Most tokenized equities are a claim on the issuer, not the share. An instrument’s identity is underlying + issuer + legal wrapper + chain + contract address + venue — six fields, not a ticker.
Figures measured on or before 2026-10-16, except the AAPL case study, which is dated separately. Depth, spread and market share move within days — read these as research snapshots, not live quotes.
Two methodologies, two totals. The gap is scope, not error — one counts shares registered on-chain, the other only third-party wrappers.
Includes shares registered on-chain (Securitize, Exodus, Forward Industries, FGRS)
Third-party wrapped tokens only
New supply is settling into custody rather than circulating. Growth here is accumulation, not adoption.
Four structures sit behind the same ticker. They differ in dividends, voting, collateral and what happens if the issuer fails.
The token is the registered share. Dividends and voting survive. Usually permissioned and KYC-gated.
A bearer debt instrument over a share held by a custodian. Economic exposure only; no voting. Recourse runs to the collateral, not to the company.
A claim on the issuer, collateral held off-chain. If the issuer fails you are a creditor, not a shareholder.
No share held against it. A derivative wearing a ticker.
| Issuer | Wrapper | Voting | Dividend | Redemption | PoR | US | On-chain | Grade |
|---|---|---|---|---|---|---|---|---|
Ondo Stocks British Virgin Islands 100+ instruments | issuer claim | proxy | unknown | yesrefusable | unknown | blocked | $984.0M | B |
bStocks ADGM (FSRA-listed certificates) 80+ instruments | tracker certificate | none | pass-through | yesmin $5 | attestation | blocked | $914.0M | B |
xStocks (Backed) Jersey 100+ instruments | tracker certificate | none | reinvested | yesmin $5.0K | Chainlink PoR | blocked | $847.0M | A |
Robinhood Stock Tokens Jersey 190+ instruments | issuer claim | planned | unknown | unknown | unknown | blocked | $151.0M | B |
Remora rStocks unknown | unknown | unknown | unknown | unknown | unknown | unknown | $132.0M | unrated |
Dinari dShares United States 724+ instruments | direct security | unknown | unknown | yes | unknown | accredited | — | B |
Backpack Securities unknown | unknown | unknown | unknown | unknown | unknown | unknown | $31.0M | unrated |
Coinbase (Base) ADGM-regulated 10+ instruments | direct security | unknown | unknown | unknown | unknown | blocked | $7.5M | B |
Reality rTokens unknown 36+ instruments | issuer claim | none | unknown | unknown | unknown | blocked | — | C |
ST0x / PreStocks unknown | unknown | unknown | unknown | unknown | unknown | unknown | $20.4M | unrated |
Renamed from Ondo Global Markets in July 2026. Leads on multi-chain reach and DeFi integration. The company claims over 70% issuer share; on CoinGecko’s basis it is roughly a third — treat the 70% as marketing.
Launched 2026-06-11 and already second by size. Highest turnover in the category — SPCXB trades roughly its own market cap in a day. Dividends take a 30% US withholding deduction before being reinvested through a multiplier. Single chain: BSC deposits only, so a wrong-network transfer loses the asset.
Widest chain coverage and the most complete public legal documentation. Acquired by Kraken in Dec 2025, putting issuance and trading on one balance sheet. Chainlink proof of reserve updates daily or on a 10% move. Dividends arrive as rebasing, not cash; primary redemption needs KYC and a $5,000 minimum.
Tokenized debt securities today, but the only major issuer publicly planning 1:1 redemption into real shares plus voting rights. If that ships it is the first large issuer to return shareholder rights. In the EU it also runs 2,000+ CFD-style products that cannot be withdrawn on-chain.
Fifth by size with almost no public structural disclosure. Unrated until the issuing entity, custody and redemption terms can be read from primary documents.
The only issuer here open to US persons at all, and then only to accredited investors. Underlying held with a qualified custodian. Widest instrument coverage in the category — the full S&P 500.
Exchange issuing its own tokens — the pattern now common to Coinbase, Robinhood and Binance.
