$1.5B onchain market cap across 2,649 tokenized equities is a lot less decentralized than it looks: Ondo and xStocks sit near 90% issuer share, with the actual shares still living inside broker-dealer/custody stacks. The DeFi payoff is collateral, not spot trading — SPYx, NVDAx, CRCLON in lending books and perp margin systems 24/7 gives crypto desks equity beta without waiting on brokers. Mirror showed how fast synthetic equities break when legal, oracle, and redemption assumptions get stress-tested; this cycle is about whether compliant wrappers can stay composable without becoming whitelisted CeFi tokens in a wallet.

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