Tokenized stocks are taking center stage in the real-world asset market as momentum in tokenized U.S. Treasuries eases. The article carried by WuBlockchain says the tokenized stock market has grown from $291 million on Jan. 1, 2025 to about $1.9 billion, a 6.5x increase in roughly a year and a half. Securitize, Ondo, xStocks, Robinhood, DTCC, the New York Stock Exchange, Nasdaq and Coinbase are all either active in the segment or preparing products.
The piece contrasts that trend with tokenized U.S. Treasuries, which were the early engine of growth for tokenization because of the perceived safety of U.S. government debt, relatively simple tokenization structures and the higher yields available at the time.
According to the article, the tokenized Treasury market expanded from $701 million on Jan. 1, 2024 to more than $15 billion for the first time on April 17, 2026, implying a compound annual growth rate of about 3.81x. After crossing $15 billion, however, the market stayed around that level and growth slowed. The article says a large share of demand for tokenized Treasuries came from DeFi protocols or exchange margin use cases, so softer recent market conditions made stagnant demand less surprising.
At the same time, tokenized stocks have been rising in both scale and participation. The article says not only Web3-native names such as Securitize and Ondo Global Markets but also financial firms including Robinhood and Coinbase, as well as market infrastructure groups such as DTCC, NYSE and Nasdaq, now see tokenized equities as a major opening.
The report stresses that tokenized stocks are not one uniform product. The structure depends on the regulatory framework being used, and those choices determine what rights investors receive and how the assets can move across blockchains and trading venues.
The SEC framework for tokenized securities
In January this year, the U.S. Securities and Exchange Commission issued a statement setting out a framework for tokenized securities.
At the top level, the SEC divides them into issuer-sponsored tokenized securities and third party-sponsored tokenized securities, depending on whether the tokenization is carried out by the issuer itself or by another party.
Third party-sponsored tokenized securities then split again. If the rights tied to the underlying security are themselves tokenized, the product falls under custodial tokenized securities. If a separate tokenized product is issued and merely linked to the price, yield, corporate events or other characteristics of the underlying security, it is treated as a synthetic tokenized security.
Synthetic tokenized securities then break into two types. If the third party issues a standalone security, such as a debt instrument, the structure is a linked security. If the exposure comes through a derivatives contract, it is a security-based swap.
Under that framework, tokenized securities, including tokenized stocks, can be grouped into four categories:
- Issuer-sponsored tokenized securities: The stock issuer itself, or a designated agent such as a transfer agent, tokenizes the security and operates the system. The issuer or agent links blockchain or other distributed ledger technology to the official shareholder register. This approach does not fundamentally alter the legal framework and instead fits directly within existing securities law. Its main strength is that the token can carry the full bundle of shareholder rights, including ownership. The trade-off is stricter compliance, which can limit usability. The article lists Securitize, Superstate and Figure as examples.
- Custodial tokenized securities: A third party tokenizes security entitlements held through a depository such as DTCC or through a broker. These structures can also pass through relevant rights, but they depend heavily on existing equity market infrastructure and ownership remains indirect. The article names DTCC as a key example and notes that Ondo recently tokenized IVV and MU using this model.
- Linked securities: A third party issues and tokenizes a separate security, such as a debt security, that gives synthetic exposure to the underlying stock. Token holders receive price exposure rather than the full set of shareholder rights. The main advantage is broader onchain flexibility. The article cites Ondo, xStocks and Robinhood Stock Tokens.
- Security-based swaps: A third party issues a derivatives contract that gives synthetic stock exposure and then tokenizes the contract. Like linked securities, these products offer price-related exposure only, not broader shareholder rights. The article says Robinhood Classic Stock Tokens are almost the only major example at present.
Securitize and the direct route
Securitize is described as the largest tokenization platform by market share, with $5.1 billion in tokenized RWA and BlackRock’s money market fund BUIDL as its flagship product. Because it holds SEC-registered broker-dealer, transfer agent and ATS licenses, it has chosen a direct tokenization approach that falls into the issuer-sponsored category.
