Tokenized stocks carried a combined market capitalization of $4.63 billion as of Oct. 28, 2026, according to Token Terminal data, matching the size of the stablecoin market in March 2020.
The comparison highlights both the sector's growth and the distance to stablecoins, which have since expanded to roughly $297 billion.
From under $1 billion to $4.63 billion
A tokenized stock is a blockchain token designed to track the price of a share or fund, offering equity exposure that can move on crypto rails around the clock. The sector started 2026 with a market cap below $1 billion, cleared $3 billion by early September and reached $4.63 billion about eight weeks later.
Issuer and chain concentration
Three issuers account for about 81% of the market: Binance's bStocks, Ondo Global Markets and Backed Finance's xStocks.
BNB Chain holds the largest share of tokenized stock value, with its share ranging from 30% to 47% depending on the snapshot. Ethereum and Solana rank behind BNB Chain.
The underlying assets are mixed. ETFs make up the largest slice, with tokenized ETF value ranging between $700 million and $1.1 billion. Individual names on the leaderboard include Circle (CRCL), MicroStrategy (MSTR) and SpaceX (SPCX).
Stablecoin comparison and its limits
Stablecoins were valued at approximately $4.63 billion in March 2020, the same level tokenized stocks occupy now. They have since climbed to roughly $297 billion, about a 64-fold increase.
The two sectors address different needs. Stablecoins provided crypto traders with an on-chain dollar substitute, while tokenized stocks aim to give blockchain-based access to equity exposure.
What the numbers show
At $4.63 billion, tokenized stocks remain a small fraction of the traditional equity markets they reference.
Concentration is a risk to watch. With about 81% of the market split among three issuers, investors are heavily exposed to how those firms custody assets, handle redemptions and navigate regulators.
BNB Chain's share has swung between 30% and 47%, so its lead appears real but not permanent. ETFs leading the pack suggests buyers want broad exposure rather than only single-stock bets.
