Token Terminal has released a dataset covering 5,859 tokenized stock tokens spread across 18 blockchains, as the on-chain analytics provider works to build a standardized view of a market that has spread across issuers, chains, and jurisdictions.

Because tokenized stocks are issued by different companies on different chains, with no shared reporting convention between them, comparing them has meant piecing together figures from individual platforms. The standardized dataset is aimed at giving the market a single reference point for a sector whose assets have otherwise been difficult to measure side by side.

The release marks the latest expansion of the firm's tokenized assets coverage, which it launched just over a year earlier.

What the New Dataset Covers

Token Terminal tracks standardized metrics for each asset, including market capitalization, holder counts, and trading volume, providing a consistent basis for comparison across issuers and chains.

Two issuers account for a large share of the latest additions: Stove contributed 2,455 tokens, while Robinhood added roughly 2,000.

The company launched its dedicated tokenized assets section in November 2025 with about 300 assets. By September 2026, coverage had grown to more than 4,600 assets from more than 300 issuers. The latest figure of 5,859 stock tokens marks another step up from there, giving readers a measurable baseline for tracking how the sector's structure changes from here.

The Size and Shape of the Market

As of late October 2026, the tokenized stock market was estimated at approximately $3.7 billion to $4.64 billion in market capitalization. Roughly 95% of that value is tied to US-listed equities or exchange-traded funds (ETFs).

The issuers behind the tokens, however, are mostly not American. Roughly 90.4% of tokenized stocks are issued by non-US entities, with Jersey leading at a 28.9% share of issuance. Abu Dhabi also features prominently among offshore jurisdictions. That split between US-listed underlying assets and offshore-domiciled issuers is one of the sector's defining structural features, and the dataset's jurisdiction breakdown makes it possible to quantify how it shifts over time.

More than 5 million holders own tokenized stocks, reflecting meaningful trading activity across the sector. Hundreds of millions of dollars in tokenized stocks are locked across various decentralized finance (DeFi) protocols, where the tokens can be used in lending, trading, and other on-chain applications. Holder counts and locked values are among the most direct gauges of real usage in the dataset, since both reflect on-chain activity rather than issuance volume alone.

One Custodian, a Lot of Eggs

The most striking figure in the data concerns custody. Alpaca, a US broker-dealer, is responsible for 81% to 83.5% of the tokenized stock market capitalization across multiple issuers, meaning a large majority of the sector's value rests with a single intermediary regardless of where the tokens are issued.

In practical terms, that concentration makes custody a sector-wide consideration rather than an issuer-by-issuer one: whatever the differences between individual tokens and brands, the underlying shares for most of the market are held by the same institution. Changes in issuer shares, jurisdiction mix, custody concentration, and overall coverage can all now be followed on a consistent basis in Token Terminal's metrics as the market evolves.

Disclosure: This article was edited by Vivian Nguyen.