The value of tokenized shares of Securitize (SECZ) has plummeted by more than half in less than a month, while Circle-linked tokens have surged, widening the gap between the two companies in the tokenized equities market.
SECZ’s onchain market cap dropped from $430.4 million on September 28 to $208.6 million by Sunday, according to Token Terminal. Meanwhile, Circle’s tokenized shares reached a combined $383.6 million across several issuers, reclaiming the top spot in the $3.3 billion tokenized stock market.
The decline in SECZ’s tokenized shares coincided with a sell-off in Securitize’s underlying shares on the NYSE, which erased gains following the October 8 launch of its stock trading platform on Solana. Citi downgraded SECZ from Buy to Neutral on October 13, citing concerns about tokenization revenue.
Securitize helps asset managers, including BlackRock, issue securities on blockchains. The company brought its own common shares onchain alongside its July 2 NYSE listing, becoming the largest tokenized equity at the time. Despite the recent decline, SECZ remains the largest individual tokenized stock, though Circle’s total is spread across products from several issuers, with Binance’s CRCLb on BNB Chain leading those offerings at $154.1 million.