Securitize's tokenized stock market value has shrunk by more than half, Circle expands its leading advantage

According to Token Terminal data, the market capitalization of Securitize's tokenized stock SECZ has fallen from a high of $430.4 million on September 28 to $208.6 million, shrinking by more than half in less than a month. During the same period, the market capitalization of the token tracking Circle's stock increased by about 20%, reaching $383.6 million, reclaiming the top position in the $3.3 billion tokenized stock market.

The decline of the SECZ token coincided with the sell-off of its underlying stock on the New York Stock Exchange. On October 8, after Securitize launched its stock trading platform on Solana, the stock price briefly rose, but the gains were subsequently erased; Citigroup downgraded SECZ's rating from "Buy" to "Neutral" on October 13, citing concerns over revenue from the tokenized business. Last Friday, SECZ stock closed down 2.1% at $7.80 per share, corresponding to a market capitalization of $1.27 billion.

Securitize is a platform that helps asset management institutions, including BlackRock, issue securities on the blockchain. The company went public on the New York Stock Exchange on July 2 and tokenized its common stock, becoming the largest tokenized stock at that time. Although Circle's related tokens have a leading total market capitalization, spread across multiple issuers, SECZ remains the single largest tokenized stock; among them, the CRCLb issued by Binance on the BNB Chain leads with a scale of $154.1 million.