Tokenized Circle exposure climbs to as much as $345M

Circle built its business by putting dollars on a blockchain. Now its own stock is getting the same treatment, and Circle isn’t the one doing the wrapping. Tokenized exposure to Circle Internet Group (NYSE: CRCL) is estimated at approximately $314 million to $345 million as of early to mid-October 2026. That works out to roughly 1.7% of the company’s equity market cap, a share that is still rising. For a company valued at about $20 billion to $21 billion, 1.7% may sound like a rounding error. In tokenized equities, it puts Circle’s stock among the most heavily tokenized public companies anywhere. Who is minting Circle onchain The tokens come from several third-party issuers, each with its own ticker suffix. Ondo Finance offers its version as CRCLon, which holds an estimated ~$98M in exposure. Binance’s bStocks product, trading as CRCLb, accounts for roughly ~$110–119M, which makes it the largest single pocket in the estimates. Backed Finance’s xStocks platform issues CRCLx. That token has seen significant volume across decentralized finance, where it can plug into onchain trading venues and lending protocols. Data platform RWA.xyz is tracking more than 10 distinct tokenized stock v...