Ondo Global Markets' tokenized China basket on BNB Chain has surged to a market capitalization of $9.3 million as of May 4, a 2,850% increase since the start of the year. The basket, which tokenizes 11 Chinese ADRs and two China-focused US ETFs, has also seen its holder count jump 2,200% to 8,466. More striking: BNB Chain now holds a 56.9% share of the total EVM market cap for the basket, overtaking Ethereum in early March and peaking at 62.7% in mid-April.
The numbers behind the surge
The growth didn't happen overnight. On January 1, the basket was worth just $316,000. It hit an all-time high of $11.1 million in mid-April before settling back slightly. The holder count accelerated sharply between January and February during the Bitget Onchain Challenge. March 2026 recorded the basket's highest monthly DEX volume on BNB Chain at $46.7 million — 99% of all China-cluster volume across all chains that month. Since launch, cumulative China-cluster DEX volume has reached $150 million, with roughly 93% happening on BNB Chain.
Why BNB Chain took the lead
Ondo Finance and BNB Chain first announced the expansion of Ondo Global Markets onto BNB Chain in late October 2025. At that point, BNB Chain had zero share of the basket's EVM market. By March 9, it had surpassed Ethereum. The timing aligns with broader momentum: BNB Chain's tokenized asset ecosystem total value jumped 228% quarter-over-quarter in Q4 2025. Last month, the broader tokenized asset market cap on BNB Chain hit an all-time high of $16.6 billion, doubling year-over-year. In late 2025, BNB Chain became the second-largest blockchain by tokenized asset value, behind Ethereum's $15.7 billion.
What's driving tokenized growth
The surge isn't just about the China basket. Current distributed asset value on BNB Chain stands at $3.96 billion, up 12% over the past 30 days and 32% since hitting $3 billion in early March. The network is nearing 50,000 asset holders at 49,352 — a 14.6% monthly increase and a 460% jump year-to-date. Institutional offerings are fueling the climb: Circle's US Yield Coin (USYC), BlackRock's BUIDL, Franklin Templeton's Benji Technology Platform, and Matrixdock's XAUm have all gone live on BNB Chain. Whether the China basket can sustain its torrid pace is an open question, but the infrastructure and institutional appetite are clearly there.
