Ethereum hosts 54% of all stablecoins as tokenized stocks jump 170%

Ethereum still hosts more digital dollars than any other blockchain. As of late October 2026, it accounted for about 54.1% of all stablecoins issued, out of a total market tracked across 47 blockchains. The newer storyline is stocks. Ethereum's tokenized stock market grew 170% year over year to $827 million, and some investors are wondering whether equities could follow the path stablecoins took.

Stablecoin dominance

Roughly $162.5 to $163 billion worth of stablecoins have been issued on Ethereum, sitting inside a total stablecoin market cap of around $300 to $301 billion. More than half of every on-chain dollar was minted on one network. Ethereum's stablecoin holdings stand at approximately $143.76 billion, or about 47.69% of the total market.

Why two numbers? Issuance tracks where tokens are created. Holdings track where they actually sit. The research notes that bridging activity, which moves tokens between chains, affects both metrics. Tron holds second place with roughly $94 billion in stablecoins, accounting for approximately 31% of the market.

Tokenized stocks growth

Tokenized stocks on Ethereum reached between $827 million and $841 million, with growth of approximately 170% year over year. The broader category is also setting records, with the total market cap of tokenized equities across chains sitting between $3.8 billion and $4.4 billion.

Ethereum does not lead this category though. That honor belongs to BNB Chain, which the research identifies as the primary driver of the sector's growth. For context, Ethereum's entire tokenized stock market is a rounding error next to its stablecoin base.

Market implications

Tron has carved out a strong niche in peer-to-peer transfers, while BNB Chain has taken the lead in tokenized equities. There is also a measurement question worth keeping in mind. The gap between Ethereum's 54.1% issuance share and its 47.69% holdings share shows how much bridging can shape the picture.

Anyone tracking chain dominance should check which metric a headline is using. The overall tokenized stock market crossed $3 billion earlier in 2026 and has kept expanding since, with investors watching whether this new asset class will follow the explosive growth pattern of stablecoins.