Ondo hits $4 billion TVL on tokenized stock growth

Tokenized Treasuries are an $18 billion ghost town. While they are the largest asset class in the RWA space, they barely see any trading activity. The real action is in tokenized stocks, which drive 93% of on-chain volume despite making up only 8% of the market. Even as platforms like Ondo hit $4 billion in TVL, the IMF warns these markets are illiquid, volatile, and fragmented. Is tokenization just a vanity metric for assets that nobody actually uses? What’s your take?
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