xStocks accounts for 75% of the supply of tokenized stocks on Solana, worth $607 million, down from a $620 million peak in October. The project added more than 200 UK and European stocks this week, while Hong Kong listings are expected in the coming weeks. Ondo, Backpack and Superstate each hold a single-digit share, with smaller issuers capturing the remainder. The number of addresses holding these tokens rose from about 400,000 in early September to nearly 1.9 million, although this likely overstates the number of unique investors. Avalanche, Arbitrum, Canton and Stellar are also preparing tokenized asset offerings, intensifying competition for Wall Street markets.
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