Ethereum Dominance Erodes in Tokenized ETF Market

The tokenized ETF market has grown to $639M in total market capitalization, with Ethereum dominating at 52.5%. This sector allows traditional exchange-traded funds to be reissued as digital tokens on public blockchains.

Data from July 2026 showed Ethereum holding roughly 62% of the tokenized ETF market cap when it was worth around $526.4M. So while the overall pie has grown, competitors have been eating into Ethereum's lead.

Providers like Ondo Finance have been key drivers of activity on Ethereum, tokenizing US equity ETFs such as IVV and SPY, along with QQQ. On the Solana side, xStock has carved out its own lane with products like SPYX and QQQX, built for Solana's faster transaction speeds.