Circle’s $393M Tokenized Stock Market: Three Legal Models

Token Terminal tracked approximately $393 million in CRCL-linked tokens across 13 issuers and platforms on October 20. Binance bStocks, xStocks and Ondo accounted for 93.7% of reported market value, approximately $368 million. The three products differ in legal structure, collateral enforcement and access to redemption. Circle Internet Group’s shares underpin a $393 million tokenized equity market , but the investors buying those tokens do not necessarily receive the same rights as conventional CRCL shareholders. Token Terminal data, shared in X , identified 13 issuers or tokenization platforms offering exposure to Circle’s NYSE-listed shares as of October 20, 2026.