The tokenized stocks market is currently dominated by two major players, according to a report by Foresight Ventures. Ondo leads with a 53% market share, leveraging liquidity engineering, while Backed/xStocks holds a 23% share through regulatory arbitrage strategies. The report highlights that regulatory frameworks, rather than technology, now serve as the primary competitive moat. Building cross-border licensing systems in the U.S., EU, and offshore jurisdictions presents a significant barrier to entry. Tokenization is not merely an optimization but a means to bypass traditional securities' administrative bottlenecks, offering global, 24/7 liquidity. Platforms capable of instant settlement and cross-border distribution are poised to control pricing power.