Robinhood has become the largest issuer of tokenized stocks by holders, with Token Terminal data showing Robinhood Stock Tokens at roughly 862,800 holders versus Binance’s bStocks at about 827,200. The roughly 35,600-wallet, 4.3% edge leaves neither platform with lasting dominance, while both remain well ahead of Ondo Finance at 376,900 and xStocks at 335,000 holders. Existing brokerage reach helped Robinhood scale distribution quickly after nearly starting from zero in less than two months. Within 63 days, the stock tokens generated $3 billion in DEX volume, with daily turnover rising toward an average of $100 million to $130 million, though Binance bStocks still process several hundred million dollars a day. That activity has deepened secondary-market liquidity and lifted Uniswap volume on Robinhood Chain from about $500 million in late August to $1.4 billion by early September, with nearly $20 billion traded since July. The tokens are debt securities offering economic exposure to stocks and ETFs rather than the underlying shares, and wallet counts do not equal unique individuals.