Circle stock leads tokenized equity market with $306M in deployments

Circle Internet Group went public on the New York Stock Exchange, and then immediately became one of the most tokenized stocks on the planet. The 20 largest tokenized deployments of Circle’s shares total $305.5 million in combined market cap, putting the USDC issuer at the front of a tokenized equity market that has grown from an afterthought into a multi-billion-dollar arena in under two years. For context on how fast this space is moving: the entire tokenized equities market sat below $20 million in late 2024. By early September 2026, it had crossed $3.1 billion, an all-time high. The tokenized CRCL landscape Three tokenized Circle share products are doing the heaviest lifting. CRCLon, issued by Ondo Finance, carries a market cap ranging between $101 million and $154 million depending on the snapshot. CRCLB, tied to Binance, sits at roughly $119 million. CRCLx from Backed Finance is smaller but has been actively deployed into DeFi protocols, with approximately $2.9 million deployed by mid-August 2026. The momentum across these three products has been notable. In one recent period, the trio collectively added $36.9 million in market cap, a figure that would have represented nearly...