Markets· ★★★· neutral·

Nearly 91% of tokenized stocks are issued outside the US, led by Jersey, ADGM and BVI

  • —Non-US issuers hold 90.8% of market cap; US issuers 8.6%
  • —Jersey 27–29%, ADGM 27.4%, BVI 26.3% of the market
  • —Offshore tokens account for about 99% of on-chain volume
  • —Market cap is $3.7–4.6B, with 95% tracking US stocks and ETFs
Why it matters: Concentration in three jurisdictions creates risk: a regulatory or operational problem in any one could ripple across the entire tokenized equity market.
Source: Crypto Briefing
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