Can tokenized stocks on Wall Street continue the epic legend of stablecoins?

In the early seventeenth century, the Dutch East India Firm invented stocks; over 400 years later, tokenization has led to Inventory 2.0.

On June 30, the well-known American on-line brokerage Robinhood (NASDAQ: HOOD) introduced the launch of Robinhood Inventory Tokens, permitting EU clients to commerce US stocks and ETFs on the blockchain. On the identical day, the tokenized inventory product xStocks launched by Swiss monetary instrument issuer Backed went stay on the crypto buying and selling platforms Kraken and Bybit.

In line with PANews, eight crypto establishments have introduced their entry into the tokenized inventory market, using totally different technological routes (Arbitrum, Solana, Base, Ondo Chain) and custody options (self-custody, xStocks, BitGo, and so on.) to satisfy world buyers’ numerous wants for versatile buying and selling, on-chain switch, and compliance assurance, changing into an vital touchdown situation for RWA (Actual World Property).

How huge will the market cake of tokenized stocks be? Will it change into the subsequent distinguished observe for RWA (Actual World Property) after stablecoins?

Robinhood: Dealer and Buying and selling Platform, Plans to Launch Its Personal L2

As a web based brokerage, Robinhood launched BTC and ETH buying and selling on its platform as early as 2018. Since then, Robinhood has quickly suspended crypto buying and selling a number of instances on account of important value volatility and different points, and has confronted scrutiny and fines from the SEC, however has by no means stopped exploring its crypto enterprise, together with:

• Buying the crypto aggregation buying and selling platform Cove Markets in 2021;

• Launching the Web3 pockets Robinhood Pockets in 2022, at present supporting Ethereum, Polygon, Arbitrum, Optimism, and Base networks;

• Buying Canadian crypto operator WonderFi (which has two regulated buying and selling platforms, Bitbuy and Coinsquare) in Might 2025;

• Acquiring a brokerage license from the Financial institution of Lithuania in Might 2025, permitting it to supply inventory buying and selling and different funding companies throughout the EU, enabling compliance with the EU crypto market regulatory framework MiCA;

• Buying the established trade Bitstamp in June 2024 (which has over 50 licenses in Europe and globally), after which Robinhood will be capable of supply crypto derivatives enterprise utilizing Bitstamp’s MiFID multilateral buying and selling facility license;

• Saying the acquisition of the AI funding advisory platform Pluto on July 1, 2025.

In line with information launched by Robinhood, as of November 2024, the worth of crypto belongings underneath its custody was $38 billion, with a nominal buying and selling quantity of $119 billion in cryptocurrencies over the previous yr, attaining protection throughout all 50 states and areas in the US, and launching ETH and SOL staking companies for US clients.

On June 30, 2025, Robinhood introduced the launch of inventory tokens for the EU market, permitting clients to commerce inventory tokens representing over 200 firms, out there for buying and selling 24 hours a day, 5 days per week. These tokens are backed 1:1 by actual stocks held by Robinhood and may be freely transferred on-chain, with holders entitled to dividends.

These inventory tokens had been initially issued on the Arbitrum chain and can later migrate to Robinhood’s personal Layer 2 blockchain (tentatively named Robinhood Chain).

Moreover, Robinhood permits European clients to commerce crypto perpetual futures. Thus, Robinhood has achieved complete protection of spot, contracts, staking, wallets, RWA, and AI technique evaluation, and can launch its personal L2 utility chain.

Starlabs Consulting famous that Robinhood has additionally been advocating for tokenization laws in the US, having submitted a proposal to the SEC for establishing a nationwide framework for tokenized RWA, and plans to launch a platform known as Actual World Asset Trade for off-chain buying and selling and on-chain settlement.

Coinbase: Dealer License Obtained, Tokenized Inventory Software Pending Approval

On June 17, Reuters reported that the US crypto trade Coinbase is searching for SEC approval to launch a blockchain-based tokenized inventory service. As soon as authorized, Coinbase will instantly compete with retail brokerage companies Robinhood and Charles Schwab.

In line with Starlabs Consulting, Coinbase obtained a broker-dealer license as early as 2018 however has not but engaged in precise enterprise.

xStocks: Tokenized Stocks Dwell on Kraken, Bybit, and Jupiter

xStocks is a tokenized monetary product launched by Swiss monetary instrument issuer Backed. These merchandise tokenize publicly traded securities (reminiscent of stocks), permitting buyers to entry conventional monetary market belongings by way of blockchain, and are regulated by the Swiss Monetary Market Supervisory Authority (FINMA).

xStocks are issued on the Solana chain and built-in into Solana’s DeFi protocols, permitting customers to commerce not solely by decentralized buying and selling platform Jupiter but additionally by centralized exchanges (reminiscent of Kraken and Bybit).

On June 30, Kraken introduced that xStocks has gone stay on its platform, providing the first batch of 60 tokenized US inventory merchandise for non-US clients, out there for buying and selling 24 hours a day, 5 days per week. In line with earlier stories by The Wall Street Journal, Kraken’s tokenized stocks will first launch in Europe, Latin America, Africa, and Asia.

