Tokenized versions of Circle Internet Group shares (CRCL) have reached a market capitalization of $385.7 million. According to Token Terminal data from October 25, 2026, the asset recorded year-over-year growth of 2,961%. These tokens are designed to be backed 1:1 by actual NYSE shares held by regulated custodians.
Three platforms—bStocks, xStocks, and Ondo—control approximately 94% of the total supply. The bStocks platform is the largest issuer, with its CRCLb token on the BNB Chain accounting for between $149 million and $155 million in equity. As of late October 2026, the BNB Chain hosted 62% of all tokenized CRCL value, with Solana serving as the secondary network.
Circle does not issue, sponsor, or participate in these products, which emerged following the company's 2025 IPO. The structure is similar to unsponsored American Depositary Receipts, targeting investors outside the US. As of October 20, 2026, $7.7 million worth of CRCLx tokens were utilized in DeFi protocols for activities such as lending and liquidity provision.
The tokenized market for CRCL represents roughly 1.7% of Circle's traditional equity market capitalization, which was valued between $20 billion and $22 billion after its IPO. While the broader tokenized equity market grew from under $20 million in late 2024 to billion-dollar valuations by 2026, CRCL remains a leader in this sector.
