Tokenized Circle Stock Reaches $385.7M Market Cap Amid 2,961% Growth
Tokenized shares of Circle Internet Group have surged to a combined market capitalization of $385.7 million without the company’s direct involvement.
Tokenized Circle Stock Reaches $385.7M Market Cap Amid 2,961% Growth
Tokenized shares of Circle Internet Group have surged to a combined market capitalization of $385.7 million without the company's direct involvement.
Circle Shares Dominate the Tokenized Stock Market
Blockchain representations of shares in Circle Internet Group have established themselves as the largest asset class within the growing tokenized stock market. According to Token Terminal data released on October 25, 2026, these products have achieved a year-over-year growth rate of 2,961%.
The combined market capitalization of these tokenized assets hovered between $373 million and $393 million through mid-to-late October 2026, with Token Terminal data settling the figure at $385.7 million. These tokens function similarly to a coat check ticket, where a real share is deposited with a custodian and a corresponding blockchain token is issued.
Each token is designed to be backed one-to-one by underlying New York Stock Exchange shares held by regulated custodians. This setup allows investors to trade, lend, or integrate the equities into decentralized finance applications.
Issuers and Network Distribution
Supply within the ecosystem is heavily concentrated among three main issuers. Binance’s bStocks platform, xStocks, and Ondo account for roughly 94% of the total tokenized supply of Circle shares.
Binance’s bStocks platform leads the sector with its CRCLb token issued on the BNB Chain, representing between $149 million and $155 million in tokenized equity. This concentration extends to the network level, with the BNB Chain hosting about 62% of all tokenized Circle value as of late October, while Solana serves as another primary home for the tokens.
Beyond passive holding, utility has emerged in decentralized finance protocols. Data from October 20, 2026, indicated that $7.7 million worth of CRCLx was deployed in DeFi applications for liquidity provision and lending.
An Unsponsored Market Structure
Circle itself does not issue, sponsor, or actively participate in these tokenized offerings. Independent platforms began wrapping the shares following Circle’s initial public offering in 2025.
The arrangement bears similarities to unsponsored American Depositary Receipts, where a third party packages foreign equities for a different market without direct company involvement. Analysts suggest the primary audience consists of investors outside the United States seeking exposure to American equities without traditional brokerage barriers.
Despite the rapid expansion, the tokenized slice remains a fraction of traditional equity. The tokenized CRCL market cap equals approximately 1.7% of Circle’s traditional equity market valuation, which was estimated between $20 billion and $22 billion following its 2025 public offering.
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