On the identical day, Bybit additionally introduced a strategic partnership with Backed to step by step launch xStocks tokenized US inventory and ETF merchandise on its spot platform, supporting 24/7 buying and selling, which higher aligns with Web3 customers’ buying and selling habits. The preliminary launch contains 10 of the hottest US stocks.

Dinari: First Tokenized Inventory Microstrategy Launched on Gemini

On June 27, the crypto trade Gemini introduced a partnership with US tokenized inventory supplier Dinari to launch a tokenized microstrategy (NASDAQ: MSTR) utilizing Dinari’s on-demand tokenization mannequin, supporting EU customers with plans to develop to US customers in the coming months. Extra tokenized stocks and ETFs will likely be launched in the future. MSTR is at present launched on the Arbitrum chain and can quickly help different networks.

In line with Starlabs Consulting, Dinari has raised $22.65 million in funding from VanEck Ventures, Hack VC, F-Prime Capital, Blockchange Ventures, and Balaji Srinivasan. Dinari goals to supply seamless entry to over 100 tokenized US stocks and monetary belongings for world buyers by large-scale tokenization of real-world stocks.

Ondo: Launching Tokenized Securities Platform Ondo World Markets

Focusing on RWA, the decentralized finance protocol Ondo Finance plans to launch Ondo World Markets, a platform that can tokenize conventional stocks, bonds, and ETFs, permitting world non-US buyers to entry the US monetary market and supporting immediate settlement round the clock, seamlessly built-in with DeFi protocols.

Ondo Finance acknowledged that simply as stablecoins have expanded entry to {dollars} by addressing ache factors reminiscent of excessive prices, restricted provide channels, and switch friction, Ondo World Markets will apply the identical rules to the securities market.

On June 17, Ondo Finance introduced the institution of the World Markets Alliance, devoted to enhancing interoperability, investor safety, and entry to tokenized RWA, with members together with:

• Solana Basis

• BitGo (custodian)

• Fireblocks (Web3 safety firm)

• Jupiter, 1inch (DEX aggregators)

• Belief Pockets, Bitget Pockets, Rainbow Pockets

• Alpaca (brokerage)

Alliance members will every contribute their strengths: pockets suppliers will combine Ondo’s tokenized asset requirements, aggregators are anticipated to help programmatic entry to tokenized belongings, with institutional custody and infrastructure supplied by BitGo and Fireblocks, and Alpaca answerable for brokerage and regulatory companies for tokenized securities.

INX Digital: Launching Tokenized Personal Fairness

On June 18, the US tokenized asset buying and selling platform INX Digital introduced a partnership with Swiss blockchain startup Aktionariat AG to launch the tokenized fairness $DAKS on its INX Market, open for buying and selling by world buyers.

In line with Starlabs Consulting, INX Digital affords regulated safety tokens and tokenized RWA buying and selling, holding full compliance licenses and remittance licenses in most US states, in addition to dealer and different buying and selling system licenses granted by the SEC and FINRA (Monetary Business Regulatory Authority).

Aktionariat AG focuses on offering progressive tokenization options primarily based on blockchain and has facilitated over 50 million Swiss francs in buying and selling quantity since its launch in 2021, serving over 30,000 customers and serving to greater than 70 personal firms globally obtain fairness tokenization, with a complete market capitalization of tokenized firms reaching 400 million Swiss francs.

Establishments: Tokenized Inventory Market Cap Might Exceed $1 Trillion

In line with information from RWA.xyz, as of June 30, the whole market cap of tokenized actual belongings reached $24.47 billion, with the market cap of tokenized US Treasury bonds at $7.385 billion, whereas the market cap of tokenized stocks was solely $341 million.

Though the share of tokenized stocks in the general RWA market continues to be small, curiosity is quickly rising amongst institutional buyers who worth the alternative for quicker and lower-cost entry to the US inventory market.

In line with Cointelegraph, Arnab Nask, CEO of Luxembourg fintech firm STOKR, which focuses on offering safety token choices (STO) and asset tokenization companies, acknowledged in a panel dialogue on April 16 this yr that whereas the whole potential market dimension for tokenized stocks is tough to foretell precisely, “it’s positively a market exceeding $1 trillion.”

Anna Wroblewska, Chief Enterprise Officer of Dinari, acknowledged that by 2025, the demand for these monetary devices from numerous establishments reminiscent of Web3 wallets, digital banks, and conventional monetary service firms has already “exploded,” and “we have now acquired a big quantity of inquiries from potential companions which can be broader than we imagined.”

“There’s enormous demand for US public market stocks… even world particular person buyers wish to take part in the US capital markets. Tokenization makes this course of quick and low-cost.” Wroblewska acknowledged that for comparable causes, the demand for tokenized US Treasury bonds has additionally been very excessive.

Starlabs Consulting famous that not too long ago, the Nasdaq and S&P 500 indices amongst the three main US inventory indices have reached new historic highs, with the Dow Jones only one.3% away from its historic peak. As of June 30, the whole market capitalization of US stocks reached $61.94 trillion, and the US federal debt has additionally surpassed $36 trillion. In distinction, the whole market cap of tokenized stocks continues to be lower than $400 million, and the market cap of tokenized US Treasury bonds is barely over $7 billion, indicating important future market potential.