Roughly $9.2bn of tokenized assets sits where no aggregator can see it.
Japan holds over ¥1 trillion in tokenized securities on a chain run by eighteen banks. Korea issued $2.2bn in a single year under sandbox exemptions. India has no rupee stablecoin at all — not a small one, none. This is a market-by-market account of what we can read, what we cannot, and exactly why.
Brazil tokenizes asset classes that have no equivalent in any Western catalogue — court-ordered state debts, group-purchase quotas, severance-fund receivables. One regulated exchange publishes its entire listing without authentication, which makes it the only market outside the West that can be read at all.
Switzerland did not build a sandbox for tokenization. It changed the Code of Obligations so that a ledger-based security is an ordinary security — no expiry date, no special permission. The result is visible in a public register of small companies: a shipping line, a sock maker, an ice hockey club.
Korea already has a working tokenization market, but it runs on regulatory sandbox exemptions rather than as recognised securities. That changes on 4 February 2027 — and the rules published for it are the clearest statement anywhere that access is not a yes or no.
Japan has the largest tokenized securities market outside the United States, and none of it appears in any aggregator. Real estate trusts, corporate bonds and funds, issued by the country's major banks and brokerages — invisible to every comparison site including, until we measured it, ours.
India returns an empty set, and an empty set is a finding. Across 423 stablecoins covering 28 peg currencies, there is no INR stablecoin — not a small one, none. No tokenized Indian security appears in any catalogue we read either.
Every market size here comes from a named report or regulator document, named on its own page. The availability finding is separate and was tested rather than assumed: we load the platform’s own site, pull its JavaScript bundles and read the API paths out of them, then call those paths.
That distinction matters more than it sounds. Guessing an endpoint and getting a 404 tells you nothing — it looks like an answer without being one. Japan is closed because ibet is a permissioned consortium and Progmat controls its own validators, not because a URL returned an error.