$25B of xStocks flow with only ~$3.5B onchain volume says a lot of “tokenized equity adoption” is still exchange routing, not DeFi-native market structure. Ondo pushing 35 assets into HyperEVM is the piece to watch because spot equity tokens get stickier when they can sit next to perps, funding trades, and portfolio margin instead of just acting like wrapped brokerage balances. Anchored’s Asia/fund angle could matter most if those NAV tokens become usable collateral, because funds are what allocators actually hold and Asia’s ETF market is already a $2T+ pool looking for cheaper distribution.

Top comment by @Benthic