Tokenized stocks reached a combined market capitalization of $4.63 billion on October 28, 2026, up from less than $1 billion at the start of the year, according to Token Terminal. Three issuers, Binance’s bStocks, Ondo Global Markets and Backed Finance’s xStocks, account for about 81% of the market, while BNB Chain holds between 30% and 47%, ahead of Ethereum and Solana. Tokenized ETFs make up the largest category, with a value ranging from $700 million to $1.1 billion, and names such as Circle, MicroStrategy and SpaceX rank among the leaders. Stablecoins, valued at about $4.63 billion in March 2020, have since grown to roughly $297 billion, while tokenized stocks remain a small fraction of traditional equity markets.
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