#Tokenization

Circle’s CCTP article describes connections for non-USDC tokens. Issuer-controlled and ownerless configurations have different control arrangements, so not every route should be understood as the same burn-and-mint process.

DefiLlama compares spreads, order-book depth and simulated slippage for AAPL, TSLA, GOOGL and SPY across several venues. Volume measures trades already completed, while depth shows how much resting liquidity is available at a particular moment. A volume ranking therefore need not reflect execution quality for large orders.

The analysis uses a single snapshot from September 29, 2026 at 04:47 UTC, outside US equity trading hours. Slippage is simulated, not observed execution. Perpetual contracts and spot products have different rights, costs and risks, so these results should not be treated as lasting venue rankings.