Tokenized Exposure to Circle Internet Group Reaches $345 Million

Tokenized exposure to Circle Internet Group (NYSE: CRCL) has climbed significantly, estimated at approximately $314 million to $345 million as of early to mid-October 2026. This represents about 1.7% of the company's equity market cap, which is valued at around $20 billion to $21 billion. The rise in tokenized equities positions Circle among the most heavily tokenized public companies.

Who is Minting Circle on-chain?

The tokens representing Circle's stock are issued by several third-party platforms, each with unique ticker suffixes. Notably, Ondo Finance offers CRCLon, which holds around $98 million in exposure, while Binance's bStocks product, known as CRCLb, accounts for approximately $110–119 million, making it the largest single contributor. Backed Finance's xStocks platform issues CRCLx, which has also seen considerable trading volume in decentralized finance.

Functionality of Tokenized Stocks

These tokenized products allow for continuous trading, enabling holders to access price exposure to Circle's shares without being traditional shareholders. They automatically handle corporate actions like dividends, with some products reinvesting dividends seamlessly. Primarily targeting non-US investors, these tokens provide a way to engage with US-listed companies through crypto wallets.

Market Context

The broader market for tokenized equities has reached an estimated $3.1 billion to $4.87 billion in assets under management, with on-chain trading volumes surpassing $15 billion. Circle's share of this market is notable, especially given the increasing popularity of tokenized stocks.

Implications for Investors and Issuers

Investors must consider which token variant they hold, as CRCLon, CRCLb, and CRCLx each have different backing and redemption processes. The competition among issuers like Ondo, Binance, and Backed highlights the evolving landscape of tokenized equities, with Binance's distribution advantage contributing to CRCLb's recent success in market cap growth.

New Insights from Token2049

At Token2049 in Singapore on October 7, 2026, Jesse Pollak, creator of Coinbase's Base network, predicted a tokenization supercycle focusing on tokenized equities and non-dollar stablecoins.

Coinbase launched 1:1-backed tokenized equities on Base in August 2026, featuring stocks like Nvidia, Meta, Apple, and Google. These tokens trade 24/7, unlike traditional stock markets.

As of early October 2026, daily trading volume for tokenized equities on Base exceeded $100 million, indicating strong market demand.

Pollak also highlighted plans for portfolio-backed borrowing, allowing users to leverage their tokenized equity holdings as collateral for stablecoin loans, targeting a loan-to-value ratio of 30-40%.

This strategic pivot for Base from consumer apps to financial infrastructure positions it against competitors like Robinhood and Kraken in the tokenized asset space.

New Insights on Tokenization Supercycle

Jesse Pollak, the creator of Coinbase’s Ethereum layer-2 network Base, has predicted a "tokenization supercycle" driven by tokenized equities and non-dollar stablecoins. This forecast follows the recent activation of Base’s Cobalt upgrade, which introduces issuer controls for tokenized assets.

In September 2026, tokenized equities reached a record high of $4.87 billion, indicating a significant surge in this market segment. Despite the growth of tokenized equities, non-dollar stablecoins currently represent a minor portion of the market compared to dollar-pegged stablecoins.

Market participants are expected to closely watch developments around Base, particularly regarding any announcements related to a token launch. Key indicators such as strategic partnerships, regulatory approvals, and ecosystem expansions could signal a positive outcome for Base launching a token by December 2026.