Key Highlights
- Tokenized stocks reached an all-time high of $3.1 billion in onchain market capitalization, according to Token Terminal.
- BNB Chain leads with $1.0 billion, or 32.7% of the market, followed by Ethereum at $770.1 million and Solana at $715.9 million.
- The expansion comes amid growing institutional and retail interest in tokenized equities, alongside evolving regulatory discussions around blockchain-based securities.
Tokenized stocks have reached a new all-time high of $3.1 billion in onchain market capitalization, according to data released by Token Terminal. The total reflects growth of 113,876.7 percent from earlier levels.
In an X post on September 5, Token Terminal mentioned that BNB Chain accounts for the largest share, with $1.0 billion in tokenized stocks issued on the network, representing 32.7 percent of the overall market. Ethereum follows with 25.0 percent, equivalent to $770.1 million, while Solana holds 23.3 percent, or $715.9 million.
Avalanche and Arbitrum One each represents 6.2 percent of the market, with Avalanche at $190.9 million and Arbitrum One at $189.6 million. Robinhood Chain accounts for 4.6 percent, or $140.1 million. Smaller shares are recorded on Base at $20.0 million, Stellar at $17.1 million, Ink at $11.9 million, and Polygon at $10.4 million, with the remainder distributed across other networks tracked by Token Terminal.
A chart tracking market capitalization by chain from the start of 2024 through mid-2026 shows the aggregate value rising from near zero to the current $3.1 billion level, with the majority of the increase occurring during 2025 and 2026.
Distribution among issuers
Token Terminal data covering 23 issuers shows Ondo Finance accounting for the largest share at $946.8 million, or 30.8 percent of the total. xStocks follows with $692.7 million, representing 22.5 percent, while Binance bStocks accounts for $678.2 million, or 22.0 percent. Securitize holds $192.0 million, or 6.2 percent.
Robinhood is listed at $167.0 million, or 5.4 percent, and Reality at $150.1 million, or 4.9 percent. Republic accounts for $74.7 million, Superstate for $46.4 million, NYALA Digital for $26.9 million, and Backpack for $22.8 million, with the remaining share distributed among other issuers.
A corresponding chart of market capitalization by issuer illustrates steady expansion over the same period, with the three largest issuers comprising the majority of the $3.1 billion total.
Leading assets and underlying stocks
Among individual tokenized assets, SECZ records the highest market capitalization at $192.0 million. STRCx follows at $147.2 million, CRCLon at $123.4 million, CRCLb at $103.5 million, and CRCLx at $75.4 million. The “Other” category accounts for approximately $2.1 billion across 3,535 assets.
When measured by underlying asset, exchange-traded funds form the largest group at $647.4 million, or 21.0 percent of the market. CRCL accounts for $321.6 million, or 10.4 percent, while SECZ represents $192.0 million, or 6.2 percent. MSTR stands at $162.9 million, STRC at $162.7 million, SPCX at $128.6 million, MU at $118.6 million, TSLA at $113.7 million, NVDA at $110.9 million, and GOOGL at $105.6 million. The remaining portion, totaling $1.0 billion or 33.0 percent, is distributed across 1,573 other stocks.
Related regulatory and product developments
Ondo Finance submitted a comment letter to the U.S. Securities and Exchange Commission in response to the agency’s proposal to rescind Rules 611 and 610(e) of Regulation NMS. The letter addressed the treatment of tokenized securities and blockchain-based trading infrastructure within any revised framework for equity market rules.
Rule 611 generally prevents trading centers from executing orders at prices worse than protected quotations displayed elsewhere, while Rule 610(e) concerns restrictions on locked and crossed quotations.
In a separate development, on August 12, Crypto.com launched tokenized stocks for eligible users in the European Economic Area and other approved jurisdictions. The product provides price exposure to approximately 1,500 underlying U.S. stocks and exchange-traded funds, including Nvidia, Tesla, Apple, SPDR Gold Shares, and iShares Silver Trust. Access begins at $1 and supports fractional positions without requiring the purchase of a full share.
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