The State of
Tokenized Stocks

RWA.xyz reports $3.58B in distributed value for tokenized stocks and ETFs as of 1 Nov 2026. Its platform-level total-value figures put bStocks first, followed by Ondo and xStocks. These are broader market observations, not the capitalization of the 10-stock research set.

Hundreds of distinct stocks were already tokenized by June: CoinMarketCap counted 353 across Ondo and xStocks on 23 Jun 2026, excluding ETFs. Bitget later announced conversion eligibility for more than 3,000 US stocks and ETFs on 13 Oct 2026—an eligible universe, not an issued-token count or a global stock census.

xStocks, bStocks, and Ondo account for 84.17% of measured token capitalization. At the underlying level, Alphabet Class A, NVIDIA, and Tesla together account for 71.65%. Provider breadth and investment diversification are different questions: several wrappers can reproduce the same underlying exposure.

The measured total is $695.21M, with capitalization available for 74 of 84 instruments. A missing observation leaves a gap in a program’s total; it does not establish that the product has no value. The rankings describe reported circulating capitalization, not trading volume, liquidity or assets held in reserve.

Our research identifies 317 deployments for 84 instruments across 19 chains. Of those instruments, 40 appear on multiple chains; 44 appear on a single chain. Counting contracts as separate products would confuse distribution infrastructure with investment choice.

A familiar ticker describes the exposure, not necessarily the legal asset the holder owns. In this set, 74 products are documented as not granting direct shareholder status. Kraken’s xStocks FAQ, for example, distinguishes token exposure from voting rights and cash dividends. The SEC staff’s statement on tokenized securities notes that issuers may issue securities in crypto-asset form; it is a staff statement, not a new legal rule.

CoinGecko capitalization as of 31 Oct 2026–1 Nov 2026; product sources reviewed 31 Oct 2026. Totals retain missing observations rather than filling them with zero.

Dividend handling also changes the comparison. Reinvestment is documented for 56 instruments; this describes the mechanism, not a claim that every underlying currently pays a dividend. Transfer availability is separate from execution: Ondo describes round-the-clock transfers but weekday minting and burning, while Kraken distinguishes venue hours from onchain trading.

Source: product documentation reviewed by Tokenform, checked 31 Oct 2026. Each dimension describes the same 84 products.

For a specific investment, start with the provider’s legal structure, redemption terms and dividend mechanism—not the number of chains. Compare the issuer-specific records in the stock directory, including the Apple records.