Tokenized stock market hits $4.64 billion led by US assets, Token Terminal reports
The tokenized stock market has reached a combined market capitalization of $4.64 billion, matching the size of the stablecoin sector in March 2020, with U.S. assets accounting for 91.8% of the total.
The combined market capitalization of tokenized stocks reached $4.64 billion as of late October 2026, according to data from Token Terminal. The milestone puts tokenized equities at the same valuation stablecoins passed in March 2020 before that sector expanded 64-fold to roughly $296 billion. Earlier data compiled by Token Terminal on October 27 had pegged the market cap at $4.63 billion.[7][5][3][8]
U.S.-based assets dominate the sector, representing 91.8% of the tokenized equity market. U.S.-listed stocks lead with $3.07 billion (66.2%), followed by U.S. exchange-traded funds at $1.13 billion (24.3%) and U.S. private companies such as OpenAI at $59.1 million (1.3%). Non-U.S. stocks and baskets account for the remaining $380 million, with Token Terminal noting that tokenized offerings primarily give offshore investors direct exposure to U.S. companies.[2][6][9]
Most tokenized equities rely on a stablecoin-style structure, where a third-party issuer holds shares with a custodian and mints backed tokens. These collateralized tokens represent 86.5% ($4.01 billion) of the ecosystem, while issuer-sponsored shares total 6.5% ($300 million) and synthetic and other tokens account for 7.0% ($325 million). Market issuance remains heavily concentrated, with Binance ($1.36 billion), Ondo ($1.33 billion), and xStocks ($1.08 billion) jointly controlling 81.2% of total supply.[1][4][7]
Key facts
- The tokenized stock market reached a market capitalization of $4.64 billion, matching the size of the stablecoin market in March 2020.
- Stablecoins have grown 64-fold since March 2020, reaching $296 billion.
- U.S. firms and ETFs account for 91.8% of the tokenized equity market, comprising $3.07 billion in U.S. stocks, $1.13 billion in U.S. ETFs, and $59.1 million in private companies such as OpenAI.
- Non-U.S. stocks and baskets represent $380 million of the tokenized market.
- Collateralized tokens make up 86.5% ($4.01 billion) of tokenized equities, compared to 6.5% ($300 million) for issuer-sponsored shares and 7.0% ($325 million) for synthetic and other tokens.
- In the collateralized model, a third-party issuer stores underlying shares with a custodian and issues tokens backed by them.
- Three issuers account for 81.2% of the tokenized stock market: Binance with $1.36 billion, Ondo with $1.33 billion, and xStocks with $1.08 billion.
Sources · 4 sources
- TT
Token Terminal 📊@tokenterminalPost on X ·
Collateralized tokens are 86.5% of tokenized stocks Issuer-sponsored shares are 6.5%, and synthetic and other tokens are 7.0% In the collateralized model, a third-party issuer holds the shares with a custodian and issues tokens backed by them https://t.co/gN7Zd8Djw7
Open source - TT
Token Terminal 📊@tokenterminalPost on X ·
91.8% of tokenized stocks track U.S. firms or ETFs U.S.-listed stocks are 66.2%, ETFs 24.3%, and private companies such as OpenAI 1.3% Tokenized stocks give investors outside the U.S. exposure to U.S. companies https://t.co/Eygmf1Fnjj
Open source - CB
Crypto BriefingArticle ·
Tokenized stocks hit $4.63 billion, matching stablecoins’ March 2020 size The rapid growth of tokenized stocks highlights a shift towards blockchain-based equity access, but market concentration poses significant risks. The post Tokenized stocks hit $4.63 billion, matching stablecoins’ March 2020 size appeared first on Crypto Briefing .
Open source - CB
Crypto BriefingArticle ·
Collateralized tokens account for 86.5% of tokenized stocks The dominance of collateralized tokens highlights regulatory advantages but raises concerns about investor rights and market concentration risks. The post Collateralized tokens account for 86.5% of tokenized stocks appeared first on Crypto Briefing .
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🔥 HUGE: Tokenized stocks have climbed to a $4.63B market cap, the same level stablecoins hit in March 2020 before growing 64x to $297B, per Token Terminal. https://t.co/FAwfhFWkhA
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🇺🇸 LATEST: U.S. firms and ETFs account for 91.8% of the $4.64 billion tokenized stock market, according to Token Terminal. https://t.co/bIKGrbMWVl
Open source - TT
Token Terminal 📊@tokenterminalPost on X ·
Tokenized stocks hit $4.64B, stablecoins' 2020 level Stablecoins passed this level in March 2020 and have grown 64x since Most tokenized stocks use the stablecoin model, where a U.S. asset is held in custody and issued as a token https://t.co/B49mSLcmjK
Open source - CO
CoinGape@CoinGapeMediaPost on X ·
🔥 HUGE: Tokenized stocks hit a $4.63B market cap! That’s the same level stablecoins reached in March 2020, before surging 64x to $297B, according to Token Terminal. Could tokenized equities be next? 🚀 https://t.co/PaS9ARCLOj
Open source - CB
Crypto BriefingArticle ·
US firms and ETFs make up 91.8% of the tokenized stock market The dominance of US assets in the tokenized stock market highlights potential concentration risks and regulatory challenges in global finance. The post US firms and ETFs make up 91.8% of the tokenized stock market appeared first on Crypto Briefing .
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