The market cap of tokenized stocks reached about $1.7 billion at the end of June, up from $329 million a year earlier — more than 5x growth. This makes tokenized stocks one of the fastest-growing categories of tokenized assets (which some refer to as real world assets). Unlike stablecoins, whose circulating supply is a direct proxy for demand — one token, one dollar — tokenized stocks move with their underlying equities, so “market cap” does not cleanly separate the effects of new tokens minted and existing tokens repricing.  The evidence points to issuance though. More than half of today's market cap sits in assets that weren't onchain a year ago. And most of the remaining balances arrived mid-year — after much of the period's price movement in the underlying stocks had already occurred.