The count of tokenized stocks and ETFs worth more than $1 million has risen from 3 in January 2025 to 348, according to market data. The $1 million threshold is significant because it filters out tokens with negligible value, indicating that these products have attracted meaningful capital.
From a handful to hundreds
Total market capitalization for tokenized stocks and ETFs reached approximately $4.67 billion as of November 3, 2026. That value is spread across 3,867 tokenized assets and 6,899 products, issued by 12 different issuers operating across 18 blockchain networks.
The growth in dollar terms has been steep. The market sat at roughly $32 million in January 2025, crossed $1 billion by late 2025, and reached somewhere in the $3 to $4.7 billion range by late 2026.
Who is doing the minting
Three issuers dominate the market. Binance’s bStocks leads with roughly $1.6 billion, or about 34% of market share. Ondo Finance follows with around $1.29 billion, or 28%. Backed Finance holds about $1.12 billion, or 24%.
On the infrastructure side, BNB Chain is the leading network, accounting for about 41% of network share. That aligns with Binance’s bStocks sitting at the top of the issuer table.
The assets being tokenized are overwhelmingly American. US equities and ETFs make up approximately 92 to 94% of tokenized value.
A big number that is still tiny
Despite the growth, tokenized stocks represent approximately 0.0038% of the underlying equity markets they mirror. The holder base has grown into the millions, suggesting demand is not limited to a handful of crypto-native funds.
Tokenized versions of stocks can offer features such as round-the-clock trading, on-chain transparency, and the ability to plug equity exposure into decentralized finance applications.
What this means for the market
Fragmentation is a clear issue. The same stock can be tokenized by multiple issuers across multiple chains, which splits liquidity into smaller pools.
Concentration is another concern. With three issuers holding the bulk of the market and one chain holding about 41% of network share, any operational or regulatory hiccup at a top player could ripple across the whole sector. The heavy tilt toward US equities also ties the sector’s fortunes closely to how American regulators treat these products.
The 0.0038% penetration figure is the number to keep in mind. The sector has proven it can grow fast from a tiny base.
