Tokenized Stocks Reach $4.63 Billion Market Cap, Mirroring Stablecoins' Growth
Tokenized stocks have surged to a combined market cap of $4.63 billion, according to data from Token Terminal as of October 28, 2026. This figure aligns with the market cap of stablecoins back in March 2020, when they were valued at approximately $4.63 billion. Since then, stablecoins have experienced remarkable growth, rising to around $297 billion.
The tokenized stock sector began 2026 with a market cap of under $1 billion and reached $3 billion by early September. In just eight weeks, it has climbed to $4.63 billion. This growth is notably concentrated, with three issuers—Binance’s bStocks, Ondo Global Markets, and Backed Finance’s xStocks—holding approximately 81% of the market share.
On the infrastructure front, BNB Chain leads the market for tokenized stocks, with its share fluctuating between 30% and 47%. Ethereum and Solana follow in market share. The underlying assets are diverse, with exchange-traded funds (ETFs) comprising the largest segment, valued between $700 million and $1.1 billion. Prominent individual stocks include Circle (CRCL), MicroStrategy (MSTR), and SpaceX (SPCX).
The comparison to stablecoins serves as a benchmark for tokenized stocks, which aim to provide blockchain-based access to equity exposure. However, at $4.63 billion, tokenized stocks still represent a small fraction of the traditional equity markets they reference. The concentration of the market among a few issuers poses risks, particularly regarding asset custody, redemption processes, and regulatory navigation.
Updated 10:31 UTC
Latest Insights from MEXC
As of October 29, 2026, MEXC has reported an 88% growth in trading volume for AI-related tokenized U.S. stocks and ETFs in September. This growth outpaces the 63% increase seen in non-AI assets.
AI-related assets now make up 48% of the total tokenized U.S. stock and ETF trading volume, up from 44% in August. Notably, trading activity has expanded beyond semiconductor stocks into sectors such as optical communications and power equipment, with all four sectors experiencing over 90% growth.
In September, semiconductor and memory-related assets accounted for 77% of the trading volume among the top 10 Stock and Index Futures, with Micron, SK hynix, and Sandisk leading the pack.
Additionally, trading volume for Pre-IPO Futures rose by 60%, while Japanese Stock Futures saw a 47% increase. MEXC has also introduced a dedicated section for Taiwanese stocks, enhancing its coverage of Asian equity markets.
MEXC continues to expand its offerings, now providing over 450 Stock and Index Futures trading pairs and more than 200 tokenized U.S. stocks, all with 0-fee trading.
Updated 10:31 UTC
Latest Insights on Tokenized Stocks
As of October 29, 2026, MEXC reports an 81% month-over-month increase in tokenized U.S. stock spot trading volume.
Trading volume for AI-related assets surged by 88%, significantly outpacing the 63% growth of non-AI assets.
AI-related assets now constitute 48% of the total tokenized U.S. stock and ETF trading volume, up from 44% in August.
In September, trading volumes in semiconductor and memory assets doubled, while optical communications and power equipment saw growth rates of 99% and 96%, respectively.
Pre-IPO Futures trading volume increased by 60%, and Japanese Stock Futures rose by 47% during the same period.
MEXC has expanded its offerings to include over 450 Stock and Index Futures trading pairs and more than 200 tokenized U.S. stocks.
CEO Vugar Usi emphasized the need for trading platforms to adapt to evolving user needs in the expanding AI-related trading market.
Updated 10:31 UTC
Latest Insights on Tokenized Stocks and AI Trading
- Tokenized US stock spot trading volume increased by 81% month over month.
- Trading volume for AI-related assets surged by 88% in September.
- Semiconductor- and memory-related assets accounted for 77% of trading volume among the top 10 Stock and Index Futures.
- AI-related assets represented 48% of tokenized U.S. stock and ETF spot trading volume, up from 44% in August.
- Trading volume in semiconductors and memory rose by 100% month over month.
- Four sectors, including optical communications and power equipment, each recorded growth of over 90% in AI trading.
- AI-related companies made up six of the top 10 most-traded tokenized US stocks and ETFs in September, accounting for 59% of the combined volume.
- Pre-IPO futures trading volume increased by 60%, while Japanese stock futures grew by 47% in September.
- MEXC introduced a dedicated section for Taiwanese stocks, expanding its coverage of Asian equity markets.
- The number of TradFi Futures trading pairs on MEXC rose by 15% month over month.
FAQ
What is the current market cap of tokenized stocks as of October 2026?
The current market cap of tokenized stocks is $4.63 billion.
How does the market cap of tokenized stocks compare to stablecoins?
The market cap of tokenized stocks mirrors the market cap of stablecoins back in March 2020, which was also approximately $4.63 billion.
Which issuers dominate the tokenized stock market?
Three issuers—Binance’s bStocks, Ondo Global Markets, and Backed Finance’s xStocks—hold approximately 81% of the market share in tokenized stocks.
What is the largest segment of underlying assets in tokenized stocks?
Exchange-traded funds (ETFs) comprise the largest segment of underlying assets in tokenized stocks, valued between $700 million and $1.1 billion.
What are the risks associated with the concentration of the tokenized stock market?
The concentration of the market among a few issuers poses risks related to asset custody, redemption processes, and regulatory navigation.
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