Tokenized U.S. Treasuries helped turn tokenization into a major market theme, but growth in that segment has slowed after assets climbed from $701 million on Jan. 1, 2024 to more than $15 billion on April 17, 2026. As that market levels off, tokenized stocks are gaining speed. According to the source article, the segment grew from $291 million on Jan. 1, 2025 to about $1.9 billion over the following year and a half. The competition now spans nearly every part of the market. Web3-native firms such as Securitize, Ondo Global Markets and xStocks are expanding their offerings, while Robinhood and Coinbase are building stock token products of their own. Traditional market infrastructure operators including DTCC, the New York Stock Exchange and Nasdaq are also moving in the same direction. A central issue is structure. The article lays out the U.S. Securities and Exchange Commission’s framework for tokenized securities, separating issuer-sponsored, custodial, linked and security-based swap models. Those choices shape what users actually get: full shareholder rights, broader onchain transferability, access to DeFi, or tighter compliance controls. The result is not one tokenized stock market but several competing approaches, each with different trade-offs around regulation, liquidity and onchain utility.

Tokenized stocks are emerging as a new battleground in real-world assets as growth in tokenized U.S. Treasuries slows. According to the article cited by WuBlockchain, the tokenized stock market has expanded from $291 million on Jan. 1, 2025 to about $1.9 billion, a 6.5-fold increase in roughly a year and a half. The piece argues that nearly every major participant in U.S. capital markets is now studying or launching tokenized equity products, including Web3-native firms such as Securitize, Ondo and xStocks, broker and trading platforms like Robinhood and Coinbase, and infrastructure operators including DTCC, the New York Stock Exchange and Nasdaq. A central theme in the report is that tokenized stocks do not follow a single model. The U.S. Securities and Exchange Commission’s framework divides tokenized securities into issuer-sponsored structures, custodial structures, linked securities and security-based swaps. Those designs differ in key areas: whether token holders receive full shareholder rights, how much freedom the assets have onchain, how strict compliance controls are, and whether U.S. users can access the products. The article also details how each company is positioning itself within those trade-offs, and why regulation, settlement infrastructure and distribution rules will shape the next phase of competition.

The tokenized stock market has expanded quickly over the past few months, but the fight is no longer just about attracting users who want equity exposure on-chain. The sharper contest is happening across three separate functions: issuance, distribution and clearing. According to RWA.xyz data cited in the report, the market stood at about $2.5 billion as of Aug. 12, with Ondo leading at roughly $866 million, Binance’s bStocks at about $614 million, and xStocks at around $560 million. Together, the top three accounted for about 80% of the market. The report argues that early independent issuers built an initial lead, but exchanges that control traffic and liquidity are now moving upstream by launching their own issuance brands. Binance’s bStocks rose to the No. 2 spot in less than two months, while Bitget and Gate have also built in-house products. At the same time, broker-connected stock access is gaining traction because users receive direct ownership of real shares, along with dividends, corporate actions and SIPC protection. Binance’s cash equities offering, for example, averaged about $143 million in daily trading over its first nine days, versus a peak weekday range of roughly $35 million to $40 million in the tokenized spot market during the same period. The piece also notes that new models, including directly registered shares on-chain, could reshape today’s structure again.

Bitget has expanded its tokenized equities lineup with 25 new stock spot rTokens, adding tickers such as rHPQ (HP), rRL (Ralph Lauren), rBAP (Credicorp), rCTSH (Cognizant) and rDOW (Dow Chemical) across the financials, consumer and utilities sectors. The exchange said in an announcement that it now supports 660 US equity tokens in total. rTokens pair a stock ticker with an r prefix — Nvidia trades as rNVDA — and are issued by Reality, Bitget's licensed RWA protocol. Through compliance-focused brokerage Alpaca, the products connect directly to liquidity pools on Nasdaq and the New York Stock Exchange. Key mechanics include 1:1 reserve backing with custody held by a licensed custodian, dividend distributions delivered 1:1 in token form, automatic mirroring of corporate actions such as stock splits, and eligibility as shared margin collateral for unified accounts and USDT-margined contracts. That structure lets users maintain exposure to global equity markets while keeping their capital usable.

