Only 10.7% of tokenized stock market cap is issuer-sponsored

The tokenized stock market has reached a valuation of approximately $3.7–3.8 billion, yet it remains heavily dominated by synthetic wrappers rather than direct equity. According to Token Terminal data, only 10.7% of this market consists of issuer-sponsored shares, while 89.3% comprises synthetic products that track price exposure without providing direct shareholder rights. Synthetic platforms like Ondo Global Markets and Binance’s bStocks have driven rapid growth by bypassing the need for corporate boardroom approval. Conversely, firms like Securitize and Superstate are pushing for direct-issuance models that grant investors actual equity, voting rights, and dividends. Securitize recently launched a Convertible Entitlement Token program on the Solana blockchain, adding over $250 million in market cap in just one month. Custody remains highly centralized, with Alpaca managing approximately 83.5% of the total tokenized stock market. This distinction between synthetic and issuer-sponsored tokens is critical for investors, as it determines whether they hold a derivative product or a direct claim on a company's cap table. The ongoing shift toward issuer-sponsored structures relies on integrating traditional financial plumbing, such as partnerships with transfer agents like Computershare.