Bitget @bitget accounts for nearly 90% of the trading volume in tokenized stocks on Ondo——

RWA / Tokenized Stocks have entered a stage where "liquidity determines everything."

So why is it concentrated on BG?

It feels like it's likely due to these few factors working together:

1) Trading occurs in "the place most like an exchange":

Tokenized stocks are essentially high-frequency trading products: they require matching, depth, and stability.

Most users will not sacrifice execution and slippage for "on-chain fundamentalism."

2) Liquidity has a network effect:

Once a platform establishes depth, arbitrage/market-making/large funds will naturally migrate there, ultimately forming a "winner-takes-all" path dependency.

3) The demand priorities of institutions/professional funds are very realistic:

What they want is executable trades, controllable costs, and a stable trading experience.

BG's advantage leans more towards "absorbing real turnover," so whether it's depth, matching efficiency, or adaptability to trading behavior,

In RWA, what will determine the outcome moving forward is not how many concepts are released, but who can sustainably support real funds, real hedging, and real turnover.

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