Market tone: Bullish
Vivian Nguyen · Crypto Briefing · 2026-10-09T14:56:36.000Z
Issuers using offshore vehicles in three jurisdictions account for most tokenized equity value, according to RWA.xyz data
Most tokenized stock market value traces back to three places. Not Wall Street, not London, and not Silicon Valley, but Jersey, the British Virgin Islands and the UAE.
As of mid-September 2026, the dominant issuers of tokenized equities, including Ondo, Kraken’s xStocks and Binance bStocks, account for approximately 81% of total distributed tokenized equity value. That total sits at around $2.93 billion.
This matters because tokenized stocks are among the fastest-growing corners of the real-world asset (RWA) trade. Where the products are legally housed shapes who regulates them, who can buy them, and what happens when something breaks.
Where the tokens actually live
A tokenized stock is a blockchain token meant to track a real share. The major issuers run these products through offshore special purpose vehicles, or SPVs. An SPV is a standalone legal entity created for one narrow job. Here, that job is holding the underlying shares and issuing tokens backed 1:1 against them.
Those SPVs cluster in three jurisdictions: the BVI, Jersey, and the Abu Dhabi Global Market (ADGM) in the UAE.
Jersey leads the pack by value. According to RWA.xyz data collated as of September 2026, Jersey-domiciled products hold roughly 27.4% of the tokenized equity market, worth about $651.4 million.
The BVI wins on volume rather than value. BVI-based entities had issued 305 tokenized securities as of June 2026, the highest count of any jurisdiction.
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The UAE’s ADGM has carved out a different niche. It has become a hub for exchange-sponsored tokenized stock products, including Binance bStocks, which launched in June 2026. ADGM’s draw is its English common law framework, which has proven appealing to exchanges and institutional players.
A market built on single stocks
Single stocks make up about 81% of the equity tokenization supply, with ETFs trailing well behind. The preference for individual names over funds suggests buyers want targeted exposure to specific companies.
Binance Research reports the broader tokenized RWA market, which spans equities, tokenized Treasuries and other asset classes, has surged approximately 390% year-to-date.
Why issuers go offshore
Packaging shares inside an offshore SPV gives issuers a clean legal container that sits between the custodied stock and the token holder. Jersey has become the front-runner by market share. The BVI has handled the largest number of issuances. ADGM offers a common law setup that exchanges and institutions find familiar and workable.
For anyone holding a tokenized stock, your claim usually runs through an SPV in one of these jurisdictions, not directly against the company whose share you are tracking. That makes the issuer structure, the custody arrangement and the governing law part of the investment itself. Two tokens tracking the same company could carry different legal profiles depending on where and how they were issued.
Having roughly 81% of distributed value flow through a handful of issuers and three jurisdictions means a regulatory shift in any one of these hubs could ripple across a large share of the sector at once.
Jersey leads on value, the BVI leads on issuance count, and ADGM is pulling in exchange-backed launches like bStocks. Each hub is effectively competing for the same pipeline of tokenized products.
Originally published by Crypto Briefing.