BNB
BNB Chain Leads Tokenized Equity Market as Total Capitalization Reaches $3.9 Billion
Token Terminal data shows BNB Chain hosting the largest share of tokenized equities, outpacing Ethereum and Solana.
The market capitalization of tokenized equities reached a record $3.9 billion on October 12, according to data from Token Terminal. BNB Chain currently hosts the largest volume of these assets, accounting for approximately $1.2 billion. It is followed by Ethereum with $841.9 million and Solana with $741.7 million. Combined, these three networks represent roughly $2.8 billion, or nearly 71% of the tracked market.
The reported capitalization reflects the value of circulating tokens tracked by Token Terminal, rather than trading volume or fresh inflows. As the sector grows, tokenized securities are finding expanded uses within decentralized finance, including serving as collateral to borrow stablecoins and being integrated into financial strategies by protocols such as Aave and Ethena. Concurrently, jurisdictions like South Korea are working to establish regulatory frameworks for tokenized securities.
Holding tokenized equities does not necessarily convey the same rights as direct stock ownership, such as shareholder voting power. The piece notes that legal structures depend on the issuer; for example, Coinbase offerings use certificates issued by a dedicated entity, with underlying shares kept in segregated accounts at broker Alpaca and net dividends reinvested rather than paid out directly to token holders.
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