Jersey, BVI and UAE dominate the tokenized stock market

Most tokenized stock market value traces back to three places. Not Wall Street, not London, and not Silicon Valley, but Jersey, the British Virgin Islands and the UAE. As of mid-September 2026, the dominant issuers of tokenized equities, including Ondo, Kraken’s xStocks and Binance bStocks, account for approximately 81% of total distributed tokenized equity value. That total sits at around $2.93 billion. This matters because tokenized stocks are among the fastest-growing corners of the real-world asset (RWA) trade. Where the products are legally housed shapes who regulates them, who can buy them, and what happens when something breaks. Where the tokens actually live A tokenized stock is a blockchain token meant to track a real share. The major issuers run these products through offshore special purpose vehicles, or SPVs. An SPV is a standalone legal entity created for one narrow job. Here, that job is holding the underlying shares and issuing tokens backed 1:1 against them. Those SPVs cluster in three jurisdictions: the BVI, Jersey, and the Abu Dhabi Global Market (ADGM) in the UAE. Jersey leads the pack by value. According to RWA.xyz data collated as of September 2026, Jersey-domi...