Abstract: When the crypto market suffers from cyclical blood loss, top global institutions are simultaneously betting on asset tokenization. This article deeply analyzes the underlying logic of US stock tokenization and systematically reviews major US stock on-chain trading platforms.
Author: Changan, Amelia I Biteye Content Team
Over the past year, an intriguing phenomenon has repeatedly emerged:
US stocks and precious metals have repeatedly hit new highs driven by productivity dividends and AI narratives, while the crypto market has fallen into a cycle of liquidity drying up.
Many investors lament that "the end of the crypto world is the US stock market," and some even choose to exit completely.
But if I told you that these two seemingly opposing paths to wealth are experiencing a historic convergence through tokenization, would you still choose to leave?
Why do top global institutions, from BlackRock to Coinbase, unanimously view asset tokenization positively in their 2025 annual outlook?
This is not simply 'stock transportation.' This article starts from the underlying logic to comprehensively dismantle the underlying logic of U.S. stock tokenization and reviews the trading platforms currently engaged in stock tokenization and the in-depth views of frontline KOLs.
1️⃣ Core: Not just on-chain
U.S. stock tokenization refers to the transformation of U.S. stocks (such as shares of listed companies like Apple, Tesla, and Nvidia) into tokens. These tokens are usually pegged 1:1 to the rights or value of real stocks, implemented through blockchain technology for issuance, trading, and settlement.
In simple terms, it moves traditional U.S. stocks to the blockchain, turning stocks into programmable assets. Token holders can gain economic rights of stocks (such as price fluctuations and dividends) but may not necessarily have full shareholder rights (depending on specific product design).
As shown in the figure, the tokenization of U.S. stocks has seen exponential growth in the TVL index since the fourth quarter of this year.
(Image source: Dune)
After clarifying the basic definition of U.S. stock tokenization and its differences from traditional assets, a more essential question arises: Since the traditional securities market has been operating for hundreds of years, why must we go through great lengths to put stocks on the chain?
Because the combination of stocks and blockchain will bring many innovations and benefits to the traditional financial system.
1. All-weather trading: Breaking the trading hour constraints of the NYSE and Nasdaq, the cryptocurrency market can achieve 7×24 hours of continuous trading.
2. Fragmented ownership lowers investment thresholds: In traditional stock markets, a minimum of one lot (100 shares) can only be purchased, while tokenization allows assets to be divided into tiny fractions, enabling investors to invest $10 or $50 without paying the full price of the stock. Ordinary investors worldwide can also equally share in the growth dividends of top companies.
3. Interoperability between cryptocurrencies and DeFi: Once stocks are converted into tokens, they can seamlessly interact with the entire decentralized financial ecosystem. This means you can do things with tokenized stocks that traditional stocks cannot achieve (or find difficult). For example: you can use tokenized stocks as collateral for cryptocurrency loans or use tokenized stocks to group LP to earn transaction fees.
4. Global liquidity convergence: Under the traditional system, there is a certain disconnection between the liquidity of U.S. stocks and other assets, and macro-positive news often only drives one side. After U.S. stocks go on-chain, crypto funds can participate in global quality assets on the spot. This is essentially a leap in liquidity efficiency.
Larry Fink, CEO of BlackRock, also stated: The next generation of markets and securities will be security tokenization.
This has also hit the cyclical dilemma of the cryptocurrency market - when U.S. stocks and precious metals perform strongly, the cryptocurrency market often suffers from a lack of liquidity, leading to capital outflows. If 'tokenization of U.S. stocks' matures and brings more quality traditional assets into the crypto world, investors will not all choose to exit, thereby enhancing the resilience and attractiveness of the entire ecosystem.
Of course, U.S. stock on-chain is not a utopian solution free of friction. On the contrary, many issues it exposes are precisely because it begins to authentically connect with the financial order of the real world.
1. U.S. stock on-chain is not truly decentralized stock
Currently, mainstream U.S. stock tokenization products mostly rely on regulated institutions to custody real stocks and issue corresponding tokens on-chain. Users actually hold rights to the underlying stocks, rather than full shareholder status. This means that asset security and redemption capability largely depend on the issuer's legal structure, custody arrangements, and compliance stability. If the regulatory environment changes, or if custodians encounter extreme risks, the liquidity and convertibility of on-chain assets may be affected.
2. Price vacuum and decoupling risk during non-trading hours
During U.S. stock market closures, especially for perpetual contracts or non-1:1 pegged products, on-chain prices lack real-time references from traditional markets, being determined more by the sentiment and liquidity structure of internal crypto markets. When market depth is insufficient, prices can deviate significantly and even be manipulated by large funds. This issue is similar to pre-market and after-market trading in traditional markets but is further amplified in the 7×24 hour operating on-chain environment.
