Tokenized stocks jumped from $30M to $1B+ in a year, Ondo at 61% share and xStocks controlling 95%+ of Solana equity flow. Two parallel stacks have formed: Ondo's permissioned KYC wrapper for institutional flow, Backed's permissionless Solana rails for retail. $10.5B of the $23.6B RWA total is still tokenized money market funds โ€” BUIDL and OUSG sitting as yield collateral, not actually composing with DeFi. Watch Q2 for how much of this gets lent or LP'd versus parked.

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