[ESMA: Tokenized Stock Market Cap Rises to Nearly €1.9 Billion in 18 Months, Warns Multiple Versions of Same Stock Could Fragment Liquidity] According to Ledger Insights, the European Securities and Markets Authority (ESMA) recently released its 'Trends, Risks, and Vulnerabilities' report for the first half of 2026, which includes a dedicated analysis of tokenized stocks. The report shows that the market capitalization of tokenized stocks grew from approximately €300 million to nearly €1.9 billion within 18 months. ESMA warned that 'issuing different tokenized products for the same stock could fragment liquidity.' The report pointed out that while these offshore structures claim to be backed 1:1 by stocks, they essentially constitute packaged securities, with ownership records of the underlying stocks stored off-chain and no unique, authentic source existing on-chain. The multi-layered intermediary arrangements increase complexity and risk, and many transactions have yet to achieve true atomic settlement (synchronous delivery of securities and funds).