Launched 2026-08-24 with NVDAc, METAc, AAPLc and GOOGLc; shares held 1:1 by Alpaca. Thirteen contracts deployed, only four with supply. The most DeFi-native of the set: tradable on Uniswap and Aerodrome, usable as Aave collateral, borrowable against on Morpho.
Shares held through Alpaca Securities; holders do not own the stock directly. Replaced the Ondo tokens Bitget previously listed.
Small issuers; PreStocks accounts for the figure shown.
Turnover separates the issuers more sharply than size does. SPCXB trades roughly its own market cap in a day; STRCX and CRCLON barely move.
| Token | Issuer | Market cap | 24h volume | Turnover | 7d |
|---|---|---|---|---|---|
| STRCX | xStocks (Backed) | $158.9M | $442.0K | <1% | -0.4% |
| CRCLB | bStocks | $143.4M | $38.2M | 27% | -4.7% |
| SPCXB | bStocks | $120.9M | $108.9M | 90% | -12% |
| MSTRX | xStocks (Backed) | $110.5M | $3.3M | 3% | -8.7% |
| CRCLX | xStocks (Backed) | $93.2M | $26.7M | 29% | -4% |
| CRCLON | Ondo Stocks | $92.4M | $619.0K | <1% | -4.6% |
| TSLAX | xStocks (Backed) | $67.9M | $8.8M | 13% | -3.8% |
| SNDKB | bStocks | $53.8M | $48.3M | 90% | -20% |
Crypto-linked names, high-beta tech, and companies an ordinary brokerage cannot reach.
A Saturday. The underlying last closed at $335.19, yet all four tokens kept trading. Off-hours quotes are a market maker’s opinion, not a market price.
| Token | Issuer | Venue | 24h volume | Spread | Bid depth | Ask depth | vs close |
|---|---|---|---|---|---|---|---|
AAPLB BNB Chain | bStocks | Binance | $822.0K | 0.3 bps | $56.3K | $8.8K | -0.02% |
AAPLX Solana / EVM | xStocks (Backed) | Bybit | $158.0K | 2.68 bps | $18.0K | $175.0K | +0.32% |
AAPLON Ethereum / Solana | Ondo Stocks | Gate | $94.7K | 5.65 bps | $16.2K | $12.0K | +0.21% |
AAPLG unknown | unresolved | Gate | $445.5K | 53.3 bps | $5.6K | $9.3K | -0.02% |
AAPLB·Tightest quote in the set, but ask depth is a sixth of bid depth. A narrow spread is not two-sided depth.
AAPLX·Thick on the ask, thin on the bid — getting in and getting out are not symmetric.
AAPLON·Balanced but small. Fine for small limit orders, not for size without live RFQ.
AAPLG·Issuer could not be resolved in the mapping. High volume, 50x the spread, almost no depth — volume alone must never qualify an instrument.
Volume is 24h base quantity × last price. Depth is the top 20 levels converted at mid, not full book depth. Contract addresses come from a mapping snapshot marked "observed" — never an issuer whitelist.
Tokenization changes how a security is recorded and transferred; it does not change its legal character. Whether a third-party token carries voting or dividend rights depends on the structure, never on the name.
The DTC received SEC no-action relief to run a three-year tokenization pilot.
Qualifying tokenized securities venues may trade tokenized NMS stock through permissioned AMM pools without registering as an exchange or ATS, subject to caps on instruments and volume; market makers are separately relieved of broker registration. It covers both issuer-direct and unaffiliated third-party tokens. Reported five-year term and equal-rights conditions are secondary readings — check the order itself.
Qualifying tokenized stocks and ETFs may trade in the same order book, at the same execution priority, as the traditional share — provided the two are fungible and carry identical rights. DTCC reports 50+ institutions in its tokenization service.
Research, not advice. This page makes no judgement about whether readers in any particular jurisdiction may buy, hold, transfer or redeem these instruments — verify that against the issuer’s offering documents.