Tokenized stocks hit $3B market cap, led by ETFs at $644M

Tokenized stocks have crossed a milestone that would have seemed ambitious just twelve months ago. The sector’s on-chain market cap hit $3.1 billion in early September 2026, according to Token Terminal, capping a run that started the year at below $1 billion. Who’s building it and where Among asset types, exchange-traded funds are carrying the most weight. Tokenized ETFs account for approximately $644 million of the total market cap, about 21% of the overall figure, putting products like tokenized versions of SPY, QQQ, and IVV at the front of the category. The issuer landscape has a clear leader. Ondo Finance holds around $947 million in tokenized stock issuance, roughly 31% of the entire market. Behind Ondo, xStocks trails with approximately $693 million, and bStocks sits close behind at around $678 million. Those three issuers together account for the majority of the market, though Token Terminal’s data shows the sector spans over 14 venues with thousands of tokenized assets, meaning a long tail of smaller offerings makes up the rest. On the blockchain side, BNB Chain is the dominant venue for issuance at roughly $1 billion, or 33% of total market cap. Ethereum follows at around ...