Ownership concentration of tokenized assets
The ownership concentration of each tokenized asset — the share of its free float held by the ten largest wallets, read directly from onchain holder balances.
Concentrated ownership is fragility. If ten wallets hold most of a token, one seller moves the price, and a large reported AUM can be a single wallet.
Tokenized assets are not alike. Large stablecoins are broadly held — the ten largest wallets in PAXG hold 10%. Most tokenized treasury funds are not: their ownership sits near 100%, in a handful of wallets.
67 tokenized assets tracked · 55 with enough holders to measure · top-10 share of free float · as of 2026-10-21 15:53 UTC
23 of 55 tokenized assets sit near single-wallet ownership.
Each classified asset, placed in the band that matches the share of its free float held by its ten largest wallets. The mass at 95–100% is the shape: broad ownership is the exception, not the rule.
Fig 1
Where the 55 classified tokenized assets fall, by top-10 share of float
23 of 55 sit at 95–100% top-10 ownership; broad ownership is the exception.
Most tokenized assets sit near single-wallet ownership; a few — the large stablecoins — are broadly held. The 12 funds with too few holders to assess are set aside below and excluded from these bars, so their arithmetic 100% does not inflate the concentrated end.
6 broadly held · 55 classified · 12 set aside · as of 2026-10-21 15:53 UTC
Three things the numbers assume.
The measure
The top-10 share of free float — holder balances summed across the chains where we hold holder data, deduplicated by address, with issuer vaults, custody, exchange and protocol liquidity (AMM pools and shared onchain infrastructure) removed. Where too little genuine float remains to measure, the asset is set aside and shows no distribution.
Caps are an upper bound
Where a chain’s holder set hits the collection depth, the share is published only when the captured balances cover at least 90% of that chain's supply, unless the uncollected remainder is too small to change the top ten, and it is an upper bound — true dispersion is better. 39 of the 55 classified assets are at that cap; those rows are marked max.
Two distribution tracks
Retail-facing tokens anyone may hold; institutional-direct funds are QIB-restricted by law. 100% means something different for each — read a number within its track.
This tracks 67 tokenized assets with an onchain holder snapshot — stablecoins, tokenized treasuries, tokenized equities, gold, and the Ondo tokenized-ETF book. Of those, 55 have enough distinct holders for a top-10 concentration to mean something and carry a tier; the remaining 12 have too few holders to assess and are set aside (listed at the foot, never hidden). Every tiered asset has a complete holder snapshot behind its number.
1021 more instruments are catalogued but not shown — most have no complete holder snapshot read onchain yet.
The detail, grouped by asset class — concentration within each.
Every classified asset, with its top-10 share of float, its measured holder count beside it, and the labeled holders behind that share. Holder count is the check on the percentage: 100% of two holders is arithmetic, 100% of forty is a finding. Sortable — the default groups by asset class so a reader scans their category and sees the range within it.
Two concentration numbers exist on this site today
This page measures share of free float. The concentration score on instrument pages still measures share of total supply, so the two differ for funds with large issuer-held balances — USDY reads 75% here and 9% there.
