Tokenized stocks near $1B as 3 platforms control 93%; SEC moves in Dec 2025

Tokenized equities are approaching $1 billion in value, with three venues—Ondo, Backed/Kraken, and Securitize—holding over 93% of market share. In December 2025, the SEC advanced a DTCC tokenization pilot and clarified broker‑dealer custody, while monthly transfers reached $2.4 billion and Ethereum, Solana, and Algorand led chain distribution.