Tokenized equities went from under 0.05% of stablecoin supply in Jan 2025 to ~1.1% by late Sep 2026. Most of it came this year. The chart sits near 0.17% in January and 1.09% at the end of September, about 6x in nine months. Stablecoin supply grew in the low single digits over that stretch, so the gain came from the equity side. ARK's Lorenzo Valente (@LorenzoARK ) sees the next step. He says tokenized equities could pass stablecoin supply within 3 years, even if stables compound 40%+ a year. I ran the numbers from a ~$306B stablecoin base. At 40% a year, that grows to ~$840B. Equities would need ~250x, about 6.3x a year. For scale, the ratio grew at roughly 12x annualized in 2026, off a small base, so the required pace sits below what the chart has already delivered. I think stablecoins are the natural rails for this. They give tokenized equities an onchain cash leg that runs 24/7 and settles atomically. Transfer volume has recently run around $11B a month, about 3.5x the $3.18B supply. Settlement is a flow, so the same cash gets reused many times. Stablecoins can carry this market well before equity supply catches up to theirs. Two areas where I see room to grow: 🔸 Collateral: ~42% of supply is technically eligible as lending collateral and ~2.6% is deployed as such. GLXY went live as collateral on Kamino in April. Most of the eligible supply is still waiting to be put to work. 🔸 Regulation: the SEC's Sep 17 Innovation Exemption opens a five-year, permissioned path for tokens that carry the same rights as shares. I think the pace holds only if rules and usage keep improving together. The last few weeks gave me reason to expect they will. If stables grow 40% a year, the crossover needs the ratio near 5% by Oct 2027, ~22% by Oct 2028 and 100% by Oct 2029. Those are the checkpoints I'd measure against. The first one is 12 months away, and the 2026 pace is already ahead of it. h/t @ARKInvest , @redstone_defi (Oct 6 report)