| Fund | Track | Top-10 share of float ↓ | Holders | Known holders |
|---|---|---|---|---|
INCEon Franklin Income Equity Focus ETF (Ondo) | Retail-facing | 100.0% | 31 | |
| USFR.d Dinari | Retail-facing | 100.0% | 31 | 0% Uniswap V4 PoolManager (DEX pool) |
| iBENJI Franklin Templeton | Institutional-direct | 100.0% | 47 | |
| DDSC AEDC Stable Coin Network and Distribution L.L.C | Retail-facing | 100.0% | 80 | |
| TIPon Ondo Finance | Retail-facing | 100.0% | 102 | |
| QCAD Stablecorp | Retail-facing | 100.0% | 52 | 25% Kraken Hot Wallet 3 (exchange omnibus)0% Kraken 245 (rank 5) |
PAVEon Global X US Infrastructure Development ETF (Ondo) | Retail-facing | 99.9% | 32 | |
| MXNB Bitso | Retail-facing | 99.7%max | 349 | 17% MXNB OFT adapter (bridge infra, Arbitrum)4% Uniswap V3 pool (DEX pool, Arbitrum) |
DGRWon WisdomTree US Quality Dividend Growth Fund (Ondo) | Retail-facing | 99.7% | 42 | |
| USFRon Ondo Finance | Retail-facing | 99.6% | 50 | |
| XAGM Matrixdock | Institutional-direct | 99.6%max | 98 | 3% Uniswap V3 pool (DEX pool)0% Uniswap V4 PoolManager (Ethereum) — canonical documented singleton; pool inventory, top-holder across the whole book (rank-1 of 39 etf_equity, rank-7 pyusd_eth/u_eth, across 18 stablecoins + 18 equities) |
| TRYB BiLira | Retail-facing | 99.5%max | 830 | 12% Polygon (Matic) ERC20 Bridge (protocol infra) |
VTVon Vanguard Value ETF (Ondo) | Retail-facing | 99.4%max | 125 | |
| mTBILL Midas | Retail-facing | 99.2%max | 587 | |
| CADC Loon Payments | Retail-facing | 98.4%max | 97 | 2% Polygon (Matic) ERC20 Bridge (protocol infra)1% DFX CADC/USDC pool (DEX pool) |
MCAU Meld Gold (MCAU) | Retail-facing | 98.0%max | 100 | |
| WTGXX WisdomTree | Institutional-direct | 97.9%max | 178 | |
| CLOAon Ondo Finance | Retail-facing | 97.7% | 33 | |
GGBR Goldfish Gold (GGBR) | Retail-facing | 97.6%max | 100 | |
EWZon iShares MSCI Brazil ETF (Ondo) | Retail-facing | 97.4% | 87 | |
| OUSG Ondo Finance | Retail-facing | 97.2% | 53 | |
| AEDZ Zand | Retail-facing | 95.9% | 57 | |
| XAUM Matrixdock | Institutional-direct | 95.6%max | 2,147 | |
| SGOVon Ondo Finance | Retail-facing | 94.4%max | 298 | |
| GHO Aave DAO | Retail-facing | 93.8%max | 559 | 1% Protocol capital allocator (protocol infra)0% Aave aToken instance (protocol collateral) |
SOXQon Invesco PHLX Semiconductor ETF (Ondo) | Retail-facing | 93.7% | 49 | |
| EURCV SG-FORGE | Retail-facing | 93.6%max | 124 | |
| PST Huma Finance | Institutional-direct | 90.3%max | 499 | 17% Jupiter program-owned account (protocol, Solana) |
| XSGD StraitsX | Retail-facing | 89.7%max | 1,995 | 2% Coinbase Exchange: Hot Wallet |
| EUROe Membrane Finance | Retail-facing | 89.2%max | 191 | |
| USD1 World Liberty Financial | Retail-facing | 87.9%max | 569 | 1% Bybit: Hot Wallet (Solana) |
TXAG Aurus tSILVER (TXAG) | Retail-facing | 86.5% | 93 | 44% Polygon (Matic) ERC20 Bridge (protocol infra) |
| BUIDL BlackRock | Institutional-direct | 84.9% | 90 | |
| EUROP Schuman Financial | Retail-facing | 83.5%max | 250 | |
| PYUSD Paxos / PayPal | Retail-facing | 83.3%max | 202 | |
