US companies and exchange-traded funds account for 91.8% of a tokenized stock market valued at $4.64 billion, according to Token Terminal. The market surpassed $3 billion before climbing above $4 billion in October 2026, while decentralized finance deposits linked to the sector approached $300 million. Despite the dominance of US assets, around 90% of issuance and market capitalization comes from issuers established outside the country. bStocks, Ondo Finance and xStocks together control roughly 85% of the market, while Alpaca is estimated to custody 83% to 94% of the underlying shares. This structure creates substantial concentration risk across issuance, custody and regulation.
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