Offshore issuers dominate a tokenized equity market that mostly tracks American stocks and ETFs
Tokenized stocks are mostly a bet on American companies. They are just not being built in America.
Non-US issuers account for 90.8% of tokenized stock market capitalization, while US issuers hold 8.6%. That is a lopsided split for a product category whose underlying assets are overwhelmingly US-listed.
Three offshore jurisdictions are doing most of the work: Jersey, the British Virgin Islands (BVI), and Abu Dhabi Global Market (ADGM). Together, they account for the majority of issuance.
Who is issuing, and where
Research covering mid-to-late October 2026 puts the non-US share in a range of approximately 90.4% to 90.8% of total market cap. The US share lands somewhere between approximately 8.6% and 10.7%, depending on the measure.
Jersey ranks first by market value, with a share of around 27% to 29%. ADGM follows at roughly 27.4%, and BVI comes in at about 26.3%.
Each hub has a flagship product attached to it. Ondo is tied to the BVI, xStocks operates out of Jersey, and Binance’s bStocks sits in ADGM. These products were primarily launched and approved in 2026.
Trading activity tilts even further offshore. Offshore-issued tokens account for approximately 99% of on-chain trading volume.
How big the market has gotten
Total tokenized stock market capitalization reached between $3.7 billion and $4.6 billion by late October 2026, with one estimate placing it at $4.63 billion. About 95% of that value tracks US-listed stocks and ETFs.
The mechanics explain a lot. Offshore special purpose vehicles, or SPVs, typically back each token 1:1 with US shares or ETFs held in custody. Token holders’ legal claims run to the SPV and the jurisdiction it sits in, rather than representing direct ownership of the stock itself.
Why offshore wins
The research points to two main draws for offshore structures: faster regulatory pathways and broader reach to non-US investors.
The research frames this as a practical migration of capital toward jurisdictions with more favorable crypto and financial rules.
What this means
The most immediate takeaway is concentration risk. With three jurisdictions and a handful of issuers controlling most of the market, a regulatory or operational problem in any one of them could ripple across the whole ecosystem.
For holders, the SPV structure deserves real attention. A tokenized share looks and trades like exposure to a US stock, but the legal claim is shaped by Jersey, BVI, or ADGM law and by the specific issuer’s arrangements.
American issuers hold a small fraction of a market that is, by value, about 95% American stocks and ETFs. That gap is a striking feature of the current landscape and a clear indicator of where regulatory friction sits today.
