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Tokenized China-linked equities and exchange-traded funds (ETFs) on BNB Chain have surged sharply in 2026, with Ondo Global Markets’ China basket emerging as the standout driver of growth.
Ondo Global Markets’ basket of tokenized China-linked equities and ETFs on BNB Chain has posted strong year-to-date (YTD) performance, reaching new highs across multiple metrics over the past few months.
The basket tokenizes 11 China-linked ADRs and common stocks, including Alibaba (BABA), Baidu (BIDU), Bilibili (BILI), Coupons.com (CPNG), Futu (FUTU), JD.com (JD), Li Auto (LI), NIO (NIO), NetEase (NTES), Pinduoduo (PDD), and Trip.com (TCOM). It also includes two China-focused US ETFs: iShares China Large-Cap ETF (FXI) and KraneShares CSI China Internet ETF (KWEB).
Dune data shows the basket’s market capitalization on BNB Chain has surged 2,850% YTD. China-linked equities and ETFs in the basket rose from a market cap of $316,000 on January 1 to $9.3 million as of May 4, 2026.
Growth accelerated in early March, with week-over-week (WoW) increases of 27%, 29%, and 38% between March 2 and March 16. The basket later peaked in mid-April at $11.1 million.
Cumulative holders also expanded rapidly, increasing 2,200% YTD from 370 to 8,466 holders. Dune noted that holder growth acceleration peaked between January and February during the Bitget Onchain Challenge.
March was the basket’s biggest month by BNB Chain DEX volume, reaching $46.7 million. That figure represented 99% of all-chain China-cluster volume for the month. All-time China-cluster DEX volume since launch totals $150 million, with roughly 93% occurring on BNB Chain.
The network now holds a 56.9% share of the total EVM (BNB + Ethereum) market cap for the basket, up from a 0% share in October 2025. It surpassed Ethereum in the week of March 9 and peaked at 62.7% in mid-April.
In late October, Ondo Finance and BNB Chain announced the expansion of Ondo Global Markets on the network, aiming to bring tokenized stocks and ETFs to blockchain at scale.
Since then, the broader tokenized asset market capitalization on BNB Chain has doubled year-over-year (YoY), reaching an all-time high (ATH) of $16.6 billion a month ago.
BNB Chain’s real-world asset (RWA) ecosystem has grown rapidly over the past year and is positioned as a major part of the convergence between traditional finance and decentralized infrastructure. In late 2025, it became the second-largest blockchain by tokenized asset value, behind Ethereum’s $15.7 billion. The ecosystem’s total value also increased 228% quarter-over-quarter (QoQ) in Q4 2025.
RWA.xyz data shows BNB Chain’s distributed asset value is currently $3.96 billion, up 12% over the past 30 days and up 32% since it reached the $3 billion milestone in early March.
The network is also nearing another milestone, with 49,352 asset holders. This represents a 14.6% monthly increase and a 460% increase YTD.
The ecosystem’s growth has been supported by major institutional tokenized offerings, including Circle’s US Yield Coin (USYC), BlackRock’s BUIDL, Franklin Templeton’s Benji Technology Platform, and Matrixdock’s XAUm.
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