Roughly 81% of the world's distributed tokenized equity value — about $2.93 billion — flows through offshore vehicles domiciled in just three jurisdictions: Jersey, the British Virgin Islands and the UAE's Abu Dhabi Global Market, according to RWA.xyz data collated as of September 2026.

The dominant issuers behind that concentration include Ondo, Kraken's xStocks and Binance bStocks. None of the value centers on Wall Street, London or Silicon Valley. Instead, issuers package tokenized stocks through offshore special purpose vehicles (SPVs) — standalone legal entities that hold the underlying shares and issue tokens backed 1:1 against them.

That structure determines who regulates the products, who can buy them and what happens when something breaks.

Where does the value actually sit?

Jersey leads by value. Jersey-domiciled products hold roughly 27.4% of the tokenized equity market, worth about $651.4 million, according to the RWA.xyz data.

The BVI leads on volume rather than value. BVI-based entities had issued 305 tokenized securities as of June 2026, the highest count of any jurisdiction.

ADGM has carved out a different niche. It has become a hub for exchange-sponsored tokenized stock products, including Binance bStocks, which launched in June 2026. Its draw is an English common law framework that exchanges and institutional players find familiar and workable.

What are buyers actually purchasing?

A tokenized stock is a blockchain token designed to track a real share. Single stocks account for about 81% of equity tokenization supply, with ETFs trailing well behind — a split suggesting buyers want targeted exposure to specific companies rather than diversified fund wrappers.

For holders, the claim usually runs through the SPV, not directly against the company whose share the token tracks. That makes the issuer structure, custody arrangement and governing law part of the investment itself. Two tokens tracking the same company can carry different legal profiles depending on where and how they were issued.

How fast is the market growing?

Binance Research reports the broader tokenized real-world asset market — spanning equities, tokenized Treasuries and other asset classes — has surged approximately 390% year-to-date.

Packaging shares inside an offshore SPV gives issuers a clean legal container sitting between the custodied stock and the token holder. Jersey has taken the front-runner position by market share, the BVI handles the largest number of issuances, and ADGM pulls in exchange-backed launches like bStocks. Each hub is effectively competing for the same pipeline of tokenized products.

What does the concentration risk mean?

Having roughly 81% of distributed value flow through a handful of issuers and three jurisdictions means a regulatory shift in any one hub could ripple across a large share of the sector at once. A change in SPV rules, custody requirements or distribution permissions in Jersey alone would touch over a quarter of the market's value; a move affecting the BVI would hit the largest number of outstanding tokenized securities.

With exchange-sponsored launches such as bStocks accelerating and the three hubs competing for the same issuance pipeline, jurisdictional selection is becoming a core competitive decision for issuers — and a core diligence question for buyers.