Tokenized Stocks Reach $2.92 Billion as Three Platforms Hold 64%

Tokenized stock value reached $2.92 billion as of Sept. 16, 2026, with three platforms accounting for about 64% of the market through structures spanning Jersey, the British Virgin Islands and the Abu Dhabi Global Market.

Ondo represented $837.4 million, Binance’s bStocks totaled $684.6 million and xStocks reached $344 million. Together, the three platforms held about $1.87 billion in value.

The concentration gives the legal structures behind these products an important role in investor eligibility, custody arrangements, redemption rights and the claims attached to the tokens. The setup is relevant to U.S. investors because these products are subject to jurisdictional restrictions.

Backed Assets (JE) Limited, a Jersey entity, issues xStocks. The tokens track publicly traded equities and exchange-traded funds and are backed 1:1 by the underlying assets.

Ondo’s tokenized stocks are issued by Ondo Global Markets (BVI) Limited, a British Virgin Islands company. The products are available to eligible investors outside the United States and provide exposure to U.S.-listed stocks and ETFs. Certain Ondo tokenized securities have been admitted to trading on Nest Exchange in the Abu Dhabi Global Market (ADGM), which is regulated by the Financial Services Regulatory Authority.

The ADGM’s official register lists structured products from Ondo Global Markets tracking companies including Amazon, Alphabet, Apple, Circle, Meta, Microsoft, NVIDIA and Tesla. The entries were deemed securities on Feb. 16, 2026.

bStocks are offered under an approved Abu Dhabi Global Market prospectus, backed 1:1 by underlying securities and unavailable elsewhere. They do not provide holders with direct ownership of the tracked shares.

The products also differ from direct ownership of a company’s shares. These instruments may not give holders direct ownership of the underlying shares, and access depends on the issuer and jurisdiction governing each product.

The market data therefore points to concentrated growth in tokenized exposure to public companies and ETFs, while the legal rights and availability of each instrument remain tied to its issuing structure.