3. High compliance costs, slow expansion speed
Unlike native crypto assets, stock tokenization is inherently within strong regulatory boundaries. From the identification of securities attributes, compliance across jurisdictions, to the design of custody and settlement mechanisms, every step requires deep coordination with the real financial system. This makes it difficult for this track to replicate the explosive growth paths of DeFi or Memes, as every step involves legal structures, custody, and licensing.
4. Form a dimensionality reduction strike against the altcoin narrative
When high-quality assets like Apple and Nvidia can be traded directly on-chain, the attraction of purely narrative-driven assets lacking real cash flow and fundamental support will be significantly compressed. Funds will begin to reassess between 'high volatility imaginative spaces' and 'real-world returns'; this change is positive for long-term ecological health, but potentially fatal for some alt assets reliant on emotional drives.
In summary, U.S. stock on-chain is a slow, realistic, yet long-term certain financial evolution path. It may not generate short-term frenzy, but it is likely to become a main line in the crypto world that deeply integrates with real finance and ultimately settles as infrastructure.
2️⃣ Realization logic: Custodial support vs. synthetic assets
Tokenized stocks are created by issuing blockchain-based tokens that reflect the value of specific equity. Depending on the underlying implementation, the market's tokenized stocks currently use one of the following two models:
Custodial-backed Tokens: Tokens are issued on-chain in accordance with a certain proportion, held by regulated institutions in traditional securities markets as reserves. On-chain tokens represent holders' economic claims to the underlying stocks, and their legal validity depends on the issuer's compliance structure, custody arrangements, and information disclosure transparency.
This model is closer to the traditional financial system in terms of compliance and asset security, thus becoming the mainstream realization path for U.S. stock tokenization.
Synthetic Tokens: Synthetic tokens do not hold real stocks but track stock price movements through smart contracts and oracle systems, providing users with price exposure. These products are closer to financial derivatives, with their core value in trading and hedging rather than the transfer of asset ownership.
Due to the lack of real asset support and inherent defects in compliance and security, early pure synthetic models represented by Mirror Protocol have gradually exited the mainstream view.
As regulatory requirements tighten and institutional funds enter, models based on real asset custody have become the mainstream choice for U.S. stock tokenization in 2025. Platforms represented by Ondo Finance and xStocks have made significant progress in compliance frameworks, liquidity access, and user experience.
However, at the execution level, such models still need to coordinate between traditional financial systems and on-chain systems, and their operational mechanisms bring some noteworthy engineering differences.
1. Execution detail differences brought by batch settlement mechanisms
Platforms generally adopt net batch settlement methods, executing real stock trades in traditional markets (such as Nasdaq, NYSE). Although this inherits the deep liquidity of traditional markets, making large order slippage extremely low (usually <0.2%), it also means:
1) During non-U.S. stock opening hours, minting and redeeming may experience brief delays;
2) During extreme volatility, the execution price may have slight deviations from on-chain pricing (buffered by platform spread or fees);
2. Centralized custody and operational risks
Stocks are concentrated in the hands of a few regulated custodians. If there are operational errors, bankruptcies, delays in liquidation, or extreme black swan events, it could theoretically affect token redemption.
Similar issues also exist in U.S. stock-focused Perpdex. Unlike the 1:1 peg of spot markets, contract trading may encounter the following extreme situations during U.S. stock market closures:
1) Decoupling risk:
On normal trading days, contract prices are forcibly anchored to Nasdaq prices through funding rates and oracle. Once entering non-trading days, external real prices remain static, and on-chain prices are entirely driven by internal funds. If the crypto market experiences severe fluctuations or large players dump, on-chain prices will quickly deviate.
2) Poor liquidity leads to easy manipulation:
On non-trading days, OI and depth are often quite thin, and large players can manipulate prices through high-leverage orders, triggering chain liquidations. Similar to pre-market contracts, similar market conditions have occurred with $MMT and $MON, where when investor expectations are highly aligned (collectively hedging short), large players violently raise prices, triggering chain liquidations.
3️⃣ Overview of U.S. stock on-chain trading platforms
For most investors, the key question is: Among the dazzling array of crypto ecosystems, which projects have already turned this vision into a tangible reality?
Ondo @OndoFinance (Official Twitter XHunt ranking: 1294):
Ondo Finance is a leading RWA tokenization platform, focusing on bringing traditional financial assets to blockchain. In September 2025, Ondo Global Markets launched, offering over 100 tokenized U.S. stocks and ETFs (for non-U.S. investors), supporting 24/7 trading, instant settlement, and DeFi integration (such as collateral lending).
The platform has expanded to Ethereum, BNB Chain, and plans to launch on Solana in early 2026, supporting over 1,000 assets. TVL is rapidly growing, expected to exceed hundreds of millions by the end of 2025, becoming one of the largest platforms in the field of tokenized stocks.
