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Tokenized stock market hits $3.91 billion after 842% surge, CoinShares report finds

Tokenized equities surged 842% year-over-year to reach a $3.91 billion market capitalization as non-U.S. investors sought access to U.S. equities via blockchain, according to a CoinShares report.

A line chart titled Exhibit 3 Tokenised stock market cap showing daily market capitalization growth from September 2023 to $3.91 billion by September 30, 2026.
Image: @Cointelegraph

CoinShares has released its latest Hybrid Finance quarterly report examining tokenized stocks, identifying them as the fastest-growing real-world asset (RWA) sector. Produced with Token Terminal as its data partner, the research outlines how the market operates, breaks down the key participants across each layer, and assesses the primary drivers behind the sector's growth.[3]

According to the report, tokenized stocks surged 842% year-over-year to reach a market capitalization of $3.91 billion as of September 30, 2026. Token Terminal data tracking daily market capitalization from September 26, 2023, shows that the vast majority of the sector's growth unfolded over the final year of that period.[2]

The rapid increase highlights an expanding global appetite among non-U.S. investors seeking on-chain exposure to U.S. equities. However, the report also warned that custody concentration poses substantial risks for the market.[1]

Key facts

  • Tokenized stocks grew 842% year-over-year to reach a $3.91 billion market cap as of September 2026.
  • CoinShares named tokenized stocks the fastest-growing real-world asset (RWA) sector in its Hybrid Finance quarterly report.
  • Token Terminal partnered with CoinShares to provide data for the report.
  • The surge was fueled by non-U.S. investors seeking exposure to U.S. equities through blockchain technology.
  • The report warned that custody concentration creates significant risks in the tokenized stock sector.
  • Token Terminal's daily market cap tracking for tokenized equities covered September 26, 2023, to September 30, 2026.

Sources · 3 sources

  1. CB

    Crypto BriefingArticle ·

    CoinShares report shows tokenized stocks up 842% as non-US investors pile in The surge in tokenized stocks highlights a growing global interest in US equities via blockchain, but custody concentration poses significant risks. The post CoinShares report shows tokenized stocks up 842% as non-US investors pile in appeared first on Crypto Briefing .

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  2. CO

    Cointelegraph@CointelegraphPost on X ·

    🚨️️ JUST IN: Tokenized stocks surged 842% year-over-year to a $3.91 billion market cap as of September 2026, according to a CoinShares and Token Terminal report. https://t.co/CSXdxM0aqH

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  3. TT

    Token Terminal 📊@tokenterminalPost on X ·

    CoinShares’ latest Hybrid Finance quarterly report examines tokenised stocks, the fastest-growing RWA sector. With Token Terminal as data partner, the report provides an in-depth analysis of how the market works, the key players at each layer, & the factors shaping its growth. https://t.co/LoOezGUFYI

    Open source