Circle Internet Group’s tokenized stocks add $48M in market cap in a single week

Three tokenized products tracking Circle Internet Group stock collectively gained $47.6 million in market capitalization over the past week. The growth was spread fairly evenly across three platforms. CRCLon, issued by Ondo Finance, led with $17.1 million in new market cap. Binance’s bStocks variant, CRCLb, added $16.2 million. And CRCLx, built on the xStocks platform by Backed, contributed $14.3 million. What tokenized stocks actually are Tokenized equities work like wrappers around real shares. Each token is backed 1:1 by an underlying share of CRCL held with a regulated custodian. Buyers don’t own the stock directly. They own a digital claim on it, which trades on blockchain rails instead of through a traditional brokerage. The tokens can be split into fractions, moved across wallets, and, in permitted jurisdictions outside the US, plugged directly into DeFi protocols. Roughly $2.9 million in CRCLx tokens have already been deployed into DeFi protocols like Raydium and Kamino. Holders aren’t just sitting on tokenized equity. They’re using it as collateral, providing liquidity, and earning yield on what is functionally a stock position. Each of the three products launched at diffe...