Token Terminal data shows American equities dominate a $4.64 billion onchain market that is mostly issued offshore
The tokenized stock market has a clear favorite: America. US firms and ETFs account for 91.8% of the $4.64 billion tokenized stock market, according to data from Token Terminal.
The concentration tells you what buyers in this market are looking for. It also says a lot about who is building it, and from where.
What the numbers show
Tokenized stocks are onchain tokens that track the price of a traditional equity or ETF. Think of each one as a claim ticket for a share sitting in a brokerage account somewhere. You hold the ticket on a blockchain, while the actual share stays with a custodian.
Token Terminal’s figures put the whole sector at $4.64 billion. Broader research on the market places its capitalization at approximately $4.5 billion to $4.63 billion as of late October 2026. It describes roughly 93% of that value as tied to US-listed stocks and ETFs.
ETFs are a meaningful slice of that pie. They make up more than 20% of the underlying assets in the tokenized equity market.
Growth has been quick. The market crossed $3 billion and then pushed past $4 billion in October 2026. Some tracked segments have grown around 8x year over year.
Usage is showing up beyond simple holding, too. Total DeFi deposits tied to the sector recently approached $300 million, and holder counts across tokenized stocks are reported to be in the millions.
American stocks, offshore wrappers
Here is where the story gets more interesting. The underlying assets are mostly American, yet the products are mostly not.
Non-US issuers account for around 90% of tokenized stock issuance and market cap. In other words, the market is selling US equity exposure, but it is largely being packaged outside the US.
Three names lead the field. Binance-linked bStocks holds an estimated market share of about 32%. Ondo Finance sits at roughly 29%, and Backed Finance’s xStocks holds about 24%. Together, that trio controls the large majority of the sector.
Then comes the twist that ties it back home. Alpaca, a US-based broker-dealer, custodies an estimated 83% to 94% of the underlying shares behind tokenized stocks.
So the setup runs like this. American companies supply the assets, offshore issuers build the tokens, and a single American broker-dealer holds most of the real shares.
A small market next to a giant one
For all the growth, perspective helps. The traditional equities market is valued at approximately $150 trillion.
What this means for the market
The first takeaway is concentration risk, and it shows up in several layers. Three issuers dominate supply, and one custodian holds most of the underlying shares.
Alpaca’s position matters most here. When one broker-dealer holds somewhere between 83% and 94% of the backing shares, its operational health becomes the sector’s health.
The second takeaway is regulatory. US assets packaged mostly by non-US issuers is a structure that exists for a reason. It lets offshore platforms offer American equity exposure to users who may not have easy access to US brokerages.
The third takeaway is about demand. The 91.8% figure is effectively a vote by global crypto users on which assets they want onchain. They did not pick a broad mix of international equities. They picked American companies and American ETFs, by a wide margin.
The things worth watching are straightforward. Does market share stay concentrated among bStocks, Ondo, and xStocks, or do new issuers break in? Does custody stay with Alpaca, or spread across more providers? And does the US share of the market hold near the 90% range as the sector grows past its current size?
