Tokenized stocks now carry a combined market cap of $4.63 billion, the same level stablecoins held in March 2020. Three issuers hold about 81% of the market, and BNB Chain holds the largest share of tokenized stock value.
Tokenized stocks reached a combined market cap of $4.63 billion, according to Token Terminal data as of October 28, 2026. That matches where stablecoins stood in March 2020.
Stablecoins have since grown to roughly $297 billion, about a 64-fold increase from that starting point. Tokenized equities are being measured against one of crypto's most successful growth stories.
Sector grows from under $1 billion in 2026
A tokenized stock is a blockchain token built to track the price of a share or fund. It can move around the clock on crypto rails.
The sector began 2026 under $1 billion. It cleared $3 billion by early September, then reached $4.63 billion roughly eight weeks later.
The growth is concentrated, however. Three issuers hold about 81% of the market: Binance's bStocks, Ondo Global Markets and Backed Finance's xStocks.
BNB Chain leads, Ethereum and Solana follow
BNB Chain holds the largest share of tokenized stock value. Depending on the snapshot, its share has ranged from 30% to 47%. Ethereum and Solana rank behind it.
The underlying assets are mixed. Exchange-traded funds make up the largest slice, with tokenized ETF value ranging between $700 million and $1.1 billion. Individual names on the leaderboard include Circle (CRCL), MicroStrategy (MSTR) and SpaceX (SPCX).
Concentration and scale remain limits
At $4.63 billion, tokenized stocks remain a sliver of the traditional equity markets they reference. Because about 81% of the market sits with three issuers, investors are exposed to how those firms custody assets, handle redemptions and navigate regulators.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
