The market for tokenised shares has grown more than sevenfold since the start of the year

The global tokenised shares market has reached $4.8 billion, having grown by more than 640 per cent since January 2026. For Kyrgyzstan, this trend is particularly relevant against the backdrop of the development of its own market for virtual assets and digital financial instruments.

According to data from the analytical platform Token Terminal, the market reached a new all-time high on 10 November. Binance’s bStocks product has become the largest player, with assets totalling $1.5 billion — around 31 per cent of the entire segment. It is followed by Ondo Finance with a 29.1 per cent share and xStocks with 22.2 per cent. There are 23 issuers operating in the market in total.

Tokenised shares are digital tokens whose value is pegged to company shares or exchange-traded funds. They provide access to traditional financial instruments via the blockchain. However, such tokens do not always confer ownership rights over the underlying shares.

Market activity is also on the rise: the volume of tokenised share transfers on the blockchain exceeded $100 billion in the third quarter. This is more than 16 times the figure for the first quarter.

For Kyrgyzstan, the development of this sector is of particular interest. The country is developing legislation on virtual assets, the digital KGS and the national stablecoin, the KGST. In early November, Kyrgyzstan also signed a memorandum of cooperation with El Salvador on virtual assets and the creation of a state crypto reserve.