The article says Securitize recently extended the same model to tokenized stocks. When it listed its own stock, SECZ, through a SPAC, it used its own infrastructure to tokenize and issue $180 million worth of SECZ onchain.
The strength of that structure is straightforward. Existing shares can be tokenized as they are while staying fully inside current securities law. Investors first use DRS to convert shares previously held through DTCC or brokers into directly registered ownership. Securitize then tokenizes those shares in its role as transfer agent. The resulting stock tokens share the same CUSIP as the existing shares and carry not just economic rights but also voting rights and claims on residual assets in bankruptcy.
That design also has limits. Because the tokenized shares are essentially another form of the same stock, compliance requirements remain strict and onchain use is more constrained. The article says Securitize’s stock tokens can move only between whitelisted wallets that have completed KYC and AML checks, and onchain interactions are limited to a small set of smart contracts approved in advance by the team.
The compliance engine behind that setup is DS Protocol, a set of smart contracts developed by Securitize to enforce rules across issuance, transfer, use, voting and dividends. The article notes that Four Pillars previously published an in-depth report on DS Protocol, and that report is also collected on Securitize’s website.
The article adds that Superstate and Figure are using similar paths. The distinction lies in the kind of shares being tokenized: Securitize and Superstate tokenize the same shares that already exist through the DRS system, while Figure issues a separate blockchain-native class of shares and tokenizes that class.
Ondo and xStocks focus on access and distribution
Ondo and xStocks use a different structure. When users order stock tokens, an offshore special purpose vehicle acquires the underlying shares and then issues tokenized debt securities backed by those stocks.
The article uses xStocks as the example. Its setup includes a Jersey-regulated SPV called Backed Assets (JE) Limited. When a user requests issuance of a stock token through the platform, the SPV buys the underlying shares through U.S. broker Alpaca Securities and holds them in segregated accounts with a regulated custodian. The SPV then issues standalone debt securities backed by those shares and tokenizes them for delivery to the user.
Under the SEC framework, that is a linked security.
On market size, the article says Ondo has tokenized 406 different stocks with a total value of about $851 million, while xStocks has tokenized 183 stocks worth about $482 million. Their market shares in tokenized stocks stand at 45.9% and 26.0%, keeping them in the top two positions.
The report argues that their rapid growth comes from the broader accessibility this structure allows. Strictly speaking, these products do not tokenize the stocks themselves. They tokenize third-party debt securities backed by those stocks. Compared with issuer-sponsored direct tokenization, the compliance burden on distribution and secondary trading is lighter, which gives users more freedom to trade and use the assets on centralized exchanges and in onchain DeFi protocols.
The article gives xStocks as an example: anyone can trade the tokens with a Web3 wallet through Jupiter DEX, or deposit them into lending protocols such as Kamino as collateral to borrow stablecoins.
That indirect model comes with drawbacks. Even when the same stock sits underneath, tokens issued by different platforms are not interchangeable, which fragments liquidity. For Nvidia-related exposure, for example, Ondo issues NVDAon while xStocks issues NVDAx, and the two are not fungible with each other. The products also rely on Regulation S, which means U.S. investors and U.S. persons cannot use them.
To address some of those limits, Ondo recently acquired Oasis Pro and obtained broker-dealer, ATS and transfer agent licenses. The article says that move marks a shift toward more compliance-friendly tokenization models. It also says Ondo has already used those licenses to tokenize shares of the IVV ETF and MU stock held in brokerage accounts through a custodial tokenized securities structure, showing that multiple structures can coexist inside one platform.
Robinhood expands from a closed model to linked securities
Robinhood is another major name the article highlights. It says Robinhood had already offered tokenized stock exposure to European investors through Classic Stock Tokens, but under the SEC framework that structure is a security-based swap. Robinhood enters into stock-referenced derivatives contracts with users and then tokenizes those contracts into receipt tokens. The whole setup is relatively closed and can be used only inside the Robinhood app.
