The market capitalization of tokenized stocks reached approximately $1.7 billion by the end of June, marking a more than fivefold increase from $329 million a year ago, according to data from a16z Crypto. This makes tokenized stocks one of the fastest-growing categories of tokenized assets. Unlike stablecoins, the market cap of tokenized stocks is influenced by both new issuances and underlying asset price fluctuations. However, the data indicates that the growth is primarily driven by an expansion in issuance, with over half of the market cap coming from assets that were not on-chain a year ago. Most of the new balances were added mid-year, after significant price changes in the underlying stocks had already occurred.