Circle Internet Group’s tokenized stocks add $48M in market cap in a single week

Three competing tokenized versions of Circle Internet Group shares, known as CRCL, have collectively added $47.6 million in market capitalization over the past week. The growth is distributed across Ondo Finance’s CRCLon, Binance’s CRCLb, and Backed’s CRCLx, which gained $17.1 million, $16.2 million, and $14.3 million respectively. These products function as 1:1 wrappers for underlying shares held by regulated custodians, allowing investors to bypass traditional brokerage friction and US market hour limitations. By moving equity onto blockchain rails, these tokens enable fractional ownership and integration into DeFi protocols like Raydium and Kamino, where they are used as collateral for yield. This development highlights a growing parallel market for crypto-native equities that provides global accessibility for non-US investors. While these products offer near-instant settlement and increased liquidity, they face a complex and fragmented regulatory landscape that restricts access for US-based participants. The success of these tokens underscores the broader trend of institutional-grade assets being migrated to decentralized infrastructure to improve capital efficiency.