Key Highlights
- BNB Chain ranked first with $1.2 billion in tokenized stocks, representing 32.4% of the market.
- Ethereum held $828.8 million, or 21.5%, while Solana accounted for $733.3 million, or 19%.
- Together, BNB Chain, Ethereum, and Solana represented approximately 72.9% of the total market.
Tokenized stocks reached a market capitalization of $3.9 billion, according to data from Token Terminal, marking a reported increase of 91,735.3%. BNB Chain, Ethereum, and Solana together accounted for approximately 72.9% (73%) of the market.
According to Token Terminal data (on October 12 at 1:45 PM UTC), BNB Chain held the largest share at $1.2 billion, or 32.4% of the total. Ethereum followed with $828.8 million, representing 21.5%, while Solana ranked third at $733.3 million, or 19.0%.
Avalanche ranked fourth with $355.6 million, or 9.2%. X Layer held $253.2 million, equal to 6.6%, while Arbitrum One recorded $196.2 million, or 5.1%. Robinhood Chain accounted for $138.8 million, or 3.6%, followed by Base at $43.3 million, or 1.1%. Ink held $23.1 million, or 0.6%, while Stellar recorded $17.1 million, or 0.4%. Other chains collectively accounted for $17.2 million, also 0.4%. The data covered 18 chains.
The market capitalization chart shows growth beginning in mid-2025 and accelerating through early 2026, with the sharpest increase occurring in the months leading to the latest reading.
Market cap by asset
According to data from Token Terminal (on October 12 at 1:45 PM UTC), SECZ led individual assets with a market capitalization of $357.6 million, or 9.3% of the total. CRCLb followed at $154.4 million, or 4.0%, while STRCx held $149.4 million, or 3.9%. MSTRx stood at $116.0 million, or 3.0%. CRCLon recorded $104.1 million, or 2.7%, while MSTRb held $102.0 million, or 2.6%. CRCLx accounted for $91.0 million, or 2.4%, followed by SPCXb at $87.1 million, or 2.3%. STRCon held $72.2 million, or 1.9%, while TSLAx recorded $71.3 million, or 1.8%.
All other assets combined totaled $2.5 billion, representing 66.1% of the market. The data covered 5,334 assets. The market capitalization chart for assets showed a similar trajectory of growth from mid-2025 onward, with the majority of the increase concentrated in 2026.
Regulatory and market developments
The growth in tokenized stocks comes amid development in tokenized securities worldwide.
On October 1, 2026, South Korea’s Financial Services Commission proposed new rules to bring tokenized securities into regulated financial markets. The proposed revisions cover the Financial Investment Services and Capital Markets Act and the Electronic Registration Act.
The framework would permit traditional securities, including stocks, bonds, and funds, to be issued and circulated in tokenized form. It would also apply to certain fractional investment securities. The rules are scheduled to take effect on February 4, 2027, following a public comment period from October 2 to November 11, 2026, and the required approval process.
Coinbase’s tokenized U.S. stocks became available as collateral in an Aave V4 lending market on Base. The September 25 announcement said eligible non-U.S. users could borrow USDC against seven tokenized equities: AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, and TSLAc.
USDC was the only borrowable asset at launch, while the tokenized stocks could only be supplied as collateral. The market operated through Aave’s dedicated Equities Hub on Base, separate from its other lending markets.
Meanwhile, Ethena, the issuer of the yield-bearing synthetic dollar USDe, expanded its basis-trading strategy to include an equity-focused approach through Binance. In a September 25 post on X, Ethena stated that bStocks would serve as tokenized spot collateral while corresponding USDT-denominated equity perpetuals on Binance would be used to hedge the positions. Allocations began on September 25. The structure extended the delta-neutral approach previously applied across crypto markets into tokenized equities.
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