Tokenized stocks just crossed a threshold that would have seemed ambitious two years ago. The sector hit a record market cap of $2.3 billion around mid-July 2026, according to data from Token Terminal, nearly doubling since March 2026 when the total first cleared $1 billion.
Who’s building it and where it lives
Ethereum leads the chain-level race with 34% of tokenized stock market share, followed closely by BNB Chain at 30% and Solana at 23%.
On the issuer side, Ondo Finance sits at the top with $955 million in onchain equities, making it by far the largest single player in the space. Kraken’s xStocks product holds $507 million, and Binance’s bStocks rounds out the top three at $334 million.
Kraken’s xStocks launched in April 2025, and cumulative trading volume on the platform exceeded $25 billion within eight months of launch.
