Ondo liquidity moves beyond Ethereum
Ondo’s tokenized asset base is no longer concentrated on one chain. Ethereum still holds the largest share at about $2.1 billion, but that is 52.37% of the total. The share is still large, yet it shows that concentration is easing. Solana has become the clearest example of the shift. Tokenized assets on Solana passed $456.7 million, up 60.32% in 30 days, or roughly $147 million. BNB Chain also grew to $429.7 million, up 19.15%. Ondo’s total asset base sits at $3.89 billion. There are 521,028 token holders moving $2.38 billion per month. That suggests the assets are circulating, not just being issued. Wider distribution can open access and reduce reliance on Ethereum.
Solana leads tokenized equity lending
Tokenized equities are moving past simple ownership. On Solana, more than $20.7 million in tokenized stock is being used as collateral through Kamino. The activity suggests users want liquidity from equity positions without selling their exposure. Ethereum has a smaller but real market. About $5.8 million in tokenized stocks is serving as lending collateral through Euler and Morpho. Robin Hood Chain has added just under $2 million in supply, also via Morpho. The gap shows lending is early and uneven. It also shows the function exists. If borrowing grows, tokenized equities could gain more utility as on-chain collateral.
Credit demand faces risk controls
Lending protocols now have to test whether they can manage risk without slowing adoption. On Aave V4’s Equities Hub, collateral factors range from 65% to 79%. Borrowers must keep buffers before liquidation. Those limits may feel strict, but they create a clear way to measure demand. More collateral deposits and USDC borrowing would point to stronger credit demand. Fewer liquidations would suggest risk controls are holding as activity spreads.
What to watch next
The main question is whether Ondo’s growth continues to spread across chains or if Ethereum remains the core. Solana’s recent rise is notable, but it is still smaller than Ethereum’s share. BNB Chain is also moving up. For now, the data points to a broader market structure. Ondo’s tokenized products are finding users on multiple networks, and lending markets are starting to give those assets another job. I think the next few months will show whether this is a lasting shift or just a short burst of activity. If deposits and borrowing keep rising without disorderly liquidations, tokenized stocks could become a more normal part of on-chain credit.
