Nearly 91% of tokenized stocks are issued outside the US, with Jersey, ADGM and BVI in front

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...