Circle’s tokenized CRCL stock leads market with $385.7M cap after 2,961% growth

Circle built its business on putting dollars onto blockchains. Now its own stock is getting the same treatment, and it didn’t have to lift a finger. Tokenized versions of Circle Internet Group’s shares (NYSE: CRCL) remain the largest tokenized stock on the market, with a combined market capitalization of $385.7 million. Token Terminal data released on October 25, 2026 puts the year-over-year growth at 2,961%. The details: who’s minting CRCL on-chain Tokenized stocks work a bit like a coat check ticket. Someone hands a real share to a custodian, and a token representing that share gets issued on a blockchain. The token can then be traded, lent, or plugged into DeFi apps. In this case, the tokens are designed to be backed 1:1 by underlying NYSE shares held with regulated custodians. Each token is meant to correspond to one real share sitting in a vault somewhere. Estimates of the total tokenized CRCL market cap ranged from about $373 million to $393 million through mid-to-late October 2026. The $385.7 million figure sits comfortably inside that band. Three issuers dominate the supply. Binance’s bStocks platform (CRCLb), xStocks (CRCLx), and Ondo (CRCLon) together account for roughly ...