaping Investing strategies, explore the section.
