Offshore issuers account for 90.8% of the tokenized stock market’s capitalization, compared with 8.6% for US issuers, even though US-listed stocks and ETFs represent 95% of the market’s value. Jersey, Abu Dhabi Global Market (ADGM), and the British Virgin Islands account for most issuance, with capitalization shares ranging from 26.3% to 29%. Ondo in the British Virgin Islands, xStocks in Jersey, and Binance’s bStocks in ADGM are the flagship products associated with these three jurisdictions. Tokens issued offshore generate approximately 99% of on-chain trading volume, while total market capitalization reached between $3.7 billion and $4.6 billion by late October 2026. This offshore concentration creates dependency risk, and token holders’ legal rights depend on the special-purpose vehicles and the laws applicable in each jurisdiction.
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