Tokenized SECZ Shares Halve in 30 Days as Circle Tokens Gain

Updated 26 October 2026: Tokens tracking Securitize's SECZ shares fell 49.5% to $208.6 million in market value over 30 days, while Binance's Circle-tracking CRCLb rose 34.1%.

Tokens tracking Securitize's own SECZ shares had an onchain market cap of $208.6 million, down 49.5% over 30 days, per Token Terminal's tokenized stocks data. Over the same window, Binance's CRCLb, a token tracking Circle shares, rose 34.1% to $154.1 million.

The SECZ drop runs against the wider market. Token Terminal puts the whole tokenized assets sector, ETFs included, at $4.4 billion, up 15.9% in 30 days, spread across 36 issuers, 18 chains and 5.4 million holders.

SECZ Tokens Shrink While Circle Tokens Grow

Circle exposure is split across several products. Token Terminal lists CRCLx at $108.4 million and CRCLon at $97.6 million, the latter down 5.1% over 30 days. With CRCLb, those three come to $360.1 million, against $208.6 million for SECZ. Each Circle token on its own is still smaller than SECZ.

The combined value of every Circle-tracking token, including smaller issuers not in those rows, is not yet confirmed.

Market cap here is token price multiplied by tokens outstanding, and Token Terminal's 30-day figure does not show how much of the 49.5% came from each. The listed shares fell too. SECZ dropped 38% from its $12.66 close on Oct. 8, the day Securitize announced Securitize Stocks, to $7.81 on Oct. 22.

Circle is also one of the 12 stocks Securitize itself now offers onchain.

Twelve Tickers, Settled in USDC on Solana

Securitize (NYSE: SECZ) announced Securitize Stocks on Oct. 8 for eligible investors in the US, the EU and other permitted jurisdictions. The company reported about $5 billion in assets under management as of September 2026.

The first list covers AAPL, MSFT, NVDA, GOOG, TSLA, META, AMZN, NFLX, CRCL, SPCX, MSTR and PLTR. Solana is the launch network, and trades settle in USDC through Securitize's Solana PropAMM, with Jump Trading as market maker. The tokens trade on Securitize's registered broker-dealer platform, during extended hours only at first, with 24/7 availability still a plan. Our earlier report covered the Solana launch of tokenized NVDA and AAPL.

The structure is what Securitize is selling against rivals:

• Each token is backed one for one by an underlying share.
• Each is a security entitlement under UCC Article 8, the US commercial law that covers securities held through an intermediary.
• Dividends carry through, and so do voting rights where the share class has them.
• The backing shares will not be lent out.

There are limits. Holders are not registered shareholders of the underlying company unless they convert. The issuers of the underlying stocks have not sponsored or endorsed the product.

CEO Carlos Domingo aimed the pitch at synthetic products: "Tokenized stocks should give investors more than a price on a wrapper that tracks a stock and is only offered offshore."

Planned Venues Are Not Live Yet

Securitize expects the tokens to trade on NYSE's planned 24/7 venue and on the OKXICE trading venue. Neither venue has launched. Ripple Prime plans to support the launch and explore adding the assets to its institutional trading business. Securitize also says the tokens are designed to support lending and collateral markets such as Aave over time, which is not yet available.

Trading volume and holder counts for Securitize Stocks are not yet confirmed. Without them, there is no way yet to measure demand for the product.

Wall Street Closes the Overnight Gap in December

Nasdaq, NYSE Arca and Cboe have all received regulatory approval for 23-hour trading in US equities, according to an Oct. 23 Bitfinex blog post. Nasdaq and Cboe target December 2026. All three will still close on weekends. In March, the SEC also approved Nasdaq's plan to trade tokenized shares on its own order book, under the same ticker and with the same priority as conventional shares.

The Bitfinex post builds its case on IMF research. Per those figures, more than half of tokenized equity trading happens outside US market hours. Between 87% and 99% of overnight moves in the tokens show up in the conventional shares within the first five minutes of the next session. The IMF also put realized volatility in tokenized equities at about 1.5 times that of conventional shares, with decentralized exchanges the least liquid venues.

Bitfinex's conclusion is that after December, "the weekend will remain, for now at least, the one window that belongs to tokenised markets alone." Jesse Knutson, head of operations at Bitfinex Securities, argued against restricting those hours: "Preventing trading does not necessarily prevent risk. It can concentrate activity into the moment when markets reopen."

Issuer Pushback Hangs Over Third-Party Tokens

By Oct. 19, 16 companies, including Microsoft, Alphabet, Broadcom and Verizon, had formally objected to third-party tokenized versions of their shares, per the Bitfinex post. Microsoft and Alphabet are both on Securitize's launch list. The objections cited do not name Securitize. Even so, they show how listed companies view tokens they did not issue.

That puts the weekend question on Securitize's roadmap. Right now its Solana tokens trade only in extended hours, which is the window Nasdaq and Cboe aim to cover in December. The edge Bitfinex describes depends on Securitize reaching full 24/7 trading, and the company has not given a date for that.