Non-U.S. Issuers Made Up 90.4% of Tokenized Stock Market Value

Non-U.S. entities represented 90.4% of tokenized-stock market capitalization, while about 95% of that value tracked U.S.-listed stocks and ETFs, separating issuer location from asset exposure.

The market was valued at more than $3.7 billion. Jersey accounted for 28.9% of value by issuer domicile, followed by Abu Dhabi at 27.4% and the British Virgin Islands at 26.3%. U.S. entities made up 9.6%.

Those percentages measure market value by issuer domicile, not the share of products or companies based in each jurisdiction. The holder base also skewed toward tokens issued outside the United States: 97.8% of 5 million holders were associated with those tokens.

A token linked to a U.S.-listed share does not necessarily confer direct ownership of that share. xStocks, for example, are tracker certificates issued by Jersey-based Backed Assets (JE) Limited. They do not provide direct equity ownership or shareholder voting rights.

On Sept. 17, the SEC granted temporary, conditional exemptions to certain tokenized-securities venues and liquidity providers for onchain trading in some National Market System stocks. Under the exemptions, covered tokens must grant holders rights equivalent to those of traditional shares. Issuers may object to third-party tokens being offered on a venue.

The domicile breakdown adds a jurisdictional view to TokenPost’s earlier coverage of tokenized-stock platform concentration and issuer structures.