Only 10.7% of tokenized stock market cap is issuer-sponsored

Tokenized stocks have a sizable market now. Most of it, though, is not actually stock. According to Token Terminal data from October 17, 2026, about 10.7% of tokenized stock market value comes from issuer-sponsored shares. The other 89.3% is synthetic: wrappers and Special Purpose Vehicles that track a stock’s price without being the stock itself. What the numbers show Token Terminal puts the total tokenized stock market at approximately $3.7–3.8 billion. That figure covers both camps: shares companies tokenize themselves and products built by third parties. Two very different products share the same label. A synthetic token gives you price exposure. An issuer-sponsored token aims to give you the equity itself, with standard shareholder rights like voting and dividends attached. The synthetic side has its own heavyweights. Ondo Global Markets and Binance’s bStocks are among the major players credited with driving the sector’s rapid growth. Custody is also heavily concentrated. Alpaca serves as custodian for about 83.5% of the tokenized stock market, including synthetics issued offshore. Securitize and Superstate push the issuer model Securitize has been the most active name on the ...