BNB Chain has emerged as the hotbed for tokenized China-linked equities and ETFs in 2026, with Ondo Global Markets’ China basket driving a dramatic surge in on-chain activity and value.
Key takeaways
- Ondo’s China basket — a tokenized bundle of 11 high-profile Chinese ADRs and common stocks plus two China-focused US ETFs — has seen explosive growth year-to-date.
- The basket’s market cap on BNB Chain jumped roughly 2,850% YTD, rising from $316,000 on January 1 to $9.3 million as of May 4, 2026, after earlier peaking at about $11.1 million in mid-April.
- Holder counts climbed roughly 2,200% YTD, from 370 holders to 8,466, with a sharp acceleration during January–February tied to the Bitget Onchain Challenge.
- March was the biggest month for DEX activity: $46.7 million in BNB Chain DEX volume for the basket, representing 99% of all-chain China-cluster DEX volume that month. Since launch, China-cluster DEX volume totals roughly $150 million, about 93% of which has traded on BNB Chain.
What’s in the basket
The tokenized basket includes 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), plus iShares China Large-Cap ETF (FXI) and KraneShares CSI China Internet ETF (KWEB).
BNB Chain’s growing real-world asset (RWA) footprint
- The network’s share of the basket’s total EVM (BNB + Ethereum) market cap rose from 0% in October 2025 to 56.9% currently, surpassing Ethereum the week of March 9 and peaking at 62.7% in mid-April.
- Since Ondo Finance and BNB Chain announced the expansion of Ondo Global Markets on the network in late October 2025, the broader tokenized asset market on BNB Chain has doubled YoY and reached an all-time high of $16.6 billion a month ago.
- In late 2025 BNB Chain became the second-largest blockchain by tokenized asset value (behind Ethereum’s $15.7 billion). The ecosystem’s total tokenized value rose 228% QoQ in Q4 2025.
RWA.xyz snapshots
- Distributed asset value on BNB Chain stands at $3.96 billion — up 12% over the past 30 days and 32% since crossing $3 billion in early March.
- Asset holders are approaching 50,000 (49,352 currently), a 14.6% monthly increase and a 460% YTD surge.
What’s driving the rally
The momentum is largely institutional: major tokenized offerings have enabled on-chain access to traditional products, including Circle’s US Yield Coin (USYC), BlackRock’s BUIDL, Franklin Templeton’s Benji Technology Platform, and Matrixdock’s XAUm. Ondo’s China basket is an example of how tokenization and major institutional partnerships are converging to bring mainstream financial products onto blockchain rails — and drawing significant liquidity to BNB Chain in the process.
Bottom line
Ondo’s China basket highlights how quickly tokenized equities can scale when paired with strong distribution and institutional-grade products. As BNB Chain consolidates market share in tokenized assets and RWAs, the network has positioned itself as a major hub for bringing traditional finance on-chain.
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