On-chain equities have grown from under $1 billion at the start of 2026, and the stablecoin comparison sets a high bar
Tokenized stocks now carry a combined market cap of $4.63 billion, according to Token Terminal data as of October 28, 2026. That figure lines up with where stablecoins stood in March 2020.
Stablecoins have since grown to roughly $297 billion, which means tokenized equities are being measured against one of crypto’s most successful growth stories.
From under $1 billion to $4.63 billion in ten months
A tokenized stock is a blockchain token built to track the price of a share or fund. Think of it as a digital receipt for equity exposure that can move around the clock on crypto rails, rather than waiting for a brokerage to open on Monday morning.
The sector began 2026 with a market cap under $1 billion. It cleared $3 billion by early September. Roughly eight weeks later, it reached $4.63 billion.
The growth is also concentrated. Three issuers hold about 81% of the market: Binance’s bStocks, Ondo Global Markets and Backed Finance’s xStocks.
BNB Chain leads, Ethereum and Solana follow
On the infrastructure side, BNB Chain holds the largest share of tokenized stock value. Depending on the snapshot, its share has ranged from 30% to 47%.
Ethereum and Solana rank behind BNB Chain.
The underlying assets are mixed. Exchange-traded funds 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).
The stablecoin comparison, and its limits
The March 2020 benchmark is the headline grabber. Back then, stablecoins were valued at approximately $4.63 billion, the same level tokenized stocks occupy today.
Stablecoins have since climbed to roughly $297 billion. That is about a 64-fold increase from that starting point.
Stablecoins solved a basic problem: crypto traders needed a dollar substitute that lived on-chain. Tokenized stocks are trying to solve a different one, giving people blockchain-based access to equity exposure.
What this means for investors and issuers
At $4.63 billion, tokenized stocks remain a sliver of the traditional equity markets they reference.
Concentration is the risk worth watching. 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 looks real but not permanent.
ETFs leading the pack, at $700 million to $1.1 billion, suggests buyers want broad exposure rather than only single-stock bets.
