Tokenized stocks just reached $4.64B in market cap, the same level stablecoins first passed in March 2020. That's the comparison @tokenterminal draws in its latest Snapshot. Since then, stablecoins have grown 63.85x. The model is the same too. An issuer holds the shares with a custodian, issues tokens backed one-to-one, and those tokens move on public blockchains. 85.74% of tokenized stock market cap is built this way. The market is still concentrated. Three issuers hold 81.17% of it, and 91.70% tracks US companies and US-listed ETFs. As Token Terminal puts it: "Stablecoins showed that third-party issuers, custodians, and public blockchains can take a U.S. asset to users worldwide." On Rayls, that stablecoin model already runs the network. Gas on the Rayls Public Chain is paid in $USDr, a USD stablecoin backed 1:1 by USDC.e, so transaction costs stay predictable for institutions and builders alike. The full breakdown from Token Terminal 👇