Securitize tokenized stock market cap halves as Circle gains ground
The market capitalization of Securitize (SECZ) tokenized shares has fallen more than 50% in less than a month, reaching $208.6 million. Meanwhile, tokens linked to Circle (CRCL) shares have taken the top spot by aggregate value in the tokenized stock market.
According to Token Terminal, SECZ's market capitalization stood at $430.4 million on September 28. By October 25, it had declined 51.5%, coinciding with a drop in the company's underlying shares on the New York Stock Exchange (NYSE).
Market capitalization of leading companies' tokenized shares. Source: Token Terminal.
The combined market capitalization of Circle-linked tokens rose approximately 20% over the same period to $383.6 million. The total tokenized stock market is valued at $3.3 billion.
Securitize loses lead after platform launch
Securitize, which helps asset managers, including BlackRock, issue securities on blockchain networks, went public on the NYSE on July 2, 2026. At the same time, it tokenized its own common shares, becoming the largest issuer in the segment.
On October 8, Securitize launched a platform for trading tokenized stocks on the Solana network. The announcement initially supported SECZ shares, but a subsequent decline erased those gains.
On October 13, Citi analysts downgraded the company's stock from Buy to Neutral, citing concerns about tokenization revenue.
At the close of trading on October 23, SECZ shares had fallen 2.1% to $7.80. The company's market capitalization on the traditional stock market stood at $1.27 billion.
Circle strengthens position in tokenized stock market
Despite the decline, SECZ remains the largest individual tokenized stock. Circle's lead comes from the combined value of several products issued by different providers.
The largest of these is Binance's CRCLb on BNB Chain, with a market capitalization of $154.1 million. Circle therefore leads by the total value of tokens linked to its shares, while Securitize retains the top position among individual tokenized stock offerings.
Meanwhile, StoneX analysts previously raised their price target for Securitize shares following the launch of its new trading platform. They believe the business expansion will allow the company to generate additional revenue from trading activities and customer services.
According to StoneX forecasts, Securitize's revenue could reach $198.5 million by 2028. Previously, the company monetized only a small portion of transaction volumes, while its new business model introduces additional fees.
Earlier, we reported that Securitize shares rose following a tokenization partnership with South Korea's LG CNS. The collaboration is developing as South Korea prepares a new regulatory framework for digital securities.
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