Tokenized stock market reaches $4.4 billion as major issuers dominate

The market for tokenized stocks has grown to approximately $4.4 billion, representing an 886% annual increase according to Token Terminal. Three primary issuers—Ondo Finance, Binance bStocks, and xStocks—control roughly 80% of the total outstanding value.

BNB Chain emerged as a leader in the sector during the third quarter of 2026, recording $25.6 billion in tokenized stock trading volume. This figure marks an elevenfold increase from the $2.4 billion recorded in the previous quarter. The network's tokenized stock supply reached $1.13 billion, supported by approximately 1.8 million holders. Much of this activity was driven by bStocks, particularly through the tokenized Invesco QQQ ETF (QQQB).

While the market is expanding, experts note that tokenized instruments differ from traditional equities. Investors may not receive the same rights as conventional shareholders, and trading outside of standard stock-market hours introduces specific pricing and liquidity risks. Furthermore, different issuers utilize distinct legal frameworks, such as certificates issued in Abu Dhabi or tracker certificates governed by Swiss law, which affect how collateral is controlled and how investors redeem their assets.