A report from Token Terminal reveals that U.S. firms and exchange-traded funds (ETFs) account for 91.8% of the total tokenized stock market, which reached $4.64 billion as of October 28, 2026.
The breakdown is as follows:
· U.S.-listed stocks: $3.07 billion (66.2%).
· U.S. ETFs: $1.13 billion (24.3%).
· U.S. private companies (e.g., OpenAI): $59.1 million (1.3%).
· Non-U.S. stocks and baskets: $380 million (8.2%).
The chart shows accelerated growth since the start of 2026, with market value multiplying several times in recent months—reflecting growing interest in tokenized equities as a way to provide 24/7 liquidity and easier global access.
Analysts note that this heavy concentration on U.S. assets reflects American dominance in global capital markets, but also raises questions about geographic diversification in the tokenized asset sector, especially amid intensifying regulatory competition between the U.S., Europe, and Asia.