# Tokenized Stocks Reached $4.64 Billion in Market Cap on Wednesday, Oct. 28 By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/45924 Published: 2026-11-01T15:33:59.000Z Updated: 2026-11-01T15:33:59.000Z Section: Investing > Collateralized tokens accounted for 85.74% of the total. Separate figures for distributed value and perpetual-contract trading use different measures. Collateralized tokens accounted for most of the market-wide $4.64 billion value assigned to tokenized stocks on Wednesday, Oct. 28, a snapshot that adds structural detail to the sector’s scale. Collateralized tokens represented 85.74% of the total, or $3.98 billion. Issuer-sponsored tokens accounted for $386.26 million, while synthetic tokens accounted for $227.26 million. The three listed categories add up to about $4.59 billion, roughly $46 million below the reported market capitalization. The categories describe how a stock-linked token relates to shares. Collateralized tokens are backed one-for-one by shares held with a custodian. Issuer-sponsored tokens represent a company’s own shares on its register, while synthetic tokens follow a stock’s price without shares held as backing. The market-wide total does not provide a separate Ethereum figure. The Wednesday, Oct. 28 market-cap level was comparable to a point stablecoins first crossed in March 2020. The update adds a breakdown of token structures to [earlier coverage of tokenized-stock market capitalization](). Distributed value for public equities, including stocks and exchange-traded funds issued onchain or represented synthetically, was $3.58 billion on Sunday, Nov. 1. That is a separate measure from market capitalization, so the figures do not establish a like-for-like change between Wednesday, Oct. 28, and Sunday, Nov. 1. Hyperliquid recorded $201 billion in third-quarter volume for equity, ETF and index perpetual contracts. That figure measures derivatives trading rather than the value of tokenized stocks held. The difference between derivatives activity and tokenized holdings is covered in [earlier coverage of Hyperliquid’s equity-linked perpetual contracts](). ## Links in this article - [earlier coverage of tokenized-stock market capitalization](https://www.tokenpost.com/news/investing/33494) - [earlier coverage of Hyperliquid’s equity-linked perpetual contracts](https://www.tokenpost.com/news/investing/39135)