By Lawrence Lee, Mint Ventures
Recent advancements in the field of tokenized U.S. securities have accelerated the adoption of blockchain-based stock trading:
- Centralized exchange Kraken announced the launch of xStocks, a platform for tokenized securities.
- Coinbase revealed plans to regulate its trading of tokenized stocks.
- Public blockchain Solana proposed a framework for U.S. tokenized securities.
U.S. stocks are increasingly being digitized, driven by the demand for borderless, 24/7 trading and enhanced liquidity. The recent frenzy following Circle’s listing has further fueled interest in this space.
The Value Proposition of Tokenized U.S. Stocks
Tokenized U.S. stocks offer two key advantages:
Market Expansion:
- Enables 24/7, permissionless trading of U.S. securities, unlike traditional exchanges like NASDAQ or NYSE.
- Facilitates global access for investors previously restricted by geographic or regulatory barriers.
Superior Composability:
- Integrates with DeFi infrastructure, allowing tokenized stocks to be used as collateral, margin, or index assets.
- Unlocks innovative financial products (e.g., yield-bearing securities, algorithmic trading strategies).
Current Market Players
1. Exodus
- A U.S.-based company that tokenizes its own NYSE-listed stock (EXOD).
- SEC-approved but limited to non-tradable, symbolic tokenization.
- Market Cap: $770M (~$240M on-chain).
2. Dinari
- A compliant U.S. platform offering tokenized stocks for non-U.S. users.
- Stocks are held by broker partners (e.g., Alpaca Securities) and mirrored as 1:1 dShares.
- Limitation: No on-chain trading; users must transact via Dinari’s platform.
3. Backed Finance
- Swiss-based issuer of bSTOCK tokens, tradable on-chain via AMM pools.
- Supports 24/7 trading and DeFi composability (e.g., LP staking for 33% APY).
- TVL: $8M (10x Dinari’s liquidity).
4. xStocks (Kraken + Solana)
- A collaboration between Kraken, Backed Finance, and Solana.
- Launched in June 2025 with support from major CEXs (Bybit) and DeFi protocols (Jupiter, Kamino).
- Key Advantage: Combines regulatory compliance with on-chain liquidity.
5. Robinhood
- Rolling out tokenized stocks for European investors on Arbitrum.
- Tokens track stock prices but lack transferability or governance rights.
6. Ondo Finance
- Plans to launch Ondo Global Markets for tokenized U.S. stocks on Solana by late 2025.
- Focus: 24/7 trading and collateralization.
Investment Opportunities
While the tokenized stock market is nascent, potential investment targets include:
- Backed Finance: Leading on-chain liquidity provider.
- Solana (SOL): Infrastructure for future tokenized securities.
- Ondo (ONDO): Expanding from Treasuries to stocks.
- Orca (ORCA): Partner in Solana’s Project Open.
FAQs
1. Can U.S. investors buy tokenized stocks?
Most platforms (e.g., Dinari, Backed) exclude U.S. users due to regulatory constraints. Exceptions include Coinbase’s upcoming offering.
2. How do tokenized stocks differ from traditional stocks?
They enable DeFi integration (e.g., staking, borrowing) but may lack voting/dividend rights.
3. Which platform has the highest liquidity?
Backed Finance ($8M TVL) and xStocks (via Kraken) lead in on-chain trading volume.
👉 Explore tokenized stocks on OKX
Conclusion: Tokenized U.S. stocks are bridging TradFi and DeFi, with platforms like Backed Finance and xStocks pioneering compliant, liquid markets. For investors, SOL, ONDO, and ORCA are key assets to watch.
👉 Trade tokenized assets today
Note: All data is as of July 2025. Always conduct independent research before investing.