Token Terminal tracks 5,859 tokenized stocks across 18 chains

Token Terminal now tracks 5,859 tokenized stock tokens across 18 blockchains, a dataset the on-chain analytics provider says offers the first standardized view of a market scattered across issuers, chains and jurisdictions. The numbers are large in count but modest in value. The tokenized stock market carried an estimated $3.7 billion to $4.64 billion in market capitalization as of late October 2026 — roughly the size of a single mid-cap US company.

What does the new dataset cover?

Two issuers dominate the latest additions. Stove contributed 2,455 tokens, while Robinhood added roughly 2,000 — together accounting for about three-quarters of the 5,859 tracked assets. Token Terminal publishes standardized metrics for each token, including market capitalization, holder counts and trading volume.

The coverage has scaled quickly. The company launched its dedicated tokenized assets section in November 2025 with about 300 assets. By September 2026, coverage had grown to more than 4,600 assets from more than 300 issuers. The current figure of 5,859 stock tokens marks another step up, though a larger dataset does not by itself signal deeper liquidity. In plain terms: the catalogue has expanded twentyfold in under a year.

Where is the market actually domiciled?

The geography is inverted. Roughly 95% of tokenized stock value tracks US-listed equities or ETFs, yet approximately 90.4% of tokenized stocks are issued by non-US entities. Jersey leads with a 28.9% share of issuance, and Abu Dhabi features prominently among offshore jurisdictions.

That structure has regulatory consequences. Issuers sit outside US supervision while the underlying assets remain US securities, a configuration that invites scrutiny precisely because it is deliberate. The dataset quantifies the pattern but does not resolve it. The takeaway: exposure is American, issuance is not.

Adoption figures look substantial at first glance. More than 5 million holders own tokenized stocks, and hundreds of millions of dollars in tokenized equities sit locked across decentralized finance protocols, where they collateralize lending, trading and other on-chain applications. Both figures describe activity, not valuation, and Token Terminal does not break down how evenly those holders are distributed.

What does custody concentration mean?

The most consequential figure concerns a single firm. Alpaca, a US broker-dealer, custodies 81% to 83.5% of the tokenized stock market's capitalization across multiple issuers, according to the dataset.

Concentration at that level creates a single point of operational and regulatory failure. If Alpaca restricts redemptions, faces enforcement or suffers an outage, the majority of a $3.7 billion to $4.64 billion market would be affected simultaneously — across issuers and chains that market participants may assume are independent. The dataset documents the concentration; it does not say whether issuers have contingency arrangements in place. In plain words: one broker holds the keys to most of the market.

What comes next?

The tokenized stock sector has grown from a niche of roughly 300 tracked assets in November 2025 to nearly 6,000 today, but its structure — offshore issuance, US underlying assets, single-custodian dominance — remains concentrated and largely untested by regulators. Whether US agencies accept that configuration or move to restructure it will likely determine whether the market's next twentyfold expansion is permitted at all.