| USDS Sky (formerly MakerDAO) | Retail-facing | 79.1%max | 346 | 10% Jupiter program-owned account (protocol, Solana) |
| USDe Ethena | Retail-facing | 77.8%max | 845 | 67% Jupiter aggregator program account (protocol, Solana)31% Kamino Lend reserve (lending protocol, Solana) |
| FDUSD First Digital | Retail-facing | 77.3%max | 589 | |
| USTBL Spiko | Institutional-direct | 73.4%max | 584 | |
| GUSD Gemini Trust Company | Retail-facing | 69.5%max | 1,992 | 22% Gemini: Cold Wallet (issuer — GUSD)9% Coinbase Exchange: Hot Wallet |
| BENJI Franklin Templeton | Institutional-direct | 68.5%max | 122 | |
| USDY Ondo Finance | Retail-facing | 68.2%max | 1,902 | |
| USDD TRON DAO Reserve | Retail-facing | 66.8%max | 1,156 | 33% JustLend cToken market (lending protocol, TRON) |
| RLUSD Ripple | Retail-facing | 61.2%max | 187 | |
| FRAX Frax Finance | Retail-facing | 54.3%max | 1,987 | 45% Fraxtal L1 Standard Bridge (bridge infra)30% sFRAX staking vault (protocol) |
| BRLA Avenia | Retail-facing | 52.7%max | 497 | 71% Staked BRLA liquid-staking vault (protocol)1% Uniswap V3 pool (DEX pool, Polygon) |
FXIon iShares China Large-Cap ETF (Ondo) | Retail-facing | 44.4%max | 4,668 | |
| KAG Kinesis | Retail-facing | 41.0%max | 497 | 60% Kinesis issuer treasury/reserve (issuer — KAG)28% Kinesis KAG mint distributor (issuer — KAG) |
| EURC Circle | Retail-facing | 35.0%max | 4,519 | |
| EURe Monerium | Retail-facing | 35.0%max | 2,952 | 28% Aave aGnoEURe (lending protocol, Gnosis) |
| XAUt Tether | Retail-facing | 33.0%max | 3,057 | 69% Binance: Hot Wallet 20 (exchange omnibus, BSC)10% Moolah lending market (protocol collateral) |
| USDP Paxos | Retail-facing | 25.2%max | 5,986 | 3% Gemini deposit wallet (exchange, EIP-1167 clone)2% Paxos 4 |
| EUTBL Spiko | Institutional-direct | 22.1%max | 2,224 | |
| DAI Sky (formerly MakerDAO) | Retail-facing | 10.9%max | 12,952 | 14% Hyperlane token bridge (bridge infra, Polygon)3% Uniswap V2 pair (DEX pool, Polygon) |
| PAXG Paxos | Retail-facing | 10.0%max | 17,972 | 19% Binance 28 (exchange omnibus)4% Binance Hot Wallet 20 (exchange omnibus) |
Too few holders to assess · 12
These funds have too few holders for a concentration read to mean anything yet — a top-10 of ten-or-fewer holders is ~100% by arithmetic, not by distribution. Set aside, not ranked; they graduate into a tier as their holder base grows.
Show all 12 set-aside funds →Hide set-aside funds ↑
| NS2DRP New Silver | Institutional-direct | 100.0% | 13 | |
CASHx BlackRock ICS US Dollar Liquidity Fund (Kaio Tokenized) | Institutional-direct | 100.0% | 13 | |
LITon Global X Lithium & Battery Tech ETF (Ondo) | Retail-facing | 100.0% | 14 | |
| VBILL VanEck | Institutional-direct | 99.3% | 16 | |
| JAAA Anemoy Capital | Institutional-direct | 99.8% | 17 | |
| TBILL OpenEden | Institutional-direct | 99.8% | 17 | |
BKCHon Global X Blockchain ETF (Ondo) | Retail-facing | 100.0% | 18 | |
IYWon iShares US Technology ETF (Ondo) | Retail-facing | 100.0% | 18 | |
| XTBT OpenTrade | Institutional-direct | 100.0% | 19 | |
| CLOIon Ondo Finance | Retail-facing | 99.9% | 22 | |
| RCOIN Arca | Retail-facing | 96.8% | 25 | |
| USYC Hashnote | Retail-facing | 100.0% | 28 |