Securitize's tokenized stock halves as Circle takes the lead

The on-chain value of tokenized Securitize (SECZ) shares has more than halved in less than a month, letting tokens tied to Circle (CRCL) retake first place in the tokenized stock market, Cointelegraph reports, citing data from Token Terminal.

The numbers

• SECZ tokens: down from a peak of $430.4 million on 28 September to $208.6 million by Sunday.
• SECZ on the NYSE: closed Friday down 2.1% at $7.80, a market value of about $1.27 billion.
• Circle-linked tokens: up about 20% since 28 September to a combined $383.6 million, spread across several issuers. Binance's CRCLb on BNB Chain is the biggest at $154.1 million.
• The whole market: tokenized equities total roughly $3.3 billion. SECZ is still the largest single tokenized stock.

What drove it

The slide tracks a sell-off in Securitize's listed shares, which gave back gains made after the company launched a stock trading platform on Solana on 8 October. Citi cut the stock from Buy to Neutral on 13 October, citing doubts about tokenization revenue. Securitize, which helps managers such as BlackRock issue funds on blockchains, put its own shares on-chain when it listed on the NYSE on 2 July.

Our take

The headline sounds like a crypto story, but it is mostly a stock story. The on-chain "market cap" counts tokens multiplied by price, so it moves with the NYSE share price as well as with any tokens created or redeemed, and Cointelegraph's figures do not separate the two. That is the core idea behind tokenized stocks: they mirror the underlying share, losses included.

Two things are worth noticing. First, the market is concentrated: one company's own shares made up a large slice of a $3.3 billion sector, so a single stock's fall can reshuffle the leaderboard. Second, "Circle's lead" is really several products from different issuers on different chains, each with its own custody and redemption terms. Before buying any of them, check who issues the token and what you actually own, as our explainer on tokenization describes.