Ondo has raised over hundreds of millions (including early rounds), with no new public large financing in 2025, but the TVL soared from hundreds of millions at the beginning of the year to over $1 billion by the end, with strong institutional support (such as partnerships with Alpaca, Chainlink).
On November 25, 2025, Ondo Global Markets officially integrated into the Binance Wallet, launching over 100 tokenized U.S. stocks directly in the App's 'Markets > Stocks' section. This is a deep cooperation between Ondo and the Binance ecosystem, allowing users to trade on-chain (such as Apple, Tesla, etc.) without additional brokerage accounts, supporting DeFi uses (such as collateral lending).
Ondo has become the world's largest tokenized securities platform, with a TVL exceeding $1 billion by the end of the year, directly challenging traditional brokers.
Robinhood @RobinhoodApp (Official Twitter XHunt ranking: 1218):
Traditional brokerage giant Robinhood breaks down financial barriers through blockchain technology, bringing U.S. stock trading into the DeFi ecosystem. In the EU market, it offers tokenized stocks as derivatives built based on MiFID II regulations, operating as an efficient 'internal ledger.'
In June 2025, it will officially launch tokenized stocks and ETF products based on Arbitrum for EU users, covering over 200 U.S. stocks, supporting 24/5 trading on weekdays and commission-free. Future plans include launching its own Layer2 chain 'Robinhood Chain' and migrating assets to that chain.
Robinhood, through predictive markets, expansion of crypto business, and stock tokenization innovations, saw its stock price $HOOD increase by over 220% for the year, becoming one of the best-performing stocks in the S&P 500 index.
xStocks @xStocksFi (Official Twitter XHunt ranking: 4034):
xStocks is the core product of the Swiss compliant issuer Backed Finance, issuing tokens that are 1:1 backed by real U.S. stocks (60+ types, including Apple, Tesla, NVIDIA). Primarily traded on platforms like Kraken, Bybit, Binance, supporting leverage and DeFi use (like collateral). It emphasizes EU regulatory compliance and high liquidity.
Backed Finance raised several million dollars in early financing, with no new public rounds in 2025, but product trading volume exceeded $300 million, with strong partner expansions.
In the first half of 2025, large-scale launches on Solana/BNB Chain/Tron, with cumulative trading volume surging; regarded as the most mature custody model, with plans for more ETFs and institutional-level expansion in the future.
StableStock @StableStock (Official Twitter XHunt ranking: 13,550):
StableStock is a crypto-friendly next-generation brokerage supported by YZi Labs, MPCi, and Vertex Ventures, dedicated to providing global users with borderless access to financial markets through stablecoins.
StableStock deeply integrates the licensed brokerage system with the native crypto financial architecture of stablecoins, allowing users to directly use stablecoins to trade real stocks and other assets without relying on the traditional banking system, significantly lowering the barriers and frictions of cross-border finance. Its long-term goal is to build a global trading system centered on stablecoins, serving as the entry layer for tokenized stocks and broader real-world assets. This vision is gradually realized through specific product forms.
In August 2025, the core brokerage product StableBroker was launched in public beta, and in October, it partnered with Native to launch tokenized stocks supporting 24/7 trading on BNB Chain. The platform currently supports over 300 individual U.S. stocks and ETFs, with active users numbering in the thousands, and daily trading volume in U.S. spot markets approaching one million dollars, with asset scale and various metrics continuing to grow.
Aster @Aster_DEX (Official Twitter XHunt ranking: 976):
Aster is a next-generation multi-chain perpetual contract DEX (merged by Astherus and APX Finance), supporting stock perps (including U.S. stocks like AAPL, TSLA), with leverage up to 1001x, hidden orders, and yield collateral. It spans BNB Chain, Solana, Ethereum, etc., emphasizing high performance and institutional-level experience.
The seed round was led by YZi Labs, with a market cap exceeding $7 billion for $ASTER after TGE in 2025.
After the TGE in September 2025, trading volume exploded, accumulating over $500 billion for the year; launching stock perps, mobile app, and Aster Chain Beta; with over 2 million users, the TVL exceeds $400 million by the end of 2025, becoming the second-largest platform for perps DEX.
It is worth noting that CZ has publicly stated that buying $ASTER tokens in the secondary market is enough to see Aster's strategic position in BNBChain.
Trade.xyz
@tradexyz
(Official Twitter XHunt ranking: 3,843):
Trade.xyz
A new Pre-IPO tokenization platform focusing on unicorn company equity (such as SpaceX, OpenAI), issuing tokens backed by real stocks through SPV custody, and supporting on-chain trading and redemption. It emphasizes low thresholds and liquidity.
No public record of large financing, belonging to early projects, relying on community and ecosystem growth.
Testing part of the market online in 2025, integrating perps with Hyperliquid HIP-3; moderate trading volume, plans to expand more companies and DeFi integration in 2026.