Reality, a compliant real-world asset issuance platform backed by Bitget, said it has expanded its work with The Network Firm to introduce daily third-party proof-of-reserves verification reports for more than 500 tokenized stocks and exchange-traded products. The platform had previously provided daily PoR data, but the new structure adds an independent report designed to let investors check each day whether every issued rToken remains matched 1:1 with the underlying assets held in custody. Reality said the move fits its plan to build a more transparent framework for cross-ecosystem tokenized equities. The company said the underlying stocks and ETFs remain custodied by Alpaca Securities LLC, a FINRA-registered broker-dealer protected by SIPC. Reality also said its rToken assets under management have passed $100 million, while its lineup now spans more than 500 tokenized U.S. stocks and ETFs across sectors including technology, AI, semiconductors, commodities, leveraged products, and broad market indices. Executives from both The Network Firm and Bitget framed the change as a response to a 24/7 market that no longer fits monthly or occasional reserve disclosures. The source article also included corporate background on Reality, Bitget, and Bitget Wallet, along with a disclaimer stating that the tokenized assets discussed have not been registered under the U.S. Securities Act of 1933 and that The Network Firm’s reports do not constitute an audit, review, opinion, or conclusion on whether rTokens are fully backed.

Bitget has added 25 stock tokens (rTokens) to the collateral list of its lending product, bringing the total number of supported collateral assets to 128. The newly listed instruments include rIVV, rKLAC and rSMCI, along with other popular US stocks and ETFs spanning technology, consumer and financial sectors. Users holding these tokens can pledge them as collateral to borrow USDT, USDC and more than 100 other crypto assets — a way to unlock liquidity without selling positions. rTokens follow a naming rule of the letter "r" plus a stock ticker, with Nvidia represented as rNVDA. They are issued by Reality, Bitget's licensed RWA protocol, and connect to Nasdaq, the NYSE and other global liquidity pools through a partnership with regulated broker Alpaca. Key features include 1:1 reserve backing with licensed custody, dividends distributed 1:1 in token form, and synchronized mapping of corporate actions such as stock splits. Holdings can also serve as joint margin for unified accounts and USDT-margined contracts.

Crypto.com has introduced tokenized stock derivatives tied to about 1,500 U.S. equities and exchange-traded funds, opening the offering to eligible users in the European Economic Area and other approved markets. The exchange said users can gain exposure to names such as Apple, Nvidia and Tesla, as well as products including SPDR Gold Shares and iShares Silver Trust, with positions starting from just $1 and trading available around the clock. The products are issued by Foris Capital CY Limited and are structured as derivatives that track the price performance of the underlying stock or ETF rather than transferring legal ownership of the asset itself. That means buyers receive synthetic exposure, not shareholder status, voting rights or beneficial ownership. Crypto.com said users may still receive price adjustments equivalent to cash dividends, while the underlying assets supporting the products are held in custody by U.S. broker Alpaca. The rollout follows Crypto.com’s May 2025 acquisition of Foris Capital, which the company said enabled it to secure a Markets in Financial Instruments Directive, or MiFID, license to issue regulated financial products in Europe. The launch comes as tokenized securities gain traction across the industry, with RWA.xyz putting tokenized stock market capitalization at about $2.49 billion and Citi projecting the broader tokenized securities market could reach $5.5 trillion by 2030.

Binance’s tokenized securities product bStocks has reached roughly $13.9 billion in cumulative trading volume and nearly $600 million in assets under management in less than two months, giving it about 28% of the global tokenized equities market, according to the source article. The product is issued by Binance affiliate BTech Holdings Limited under a certificate structure, with each bStocks Certificate backed by the corresponding underlying stock and deployed as a BEP-20 token on BNB Smart Chain. Public offering is limited to Abu Dhabi Global Market, while secondary trading in other approved jurisdictions is available only to eligible users and excludes U.S. persons. The report contrasts bStocks with Binance’s 2021 stock token attempt, outlines how dividends and corporate actions are handled through a multiplier mechanism, and argues that the key question is not round-the-clock trading alone but whether tokenized equities can sustain liquidity, conversion efficiency, and real on-chain use. It also places bStocks within Binance’s broader U.S. equities lineup, which includes direct stock and ETF access and TradFi perpetuals, while noting that regulatory, custody, intermediary, and pricing risks remain central to the model.