US firms and ETFs make up 91.8% of the tokenized stock market

Token Terminal data shows American equities dominate a $4.64 billion onchain market that is mostly issued offshore The tokenized stock market has a clear favorite: America. US firms and ETFs account for 91.8% of the $4.64 billion tokenized stock market, according to data from Token Terminal. The concentration tells you what buyers in this market are looking for. It also says a lot about who is building it, and from where. What the numbers show Tokenized stocks are onchain tokens that track the price of a traditional equity or ETF. Think of each one as a claim ticket for a share sitting in a brokerage account somewhere. You hold the ticket on a blockchain, while the actual share stays with a custodian. Token Terminal’s figures put the whole sector at $4.64 billion. Broader research on the market places its capitalization at approximately $4.5 billion to $4.63 billion as of late October 2026. It describes roughly 93% of that value as tied to US-listed stocks and ETFs. ETFs are a meaningful slice of that pie. They make up more than 20% of the underlying assets in the tokenized equity market. Growth has been quick. The market crossed $3 billion and then pushed past $4 billion in Octobe...