Circle's USDC is establishing itself as the leading stablecoin for the burgeoning tokenized equities sector, having facilitated over $1 billion in total value locked (TVL) on Ondo Global Markets since its inception.

Milestones in Tokenized Equities

As of May 2026, Ondo Global Markets achieved a TVL of $1 billion in tokenized stocks, a significant leap from a mere $424 million in mid-2025. This growth trajectory is expected to continue, with projections suggesting that Ondo could reach $5 billion by the end of this year.

Data from RWA.xyz indicates that the overall tokenized equities market ballooned to around $960 million by March 2026, with Ondo claiming approximately 60% market share. Notably, Ondo's CRCLon product has amassed over $100 million in TVL, solidifying its position among leading on-chain tokenized equities.

The Role of USDC and Broader Implications

USDC's role as a settlement layer is underscored by its transfer volumes, which have exceeded $1.26 trillion. Circle's own product, the tokenized money market fund USYC, is now valued at over $2 billion in assets under management. Although Tether's USDT continues to dominate the overall market, USDC is favored by institutions developing tokenized equity products due to Circle's strong compliance reputation.

Tokenized equities are transforming traditional financial instruments, allowing for faster settlements and 24/7 trading, opening avenues for investors who lack traditional brokerage accounts. However, the regulatory landscape remains uncertain, and the tokenized equities market, despite its growth, still pales in comparison to traditional markets like the NYSE.

Investors are urged to monitor Ondo's performance, as its significant market share presents a competitive edge. Circle's increasing AUM and USDC's status as the default settlement currency highlight its growing importance within the financial ecosystem. Questions linger regarding the sustainability of Ondo's ambitious projections and the continuation of favorable regulatory developments.

This material is for informational purposes only and is not financial advice.