Tokenized stocks hit $4.63 billion, matching stablecoins’ March 2020 size

On-chain equities have grown from under $1 billion at the start of 2026, and the stablecoin comparison sets a high bar Tokenized stocks now carry a combined market cap of $4.63 billion, according to Token Terminal data as of October 28, 2026. That figure lines up with where stablecoins stood in March 2020. Stablecoins have since grown to roughly $297 billion, which means tokenized equities are being measured against one of crypto’s most successful growth stories. From under $1 billion to $4.63 billion in ten months A tokenized stock is a blockchain token built to track the price of a share or fund. Think of it as a digital receipt for equity exposure that can move around the clock on crypto rails, rather than waiting for a brokerage to open on Monday morning. The sector began 2026 with a market cap under $1 billion. It cleared $3 billion by early September. Roughly eight weeks later, it reached $4.63 billion. The growth is also concentrated. Three issuers hold about 81% of the market: Binance’s bStocks, Ondo Global Markets and Backed Finance’s xStocks. BNB Chain leads, Ethereum and Solana follow On the infrastructure side, BNB Chain holds the largest share of tokenized stock value....