According to Token Terminal data from October 17, 2026, only 10.7% of the tokenized stock market value comes from issuer-sponsored shares, while 89.3% is synthetic. The total tokenized stock market is valued at approximately $3.7 to $3.8 billion. Alpaca custody accounts for about 83.5% of this market. Securitize, the most active issuer on the sponsor side, added over $250 million to the market cap in the 30 days leading to late September 2026 and launched its Convertible Entitlement Token program on October 8, 2026. This synthetic dominance reflects the technical simplicity of wrapping stocks compared to the legal complexity of convincing public companies to tokenize their own shares.
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