SECZ’s onchain market cap fell to $208.6 million as Circle-linked tokens reached a combined $383.6 million across several issuers in the $3.3 billion tokenized equities market.

The value of tokenized shares of Securitize (SECZ) have lost more than half their value in less than a month as the gap with market leader Circle (CRCL) widens.

The market capitalization of SECZ tokens fell from a high of $430.4 million on Sept. 28 to $208.6 million by Sunday, according to Token Terminal. The NYSE-traded shares closed Friday down 2.1% at $7.80 apiece, with a market cap of $1.27 billion.

Tokens tracking Circle’s shares have gained about 20% in market value since Sept. 28 to reach $383.6 million, reclaiming the top spot in the $3.3 billion tokenized stock market.

Tokenized stock market capitalization by underlying stock, excluding ETFs. Source: Token Terminal

The decline in tokenized SECZ coincided with a sell-off in Securitize’s underlying shares on the NYSE, which erased gains that followed the Oct. 8 launch of its stock trading platform on Solana. Citi downgraded SECZ from Buy to Neutral on Oct. 13 amid concerns about tokenization revenue.

Securitize helps asset managers including BlackRock issue securities on blockchains. The company brought its own common shares onchain alongside its July 2 NYSE listing, becoming the largest tokenized equity at the time.

SECZ remains the largest individual tokenized stock as Circle’s total is spread across products from several issuers. Binance’s CRCLb on BNB Chain leads those offerings at $154.1 million.