Tokens backed by shares held by a custodian dominate the tokenized stock market, accounting for 86.5% of the market. Issuer-sponsored shares represent 6.5%, while synthetic and other tokens make up the remaining 7%. The market was valued at approximately $3.5 billion to $3.8 billion in late October 2026 and had between 3.77 million and 5.3 million holders. Alpaca custodied about 83.5% of the underlying shares, while use of these tokens in lending and decentralized finance remained limited to between 2% and 7% of total supply.
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