Tokenized stocks have passed a milestone that would have appeared ambitious only twelve months ago. According to Token Terminal, the sector's on-chain market capitalization reached $3.1 billion in early September 2026, capping a run that began the year below $1 billion.

Who is building it, and where

Among asset types, exchange-traded funds carry the most weight. Tokenized ETFs account for approximately $644 million of total market cap, about 21% of the overall figure, placing 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. Together, those three issuers account for the majority of the market, although Token Terminal's data shows the sector spans more than 14 venues with thousands of tokenized assets, meaning a long tail of smaller offerings makes up the remainder.

On the blockchain side, BNB Chain is the dominant issuance venue at roughly $1 billion, or 33% of total market cap. Ethereum follows at around $770 million, with Solana close behind at approximately $716 million.

Prominent individual stocks in the mix include tokenized versions of NVDA, TSLA, and MSTR.

Why the growth is happening now

Traditional equity markets close on weekends and at 4 p.m. Eastern. Tokenized versions trade around the clock, every day, on-chain. Fractional ownership allows exposure in smaller increments, lowering the entry point without requiring a brokerage account in a specific jurisdiction.

The sector stood at approximately $1.7 billion earlier in 2026, reached $2.3 billion by mid-July, and has now pushed past $3 billion. The growth comes as tokenized equities sit within the broader real-world asset category, which also includes tokenized treasuries and other instruments that have already drawn participation from major traditional financial institutions.

What this means for the market

The rise of BNB Chain as the leading issuance platform is a notable data point in the competitive dynamics between blockchains. With roughly $1 billion in tokenized stock issuance, BNB Chain has established a concrete use case lead over Ethereum in this specific vertical, even as Ethereum retains its overall dominance in the broader real-world asset market.

Ondo Finance's position is significant for anyone tracking the RWA sector: commanding 31% of a $3 billion market places Ondo in a structurally important spot. The concentration among three issuers also means the sector's headline figures depend heavily on the continued operation of a small number of platforms.

Tokenized equities occupy a complicated legal space in most jurisdictions, since a token representing a stock may or may not carry the same protections as the underlying share, depending on how the issuer structures the product. How regulators in major markets treat these instruments, and whether further traditional-finance issuers enter the space, are likely to shape whether the sector sustains its current pace of growth.