Tokenized Securitize shares lose over half their value as Circle tokens retake lead
In brief
- SECZ tokenized market cap fell from $430.4 million to $208.6 million, per Token Terminal data.
- Circle-linked tokens rose about 20% since Sept. 28 to a combined $383.6 million.
- SECZ remains the largest single tokenized stock; Circle's total spans several issuers.
- SECZ token decline coincided with a sell-off in Securitize's NYSE shares.
Circle's lead is spread across issuers
Tokens tracking Circle's shares have gained about 20% in market value since Sept. 28, reaching a combined $383.6 million, again per Token Terminal. That's enough to put Circle-linked products back in first place in the $3.3 billion tokenized stock market.
There's a catch, though.
The Circle number isn't one token. It's a total spread across products from several issuers, which means SECZ remains the largest individual tokenized stock on the blockchain. Binance's CRCLb on BNB Chain leads the Circle-linked offerings at $154.1 million (Token Terminal's figure), and that's still below SECZ's $208.6 million on its own.
NYSE shares slid at the same time
The token and the stock moved down together. The decline in tokenized SECZ coincided with a sell-off in Securitize's underlying shares on the NYSE, and that sell-off erased the gains that followed the Oct. 8 launch of the company's stock trading platform on Solana.
Securitize's NYSE-traded shares closed Friday down 2.1% at $7.80 apiece. That left the company with a market cap of $1.27 billion, according to Cointelegraph.
Cointelegraph also reported that Citi downgraded SECZ from Buy to Neutral on Oct. 13 amid concerns about tokenization revenue.
Why SECZ stands out onchain
Securitize helps asset managers (BlackRock among them) issue securities on blockchains. It didn't just build the rails for other people, either. The company brought its own common shares onchain alongside its July 2 NYSE listing, and SECZ became the largest tokenized equity at the time.
It's still the biggest single tokenized stock today, even after giving up more than half its onchain value since Sept. 28. What's changed is the leaderboard by underlying company, where Circle-linked tokens from several issuers now add up to more.
Frequently asked questions
Is Circle now the largest tokenized stock?
Not as a single token. Circle-linked tokens add up to a combined $383.6 million across several issuers, per Token Terminal data reported by Cointelegraph. SECZ, at $208.6 million, remains the largest individual tokenized stock. The biggest Circle product, Binance's CRCLb on BNB Chain, sits at $154.1 million.
How big is the tokenized stock market?
The tokenized stock market was valued at $3.3 billion, according to Token Terminal data reported by Cointelegraph. Circle-linked tokens together hold the top spot in that market, with a combined $383.6 million.
