The on-chain market capitalization of tokenized stocks reached $3.1 billion in early September 2026, up from below $1 billion at the start of the year, according to Token Terminal. Tokenized ETFs account for approximately $644 million, or about 21% of the sector, with products linked to SPY, QQQ and IVV among the leading offerings. Ondo Finance is the largest issuer, with around $947 million and roughly 31% of the market, followed by xStocks at approximately $693 million and bStocks at around $678 million. The sector spans more than 14 venues and thousands of assets. BNB Chain leads issuance with roughly $1 billion, ahead of Ethereum at around $770 million and Solana at approximately $716 million. Around-the-clock trading, fractional ownership and broader jurisdictional access are helping drive adoption, although tokenized equities remain subject to complex legal treatment because token holders may not receive the same protections as owners of underlying shares.