On July 1, 2026, Robinhood launched a new Stock Tokens service. The article says the new product uses a linked security structure, nearly the same as Ondo and xStocks, with broadly similar strengths and weaknesses.
Even so, Robinhood brings something different to the market: product distribution and an existing user base. At the same time it rolled out Stock Tokens, Robinhood also launched the Robinhood Chain mainnet built around those tokens. U.S. users can also deposit stablecoins through the Robinhood app into Morpho on Robinhood Chain to earn 7% interest.
The article says that although Robinhood entered later than Ondo and xStocks, its product iteration ability and ecosystem expansion potential could still help it scale quickly.
DTCC, NYSE and Nasdaq push tokenization into market plumbing
Tokenized stocks are not only a platform story. Traditional post-trade and trading infrastructure operators are also moving.
The article says DTC, part of DTCC, has received a no-action position from the SEC allowing it to tokenize some securities held at DTC on pre-approved blockchains. DTC expects that model to improve collateral mobility, extend trading hours, raise operational and settlement efficiency, and add programmability and real-time auditability.
On July 15, DTCC also carried out limited tokenization of securities including QQQ and SPY in a live securities infrastructure environment and completed trading and collateral transfers.
NYSE filed a proposed rule change with the SEC in April 2026 to support DTC’s tokenization pilot and allow equities to settle in tokenized form. The article also says NYSE is building a new regulated exchange called Digital Trading Platform, with the goal of using blockchain infrastructure to support 24/7 trading in U.S. stocks and ETFs and to allow stablecoin funding.
In March 2026, NYSE signed a memorandum of understanding with Securitize, naming Securitize as the first potential digital transfer agent for that new platform.
Nasdaq, for its part, received SEC approval in March 2026 for a rule change allowing stocks in DTC’s tokenization pilot to trade and settle in tokenized form. The article adds that Nasdaq is working with Payward, Kraken’s parent company, on gateway services that would let issuers and investors move shares between Nasdaq’s regulated market and permissionless blockchain environments.
Coinbase has not disclosed its final structure
Coinbase is the last major player discussed in the article. It has not yet launched a tokenized stock service, but the company has repeatedly said since last year that it plans to do so.
In February this year, Coinbase introduced 5x24 trading in traditional equities in the U.S. At an event in June, it said tokenized stocks would be coming soon.
The biggest open question is which structure Coinbase will use. The article says Coinbase has stated that its service will not only maintain 1:1 backing between tokens and real shares but also provide shareholder rights, though it has not disclosed the detailed structure. Another key point is that Coinbase explicitly said the stock tokens will be usable onchain while remaining unavailable to U.S. customers.
The report notes that if Coinbase were using an issuer-sponsored model, the tokens would usually carry full shareholder rights and be open to U.S. customers, but onchain usability would be more limited. The combination of broad onchain use and exclusion of U.S. users looks closer to a third-party structure such as linked securities. Which route Coinbase ultimately takes, and how it uses its exchange infrastructure to expand the tokenized stock market, remains an open question.
Different players, one competitive arena
The article ends by framing tokenized stocks as part of a broader financial objective: allowing anyone to trade any asset, anywhere and at any time, through a unified front end and back end. It says finance appears closer to that goal on the surface, but much of the integration so far has happened on the front end while the back end remains fragmented. Stocks are no exception.
Robinhood, which started with equities, Coinbase, which started with crypto, traditional market infrastructure providers such as DTCC, NYSE and Nasdaq, and Web3-native firms such as Securitize, Ondo and xStocks are pursuing different tokenization structures and strategies. Even so, the article says they are moving toward the same target: tokenized stocks.
What comes next will depend on how the U.S. and other jurisdictions treat tokenized equities, how regulatory frameworks are implemented, and how those choices reshape competition. The article also says the market will be watching whether tokenized stocks can become the next major catalyst for RWA expansion after tokenized U.S. Treasuries.
It also points to South Korea as a market to watch. While retail trading activity there is high, the article says RWA development has been relatively slow, making future debate around tokenized stocks in that market worth tracking.