Ventuals @ventuals (Official Twitter XHunt ranking: 4,742):
Ventuals is built on Hyperliquid, using the HIP-3 standard to create Pre-IPO company valuation perpetual contracts (not real holdings, but price exposure, like OpenAI, SpaceX). Supports leveraged long/short positions, priced based on valuation oracles.
Incubated by Paradigm, in October 2025, the HYPE staking vault attracted $38 million in 30 minutes (for market deployment).
Testing online in 2025, quickly becoming the main force of Hyperliquid's Pre-IPO perps; deploying multiple markets in October, with rapid growth in trading volume; planning to expand more companies and settlement mechanisms, positioning as innovative futures.
Jarsy @JarsyInc (Official Twitter XHunt ranking: 17,818):
Jarsy is a compliance-oriented Pre-IPO platform that tokenizes real private equity (such as SpaceX, Anthropic, Stripe) at a 1:1 ratio, starting with a minimum investment of $10. By purchasing real stock issuance tokens after testing demand through presales, it supports public reserve proof and on-chain verification.
Completed a $5 million pre-seed round in June 2025, led by Breyer Capital, with Karman Ventures and several angels (such as Mysten Labs, Anchorage) participating.
Officially launched in June 2025, quickly adding popular companies; emphasizing transparency and compliance, with TVL growing; future plans to expand dividend simulations and more DeFi compatibility.
In the wave of U.S. stocks going on-chain, top CEXs like Binance @BinanceWallet, OKX @okxchinese, Bitgit @Bitget_zh, Bybit @Bybit_Official play important roles as traffic entry points. They generally adopt an aggregation model, directly connecting to asset pools of regulated issuers like Ondo Finance and xStocks.
Binance Wallet and OKX Wallet, along with Bitget's U.S. stock tokenization services, are deeply integrated with Ondo, directly providing users with U.S. stock trading services in the App's market section.
Bybit provides U.S. stock contract trading through a TradFi platform; specifically, these are synthetic derivatives, with underlying assets tracking the price movements of real U.S. stocks or indices. Trading hours follow traditional markets, only offering 24/5 trading.
4️⃣ KOL Views: Consensus, Divergence, and Vision
Jiayi (founder of XDO) @mscryptojiayi (XHunt ranking: 2,529): Looking ahead, stock tokenization is unlikely to be an explosive growth curve, but it may become a highly resilient infrastructure evolution path in the Web3 world.
https://x.com/mscryptojiayi/status/1940782437879238992?s=20
Roger (KOL) @roger9949 (XHunt ranking: 2,438): Top 10 beneficiaries of U.S. stock tokenization (RWA) in 2025.
https://x.com/roger9949/status/2000177223874101705?s=20
Ru7 (KOL) @Ru7Longcrypto (XHunt ranking: 1,389): Stock tokenization is not about 'copying stocks onto the chain.' It is more like linking traditional capital markets with an open, composable decentralized financial system.
https://x.com/Ru7Longcrypto/status/2003821123553902998?s=20
Blue Fox (KOL) @lanhubiji (XHunt ranking: 1,473): The blow to crypto projects from U.S. stock tokenization is fatal; there will be no opportunities left for altcoins in the future.
https://x.com/lanhubiji/status/2001849239874531381?s=20
Lao Bai (Amber.ac advisor) @Wuhuoqiu (XHunt ranking: 1,271): The essence of U.S. stock on-chain is the 'digital migration' of assets: just as the internet allowed information to flow freely and dismantled old intermediaries, blockchain is reconstructing the underlying logic of stock assets by eliminating settlement costs, breaking geographical boundaries, and decentralizing power.
https://x.com/Wuhuoqiu/status/2003447315139559911?s=20
5️⃣ Conclusion: From Financial 'Parallel Worlds' to 'Twin Systems'
Returning to the initial question: Why do major top institutions unanimously view tokenization positively in their annual outlook?
From a first principles perspective, tokenization is releasing assets from the traditional isolation of geography, institutions, and trading times, transforming them into globally programmable and composable digital assets. When the growth dividends of top companies are no longer constrained by borders and trading hours, the trust foundation of finance also begins to shift from centralized intermediaries to code and consensus.
U.S. stock tokenization is far more than just the on-chain transportation of assets; it is a fundamental reconstruction of financial civilization.
Just as the internet has dismantled the walls of information, blockchain is flattening the barriers to investment.
The crypto industry is also moving into the deep waters of the real world.
It is no longer just the opposite of traditional finance, but is evolving into a financial system that is deeply coupled with the real-world financial system, running in parallel with it.
This is not only a leap in trading efficiency but also a critical step for global investors from passive participation to financial equity.
In 2026, this migration regarding asset liquidity is just beginning.
(This article is for reference only and does not constitute investment advice. The market is risky; please participate rationally.)