Securitize tokenized stock value halves to $208.6M as Circle-linked tokens hit $383.6M

The divergence points to a competitive reordering inside tokenized equities rather than a broad pullback, since Circle-linked issuance is expanding as Securitize's flagship contracts. It matters most for issuers and platforms choosing a tokenization partner, where distribution and interoperability now appear to carry more weight than first-mover status. Whether the SECZ decline reflects redemption or migration, and whether Circle's lead holds across additional issuers, is the open question.