And we're still early Reply to @MichaelSixgods: Tokenized stocks just hit the market cap stablecoins first reached in March 2020. The book is roughly $4.64B. Token Terminal put the sector at that level on October 28. Stablecoins have since grown about 64x to near $296B. Tokenized stocks are still early by that comparison. Three issuers control most of the current book. bStocks is around 32%. Ondo is around 29%. xStocks is around 24%. Together they account for more than 80% of market cap. US companies and ETFs underlie roughly 91.7% of the value. Collateralized tokens, where a third party holds the shares and issues 1:1 backed tokens, make up about 85.7%. Issuer-sponsored tokens are smaller. Synthetic tokens that track price without shares held as backing are smaller still. Daily on-chain trading volume has cooled from September levels. Average daily volume in October sat near $317M, down from $521M the prior month. The market cap still expanded through the year. BNB Chain continues to lead tracked chains on volume, supply, and holders from the Q3 print. Most of that volume still trades outside US market hours. The stablecoin comparison is the useful frame. Supply was small. Usage was concentrated. Distribution decided which products scaled. Tokenized stocks are at the same stage on market cap. The issuers and chains that already have the holders and the fee promotions keep adding pairs. The ones that do not are still building the first product. Source: Token Terminal, CoinDesk Research, http://RWA.xyz