The market for tokenized equities has reached an all-time high of $3.1 billion as of early September 2026, up from less than $20 million in late 2024. Circle Internet Group, which is listed on the New York Stock Exchange, currently leads this sector with $305.5 million in total market capitalization across its 20 largest tokenized deployments.
Three primary products drive this volume. Ondo Finance issues CRCLon, with a market cap between $101 million and $154 million. The Binance-linked CRCLB holds approximately $119 million, while Backed Finance’s CRCLx has seen $2.9 million deployed into DeFi protocols as of mid-August 2026. These three products recently added $36.9 million in combined market cap.
Growth in the sector was accelerated by a U.S. SEC order effective September 17, 2026, which established a conditional five-year framework for trading tokenized U.S. stocks through 2031. Following this announcement, Circle shares increased by approximately 5.7% to reach $85.03.
While the SEC framework provides regulatory visibility, it remains conditional and does not equate tokenized stocks with traditional securities in all aspects. Platforms must continue to meet specific requirements to operate. The products differ in custody structures, issuer relationships, and blockchain integration, impacting counterparty risk assessments.
