Tokenized stocks have a sizable market now. Most of it, though, is not actually stock.
According to Token Terminal data from October 17, 2026, about 10.7% of tokenized stock market value comes from issuer-sponsored shares. The other 89.3% is synthetic: wrappers and Special Purpose Vehicles that track a stock’s price without being the stock itself.
What the numbers show
Token Terminal puts the total tokenized stock market at approximately $3.7–3.8 billion. That figure covers both camps: shares companies tokenize themselves and products built by third parties.
Two very different products share the same label. A synthetic token gives you price exposure. An issuer-sponsored token aims to give you the equity itself, with standard shareholder rights like voting and dividends attached.
The synthetic side has its own heavyweights. Ondo Global Markets and Binance’s bStocks are among the major players credited with driving the sector’s rapid growth.
Custody is also heavily concentrated. Alpaca serves as custodian for about 83.5% of the tokenized stock market, including synthetics issued offshore.
Securitize and Superstate push the issuer model
Securitize has been the most active name on the issuer-sponsored side. In the 30 days leading to late September 2026, the firm added over $250M to tokenized stock market cap.
On October 8, 2026, Securitize launched its Convertible Entitlement Token program. The CETs are backed 1:1 and run on the Solana blockchain.
The initial lineup targets familiar names: Apple (AAPL), Microsoft (MSFT) and Nvidia (NVDA). It also includes crypto-related stocks such as Circle (CRCL).
Securitize is pairing the launch with fireside chats featuring public company executives. The program also leans on traditional plumbing. Partnerships with infrastructure providers like Computershare, a transfer agent that maintains shareholder records, are part of what could move the model toward fully issuer-sponsored structures.
Superstate continues to build direct-issuance programs that let public companies raise capital by selling tokenized shares.
Why synthetics still dominate
The 89.3% synthetic share reflects a simple reality. Wrapping a stock is faster than convincing a public company to tokenize its own shares. A synthetic issuer can buy shares, park them with a custodian and mint tokens against them. No boardroom approval is needed from Apple or Nvidia.
Issuer-sponsored tokens require the company to participate. That means legal work, transfer agent coordination and a willingness to run part of the cap table on a blockchain. Synthetic buyers often get the price exposure without the voting rights or direct claim on dividends that come with owning the stock.
What this means for the tokenized equity market
For investors, the 10.7% figure is a reminder to read the label. A token named after Nvidia is not necessarily Nvidia stock, and the rights attached can vary widely between products.
With Alpaca custodying about 83.5% of the market, much of the sector’s backing depends on one firm’s operations, including for offshore products.
Ondo Global Markets and Binance’s bStocks have helped scale the synthetic market, while Securitize and Superstate are betting that real ownership becomes the selling point. Securitize’s pace suggests demand exists: over $250M in added market cap within about a month in a sector valued at approximately $3.7–3.8 billion.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.