The number of tokenized stocks and ETFs worth more than $1 million rose from 3 in January 2025 to 348. Total market capitalization reached approximately $4.67 billion, spread across 3,867 assets and 6,899 products issued by 12 entities across 18 blockchain networks. Binance through bStocks, Ondo Finance, and Backed Finance dominate the market with capitalizations of roughly $1.6 billion, $1.29 billion, and $1.12 billion, respectively, while BNB Chain accounts for about 41% of the market. US assets represent approximately 92% to 94% of tokenized value, but the sector still covers only 0.0038% of the equity markets it mirrors. Its rapid growth remains constrained by fragmented liquidity, issuer concentration, and heavy reliance on US regulations.
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