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 FXI hold 15%. Most tokenized treasury funds are not: their ownership sits near 100%, in a handful of wallets.
51 tokenized assets tracked · 38 with enough holders to measure · top-10 share of free float · as of 2026-09-05 01:09 UTC
22 of 38 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 38 classified tokenized assets fall, by top-10 share of float
22 of 38 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 13 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.
4 broadly held · 38 classified · 13 set aside · as of 2026-09-05 01:09 UTC
Three things the numbers assume.
The measure
The top-10 share of free float — holder balances summed across every chain, 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 shown is an upper bound — true dispersion is better. 24 of the 38 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 51 tokenized assets with an onchain holder snapshot — stablecoins, tokenized treasuries, tokenized equities, gold, and the Ondo tokenized-ETF book. Of those, 38 have enough distinct holders for a top-10 concentration to mean something and carry a tier; the remaining 13 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.
1029 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 |
|---|---|---|---|---|
ZANDAED Zand AED | Retail-facing | 100.0% | 46 | |
| USFR.d Dinari | Retail-facing | 100.0% | 32 | |
| AMD.d Dinari | Retail-facing | 100.0% | 33 | 84% Dinari dShare issuer float / fulfillment wallet5% Dinari dShare issuer float / fulfillment wallet |
QCAD Stablecorp QCAD | Retail-facing | 100.0% | 48 | 0% Kraken 245 (rank 5) |
USCC Bitwise Crypto Carry Fund | Institutional-direct | 99.7% | 45 | |
XAGM Matrixdock Silver | Institutional-direct | 99.3%max | 99 | |
TRYB BiLira TRYB | Retail-facing | 99.3%max | 98 | |
JAAA Janus Henderson AAA CLO ETF (Ondo) | Retail-facing | 99.1% | 35 | |
| WTGXX WisdomTree | Institutional-direct | 99.0%max | 164 | |
VTV Vanguard Value ETF (Ondo) | Retail-facing | 98.9%max | 121 | |
SOFI SoFi Technologies (Ondo) | Retail-facing | 98.8%max | 178 | |
| MSFT.d Dinari | Retail-facing | 98.3% | 59 | 77% Dinari dShare issuer float / fulfillment wallet6% Dinari dShare issuer float / fulfillment wallet |
CADC CADC | Retail-facing | 98.2%max | 99 | |
| mF-ONE Midas | Institutional-direct | 97.9% | 28 | 49% Morpho Blue (singleton) |
MCAU Meld Gold (MCAU) | Retail-facing | 97.7%max | 100 | |
USFR WisdomTree Floating Rate Treasury Fund (Ondo) | Retail-facing | 97.6% | 42 | |
| GHO Aave DAO | Retail-facing | 97.4%max | 99 | 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) |
| OUSG Ondo Finance | Retail-facing | 96.9% | 54 | |
| USDe Ethena | Retail-facing | 96.5%max | 228 | |
TXAG Aurus tSILVER (TXAG) | Retail-facing | 95.9% | 87 | |
| XAUM Matrixdock | Institutional-direct | 95.1%max | 2,153 | |
| DIS.d Dinari | Retail-facing | 95.1% | 33 | 90% Dinari dShare issuer float / fulfillment wallet |
| EUROe Membrane Finance | Retail-facing | 94.5%max | 99 | 1% CoW Protocol GPv2Settlement — canonical public batch-settlement contract; transient settlement inventory, top-holder across the whole book (rank-1 of 45 etf_equity, rank-2 usds_eth, across stablecoin/treasury/equities/ETF) |
HIMS Hims & Hers Health (Ondo) | Retail-facing | 94.4%max | 214 | |
GLD SPDR Gold Shares (Ondo) | Retail-facing | 92.6%max | 805 | |
SOXQ Invesco PHLX Semiconductor ETF (Ondo) | Retail-facing | 92.6% | 37 | |
CFIGUREOMNI Figure Omni Pool (cfigureomni) | Institutional-direct | 82.5%max | 100 | |
META Meta Platforms (Ondo) | Retail-facing | 81.8%max | 217 | |
| USTB Superstate | Institutional-direct | 81.2% | 93 | |
| GUSD Gemini Trust Company | Retail-facing | 79.4%max | 1,998 | 3% Coinbase Prime 1 |
USDD USDD | Retail-facing | 73.1%max | 1,100 | |
| BENJI Franklin Templeton | Institutional-direct | 70.3%max | 121 | |
| USTBL Spiko | Institutional-direct | 70.0%max | 627 | |
| RLUSD Ripple | Retail-facing | 60.0%max | 194 | |
| EUTBL Spiko | Institutional-direct | 36.2%max | 2,306 | |
| XAUT Tether | Retail-facing | 29.6%max | 3,009 | |
| PAXG Paxos | Retail-facing | 28.8%max | 17,986 | 3% Kraken 246 (rank 2)3% Paxos 5 (rank 3) |
FXI iShares China Large-Cap ETF (Ondo) | Retail-facing | 15.3%max | 11,452 |
Too few holders to assess · 13
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 13 set-aside funds →Hide set-aside funds ↑
XYLD Global X S&P 500 Covered Call ETF (Ondo) | Retail-facing | 100.0% | 11 | |
CLOI VanEck CLO ETF (Ondo) | Retail-facing | 100.0% | 17 | |
| JTRSY Anemoy Capital | Institutional-direct | 100.0% | 17 | |
TXPT Aurus tPLATINUM (TXPT) | Retail-facing | 99.8% | 17 | |
| PYPL.d Dinari | Retail-facing | 100.0% | 19 | |
| XTBT OpenTrade | Institutional-direct | 100.0% | 19 | |
| JAAA Anemoy Capital | Institutional-direct | 99.6% | 19 | |
| VBILL VanEck | Institutional-direct | 99.2% | 19 | |
| USDGO Anchorage Digital Bank | Institutional-direct | 98.2% | 19 | |
INCE Franklin Income Equity Focus ETF (Ondo) | Retail-facing | 100.0% | 22 | |
PAVE Global X US Infrastructure Development ETF (Ondo) | Retail-facing | 100.0% | 24 | |
| ArCoin Arca | Retail-facing | 97.1% | 25 | |
| USYC Hashnote | Retail-facing | 100.0% | 26 |